Investing in gold is more popular than ever. People are finally comfortable with the numbers they’re seeing and realizing gold may be more reliable than they once imagined. Many people choose to place gold in their IRA accounts to help secure a steady increase in value. Some even go as far as investing in stocks of gold mining company. Below are a few options, pointers, and tips concerning gold investments in your IRA.
It’s possible to place gold in IRA with a variety of different IRA plans, whether SEP, Roth, or traditional. However, it may still be impossible for you to place gold in IRA depending on your current plan and provider. Establishing a new IRA specifically for investing gold IRA isn’t terribly difficult. Once you find a provider for the new plan, you can easily rollover existing funds from the IRA accounts that did not allow gold. Most IRA plans already allow for gold investment, but you’ll need to take a closer look at the paperwork or call the provider to be certain.
Choosing an IRA custodian might be considered your first real investment and possibly one of the most important investments you’ll make. Having an experienced, professional custodian on your side of the table can make all of the difference when you first start investing. Take the time to do the research and find an IRA custodian or precious metals company that knows a lot about gold investing and has the experience you deem necessary to know enough about the subject. They should understand how the commodities market functions as well as offer sound advice on the gold investment options you have. Depending on your age and budget, you might find that there are several gold investment options available. A knowledgeable IRA custodian will help you make a reasonable decision to secure a growing fund for your future.
As with most things in life, there are codes, laws, and regulations that govern gold investments in IRA. There are important limitations imposed on the different type of gold products you may be available to invest in with your IRA. Most people choose to use gold coins in their IRA and there are some restrictions concerning coins, such as the fineness of the coins, which must be .995 or above. The coins used be also be freely accepted as a form of legal tender in their particular country of origin. There is one exception to this rule and that’s the American Gold Eagle, which has a lower percentage of gold. Popular investment options are the American Buffalo and the Canadian Maple Leaf. All gold coins must be safely located in an approved secured storage building.
Alternatives to traditional gold bullion and coin include the ability to invest in stocks of gold mining company. Some people like this option, while others find it too risky for their tastes. The returns on such an investment is typically higher than investing in gold coin, but the risk increases as well. If you’re comfortable with the risks, then this may be the right choice for you. If you prefer a safer alternative for your future, then you should stick with gold coins.