Precious Metals Allowed in an IRA
If you have been researching on ways you can prepare for your retirement, the chances are high that you have already heard about getting an IRA, and even going one step further and getting a precious metal IRA. In today’s economy, many investors are opting to include precious metals in their investment portfolios in a bid to protect their wealth against inflation and the volatility of the stock market. If you are hoping to do the same, you have to be very careful to get precious metals that meet IRA standards, as you cannot just invest in any metal without following set rules and regulations.
Previously, IRS only allowed gold and silver American eagle coins issued by the U.S. mint to be included in a precious metal IRA. Fast forward to today and more kinds of coin, together with gold and silver bullion, have been deemed acceptable. You may also opt for platinum and palladium as long as they have met IRS standards.
For precious metals to meet IRS standards, they must be of certifiable purity, and the levels have been stipulated. For instance, gold coins and bullion that are 99.9 % are acceptable, but these have to be certified by a COMEX or NYMEX-approved refiner.
For silver, only the fine silver coins and bullion can be included in a precious metal IRA. The U.S. silver coins that were minted before 1965 contain higher percentages of base alloys and it is for this reason that they are not allowed in precious metal IRAs.
Platinum and palladium coins and bullion are also acceptable, but they have to be certified first as well. They need to be at least 99.95% pure in order to be certified. Since the market for these two is much smaller than that for gold and silver, you will have fewer options when choosing platinum and palladium. Usually, platinum and palladium coins are issued by the U.S. Mint. However, acceptable coins may also be gotten from Canada, Australia, and the UK.
When purchasing precious metals for an IRA, you must remember to only choose those that meet IRs standards. This is the first step towards successfully opening and managing a successful and profitable precious metal IRA. If you do not follow IRs rules carefully, you might be subject to taxation that you were unaware of. It is necessary to consult an IRA consultant, on top of carrying out extensive research.
Having a gold ira is a great way of providing yourself with financial security in old age, that's why I recommend you have a look at our page on investing gold in your IRA.