Are you looking to invest in coins in your individual retirement account (IRA)? Although IRAs used to be limited to holding American Eagle gold and silver coins, today IRAs can invest in gold, silver, palladium, and platinum bars and coins allowed by the IRS. When stocks and bonds are unstable, gold tends to remain stable and even rise in value, especially in times of inflation. For this reason, you may want to invest in gold in your individual retirement account. However, coins are specifically prohibited as an IRA investment, with the exception of certain gold and silver coins minted by the U.
S. Treasury after 1985.These are American Eagle gold and silver coins. You can also invest in certain platinum coins within your IRA, as well as platinum and palladium bars. These metals have more industrial value due to their use in the manufacture of catalytic converters for automobiles, but their value tends to follow the movement of gold.
Gold and silver bars are also allowed.To invest in gold and silver in your IRA, you need an IRA trustee who is willing to manage these investments. Many trustees are unwilling to invest in gold, due to its storage requirements. In addition, gold must be stored under the control of the trustee to prevent an IRA owner from accessing and selling gold outside the IRA's tax-free structure.It's important to understand that, despite what many dealers (scammers) say, collectible coins are not allowed in an IRA under any circumstances. However, it's perfectly OK to buy collectible coins as a separate investment (outside of your IRA).
You will then be responsible for storing these coins on your own.If you invest your IRA money in coins or bullion, keep in mind that it should be in the hands of your IRA custodian rather than yourself. In other words, you can't make your IRA buy coins or ingots and then put them in your safe deposit box or hide them under the mattress.
Leave a Comment