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The Benefits Of Opening a Gold IRA Account

Why open a Gold IRA?

Four different precious metals can be purchased as investment: silver palladium (gold), platinum, and gold. Silver is another viable investment. However, with a spot value of $20 an ounce a wealthy investor would need to buy hundreds of pounds to achieve a goal to have 20% of his portfolio. To store that amount of silver, the price would take up a significant portion of an investor’s retirement funds. Silver is stable but not very practical. Palladium is worth significantly more than silver. Visit our website and learn more about gold IRA investments.

However, its spot value fluctuates tremendously and it can fall by as high as $25 an ounce every day. Platinum is more common than gold, however it’s less stable than palladium. At times its spot value can even drop below gold’s. It is possible to roll over gold into an IRA account by using any of the precious metals. Opening a gold IRA is a wise investment decision.

Easy, safe and secure tax relief

Congress passed the taxpayer Relief Act in 1997. It allowed for the inclusion the four precious metals into an IRA. A precious metals IRA does not have the same structure as a self-directed IRA. The investment can be made in palladium, silver platinum or gold. A precious metals IRA investment does not allow for all types of gold. It is therefore important to be aware of what type and amount of gold is permitted. A precious metals IRA can include gold bullion or 24 Karat bars. These bars need to have an authentication stamp from one of two authorities: The New York Mercantile Exchange(NYMEX) and the Commodity Exchange Incorporation(COMEX).

A Variety of Options

The IRS allows certain 24 Karat or 22 Karat gold coin to be included in an IRA. The American Eagle (Canadian Maple Leaf), and the Australian Philharmonic are some of the most common gold coins included in a precious-metals IRA. Also, the gold must be kept at an IRS-approved bank or depository. A storage fee will be applied. A custodian must be appointed for the gold IRA accounts, as with all self-directed IRAs. Also, the custodian may charge fees so it is best to shop around for prices and compare services.