Investing in Precious Metals through an IRA
As the ultimate long-term store value, gold coins and bullion may very well be the ultimate retirement asset. Among the primary asset classes most often used in retirement planning -- stocks, bonds, annuities and savings accounts -- the tangible king of metals stands out as the only one that does not rely on the performance of another individual or institution for value. Former French president Charles DeGaulle once famously said of gold, it 'has no nationality and is eternally and universally accepted as the unalterable fiduciary value par excellence'. What better way to save for retirement then with the ultimate saving vehicle - physical gold.
What are the approved precious metal investments for IRAs?
GOLD BARS & COINS: At present, gold bars with a purity of 24 karat (0.995+ fineness) are allowed into an IRA. They must be hallmarked by a NYMEX- or COMEX- approved refiner/assayer. These bars come in the following sizes: 1ounce, 10 ounce, 1 kilo (32.15 ounces), 100 ounces, and 400 ounces. Gold coins having a purity of 24 karat (0.9999 fineness) are the only ones allowed in an IRA, with the exception of the 22 karat US Gold Eagle. Readily acceptable for gold IRAs are these bullion coins from America, Australia, Austria and Canada. The South African Krugerrand, being a 22 karat bullion coin, is not allowed.
SILVER: Regarding silver investments, only silver coins and bars with 0.999+ fineness are allowed. These include the 1 oz. US Silver Eagle, Canadian Silver Maple Leaf, and the Mexican Silver Libertad bullion coins. Investors can purchase 100 oz. silver bars and also 1000 oz. silver bars. Pre-1965 bags of US silver coins (dimes, quarters, half dollars, and silver dollars) are not allowed in an IRA because their alloy contains only 90% silver and thus does not meet the fineness standard.
PLATINUM GROUP METALS: Platinum and palladium bars and coins of 0.9995+ fineness can also be placed into a precious metals IRA. Both the US and Canadian Mints make 1 oz. platinum coins. Other countries, such as Great Britain and Australia, have 1 oz. platinum coins which are not as well known but qualify as well. All platinum and palladium bars and coins must be from a NYMEX or COMEX approved refiner/assayer.
Can I use my existing IRA account to purchase precious metals?
Yes, but first you will need to transfer your account from your bank or brokerage to a precious metals IRA with a self-directed IRA administrator
Does NFC work with an IRA administrator that can handle this?
Yes, NFC works with Entrust Administration Services, Inc. a local, well respected company that can handle the establishment of your self-directed IRA for the purchase of precious metals
Can I store the precious metals myself?
No, the IRS prohibits you from personally holding these assets. Entrust stores all precious metals with Delaware Depository for safekeeping.
What are the steps to purchasing precious metals in your IRA?
1. Contact an NFC Precious Metals IRA specialist at 1-800-933-3028 (toll-free) or 407-740-0961 to determine what precious metals are best for your IRA.
2. Set up your Precious Metals IRA with Entrust Administration Services, Inc. at 1-877-259-3256 (toll-free) or 407-367-3472 or online at www.entrustfl.com
3. Entrust will work with NFC to purchase your requested precious metals inside your IRA
4. NFC will place the order and the precious metals will be shipped directly to Delaware Depository for safekeeping.