Why should you open a gold IRA account
Four precious metals are commonly purchased as an investment: gold, silver palladium and platinum. Silver is another solid investment. However, at $20 per ounce spot price, a wealthy investor would need to invest several hundred dollars to reach his or her 20% target. Silver is a stable investment, but it’s not practical to store this much. Although palladium has a much higher value than silver, it fluctuates dramatically in its spot price and can decrease by up to $25 an-ounce per day. Platinum is less common than gold, but it’s also more volatile than palladium. In fact, sometimes its spot price can fall below that of gold. The most practical precious metal is gold to rollover into a golden IRA account. An investor who is savvy about investing will be able to recognize the many benefits of gold and silver IRA accounts.
Easy and Safe Tax Relief
The 1997 taxpayer relief act was passed by Congress, which allows the inclusion in an IRA of the four precious metallics. An investment in precious metals IRA is not more than a self directed IRA. It can only include palladium, silver platinum, and gold. You cannot invest in all gold, so it is essential to understand what kind of gold is permitted. Precious metals IRAs can also include gold bullion and 24 Karat bar investments. These bars will need to be authenticated by either the New York Mercantile Exchange, NYMEX, or the Commodity Exchange Incorporation, (COMEX).
An IRA can also include certain 24 Karat and 22 Karat Gold Coins. The American Eagle and Canadian Maple Leaf are the most popular gold coins that can be added to an IRA. You will also need to store the gold at an IRS-approved depository. There will be a storage fee. Like all self-directed IRAs, the gold IRA account must be managed by a custodian. This could be a bank, brokerage, or other financial institution. It is a good idea to compare prices and services before you choose a custodian.