Dec 20, 2021 3 mins read

A Complete Guide on How to Open a Gold IRA Account

A pile of gold coins placed in a gold IRA account

People want their IRAs to perform well, but significant losses are always a possibility. Therefore, experienced investors preserve their portfolios through savvy acquisitions and diversification, investing in more than just equities and bonds to protect their retirement savings. Investing in gold and other precious metals is one method to do so.

By investing in a gold IRA, you’re turning your retirement investment into gold. Gold and other precious metals are considered superior long-term investment protection plans than bonds and stocks. Since there is huge uncertainty over the rise and fall of stock prices, gold and other metals will always hold great value. A gold IRA is like a standard IRA, but it provides extra protection and authority over your investments.

Are you interested in opening a gold IRA account? We’ve got you covered. Following is a complete guide on how you can open a gold IRA account.

STEP 1: SELECTING AN IRA CUSTODIAN

Your IRA is held by a custodian, who can be banks or other entities approved by IRS (Internal Revenue Service). These custodians will help you in investing in other assets, in your case, gold IRA. So, you will be contacting your IRA custodian and telling him about your plan, and he will enable you to invest in gold.

STEP 2: SELECTING A PRECIOUS METAL DEALER

After getting the confirmation from the IRA custodian, you will have to choose a suitable precious metal dealer. This precious metal dealer will help you in buying gold or any other metal. After selecting a precious metal dealer, your custodian will send him the money and purchase the gold. Of course, you have to be careful when choosing a precious metal dealer having a proven track record. Orion Metal Exchange is one such dealer, having an excellent record in precious metal dealing.

STEP 3: SELECTING PRODUCTS TO BUY

After selecting a precious metal dealer, the next step is to choose which gold products you’ll purchase. You can buy gold coins, bars, ingots, etc. It all depends on your preference. A standard gold product that most people in the United States go after is American Eagle Bullion Coins.

STEP 4: SELECTING A DEPOSITORY

After selecting products, you will need a depository to deposit your gold in. A depository is a storage facility offered by third party firms to store all precious metals. It provides your gold with a protected environment and is 100 per cent insured against any loss. You can consult with your IRA custodian when opting for gold storage. Always choose the storage which follows Internal Revenue Codes.

STEP 5: FINALIZING THE PURCHASE

Once you have completed all the above steps, now you will finalize your transaction for opening the gold IRA account. First, your custodian will enable you to invest in gold, and then you will be selecting a gold dealer. After that, you would choose gold products to buy and then select a depository to secure your gold from losses or theft. After completing all these steps, your custodian will finalize the dealings and make the payments. Finally, your gold dealer will transfer the gold into the depository.

Congratulations, you have successfully created a gold IRA account.