Faq's
Precious metal FAQs: Questions and answers concerning precious metals
Many investment experts recommend investors own precious metals as a hedge to properly diversify a portfolio. Many investors own precious metals to offset geo-economic uncertainties.
Precious metals are considered a “safe haven” asset. Precious metals generally fluctuate independently of other markets such as the Dow index, S&P 500 or the NASDAQ. When “paper” markets become volatile, gold and silver can help reduce exposure to possible losses. Although physical gold and silver can offer significant upside potential, they are mainly used as a hedge to help secure and properly diversify an investment portfolio.
A precious metal IRA is an Individual Retirement Account that includes IRS-approved physical gold, silver, platinum, and palladium products. A precious metal IRA account enjoys all the same tax-deferment benefits that a traditional or Roth IRA provides with the added benefit of owning physical precious metals. The precious metals are held in custody by an IRS-approved custodian and must be stored in an IRS-approved insured commercial depository.
A precious metal IRA allows you to hold physical precious metals in gold, silver, platinum, and palladium in a tax-deferred account. There are a wide range of IRS-approved precious metal products available for you to choose from. Orion Metal Exchange can help you establish and fund a precious metal IRA with a simple phone call. You can fund a precious metal IRA with a contribution or by a transfer of funds from a pre-existing retirement account. Your precious metals will be stored and insured at an IRS-approved depository. A precious metal IRA follows the same IRS guidelines as any other IRS-approved retirement account. With a precious metal IRA, you can opt to receive a traditional distribution or request physical delivery of precious metals as an in-kind distribution.
When considering any IRS-approved program, we recommend that you consult with a tax attorney or accountant to determine which IRA-approved program best suits your needs.
Unlike our competitors, Orion Metal Exchange works with every IRS-approved precious metal custodian and depository in the nation. Depending on your personal circumstances, one IRA program may be more cost effective than another. We will help you locate an IRA program that best suits your personal needs. Call to see what we can do for you. We also offer programs that can reimburse precious metal IRA set-up costs and annual fees. Call today to see if you qualify.
Orion Metal Exchange does not recommend storing IRA precious metals at home. We are compliant with the Internal Revenue Code Sections 408(m)(3)(B) and (n). We only recommend IRS approved storage facilities, such as Brinks/DDSC/IDS.
The IRS Form 1099-B is a required form to report the proceeds from a customer sale of any precious metals listed on the IRS Reportable Items List. If you have additional questions, please consult a tax professional for details on your specific tax situation.
It’s required to file the 1099-B form to notify the IRS about your investment transactions and determine any taxes owed on your investment gains or losses.
Dealers are required to file a 1099-B form when a customer sells the minimum quantity of any precious metal product that is included on the IRS’s Reportable Items List. Reporting specifications vary depending on the specific coin or bullion piece(s) sold. If you have additional questions, please consult a tax professional for details on your specific tax situation.