Key Steps to Opening a Precious Metals IRA Account
Palladium, gold, silver, and platinum are precious metals that are deemed smart investments when purchased with cogent forethought.
Precious metals offer maximized hedge against volatile situations, such as recession, decrease in the inherent value of the $US, socio-political tensions, inflation, and more. Here’s all you need to know about self-directed IRAs.
A self-directed Individual Retirement Account is a particular type of IRA that allows one to invest in an extensive range of unconventional assets, including real estate, art, precious metal, and more.
While there are numerous noteworthy benefits of setting up an IRS-approved precious metals IRA account, we understand that it might be confusing not knowing where even to start while opening one.
We’ve accumulated a few key steps to help ease the seemingly tedious process of opening gold and silver IRAs and prepare yourself for the future.
Step #1: Choose A Reliable, Self-Directed IRA Custodian
Custodians can be entities or companies approved by the IRS. When you opt for a self-directed IRA custodian, investors can now decide between investing in alternative assets, such as precious metals.
Step #2: Choose A Precious Metals IRA Custodian
Research well before choosing your IRA custodian as they act as a fiduciary for your account. They help set up the account, manage your assets, produce account statements, and maintain a diverse portfolio.
Step #3: Choose The Precious Metals You Want To Buy
Work with a dealer to understand and select which products are IRA eligible before you begin to fund your account. American Eagle coins and Canadian Maple Leaf coins are acceptable.
Internal Revenue Service (IRS) has specific standards that your precious metals need to meet to be eligible for an IRA.
- Gold needs to be at least 99.6% pure.
- Palladium needs to be at least 99.9% pure.
- Silver needs to be at least 99.5% pure.
- Platinum needs to be at least 99.9% pure.
Step #4: Choose A Private Vault Storage
Since you can’t store precious metals yourself at home according to the requirements for IRA, they must be stored in an approved, reliable, and secure private vault storage rental, such as depositories at Orion Metal Exchange.
Step #5: Complete The Transaction
Once you’ve got a dealer, a custodian, now complete the purchase so that the IRA custodian can handle the payments and ship your precious metals to the private vault storage.
If you’re confused about any step or are looking to set gold and silver IRA accounts, connect with IRS-approved, reliable, third-party custodians at Orion Metal Exchange.
Our extensive knowledge, experience, and expertise allow us to provide a range of top-notch services to investors, including ways to invest in gold to save money, silver investing, buying silver bullion bars, buying gold bullions online, and more.
Reach out to us at 1-800-559-0088 if you want to buy silver bullion coins, the best gold coins for investment, or want to learn more about investing in gold and silver IRA for a comfortable life after retirement.