You may have come to this article because you’ve already decided to go with a Gold IRA. Or you’re just looking for more information. Either way, I found some key answers to questions everyone should ask before signing the dotted line.

Setting Up An Account

Before you do anything, you should check out a list of quality Gold IRA companies. Do your research, and even reach out with any questions you might have. A good company will welcome your inquiries. 

Next, you set up your funds with the company. If you want to rollover funds from another IRA, check out my article here on how to do that. Once your funds are in the IRA account, you will work with your broker on how you would like to purchase your gold, silver, platinum, or palladium.

Each broker has their preferred dealers and sources, and you will work with them to purchase IRS-approved precious metals for your account.

Once the Gold is Purchased…

After your gold is purchased, you will work with your broker and your custodian to ship, store, and secure your investment. After that process is over, you will generally pay a yearly custodian fee, and that’s it.

You can watch the stocks and bonds, watch inflation, and watch the precious metals markets, knowing that your investment is secure.

Common Questions

The process for purchasing gold and silver for an IRA is fairly straightforward, but you may still have some questions. I’ll devote the rest of this article to some common ones that I’ve fielded in the past.

  • What if I want to purchase gold to hold onto myself?

    That’s an excellent way to invest, but you cannot do it and count those purchases toward a tax-protected IRA. In that case, you should check out my article on buying physical gold.

  • Are there other ways to invest in precious metals without buying gold?

    Absolutely. You can invest in smelting companies, refineries, even mining companies. Those options would all be available to you with a traditional stock purchase of those companies.

  • How do I access my gold?

    When you have precious metals in an IRA, you can visit your gold at a depository any time you like, but you cannot take it with you when you leave. When it comes time to make withdrawals on your gold or silver, you work with your broker to make a sale of your assets or ship them to you. Just remember that any early withdrawal of gold is the same as an early withdrawal on a regular IRA, and could be subject to tax penalties.

About the author 

Greg Lorenzo

Greg is a financial expert who has been advising his audience on loans for over 10 years. He has a wealth of knowledge and experience in the area, and he is passionate about helping people get the best possible deal on their loans. Greg is an expert in negotiating loans, and he has a proven track record of getting his clients the best possible terms. He is also a strong advocate for financial literacy, and he regularly gives workshops and seminars on the topic.

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