How to Open a Precious Metal IRA Select a self-directed IRA custodian. Your self-directed IRA is in the hands of a custodian. Then select a precious metal dealer. While Advantage Gold attracts gold IRA investors of all types, it has particular appeal to first-time buyers.
Patriot Gold Group has built a long history of helping investors secure their financial future through Gold IRAs, earning high ratings from consumer groups along the way. But when most of a company's business comes from IRA renewal, it deserves special recognition as the best golden IRA company for IRA renewal. We've partnered with New Direction IRA to offer the lowest cost and fastest IRA setup and maintenance, so you can enjoy all the tax benefits of investing in an IRA. While most IRAs invest in conventional assets such as stocks or mutual funds, the tax code also allows special “self-directed” or “alternative asset” IRAs that may contain physical silver or gold.
Self-directed IRAs can be traditional IRAs or Roth IRAs, and the difference comes down to how you want your money taxed. Once you have completed steps 1 and 2, all that remains to be done is to stock up your IRA Gold account with precious metals. Gold IRAs are usually defined as “alternative investments,” meaning that they are not traded on a public exchange and require special experience to value them. For a gold IRA, you need a broker to buy the gold and a custodian to create and manage the account.
If you want to open a gold IRA to diversify your investment portfolio, hedge against inflation, increase your long-term equity or achieve another investment goal, be sure to compare your options first. As with a traditional IRA, a golden IRA allows pre-tax contributions and investment gains can accrue tax-deferred. To convert IRA funds into gold, you must establish a self-directed IRA, a type of IRA that is directly managed by the investor and that is allowed to own a wider range of investment products than other IRAs. You must store the gold in a gold IRA in an IRS-approved deposit box; you cannot store it in a safety deposit box, safe, or under your mattress.
A self-directed IRA gives you the power to acquire precious metals, and this is where Gold Alliance IRA specialists come into play. Once you turn 72, you will be required to accept the minimum required distributions (RMD) from a traditional gold IRA (although not from a Roth).
