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. You can start a golden IRA account online by filling out your online form with your basic information and the best time to be contacted.
You can transfer an existing IRA to a gold IRA or start a new golden IRA from scratch. In some cases, your gold IRA firm will sell IRS-approved metals so you can buy your coins and bullion directly from them. Augusta's two major drawbacks are its limited choice of metals and its high minimum investment requirement to establish a gold IRA. While the IRS sets several regulations for gold IRA investments, it has no minimum requirement.
Since 2003, Birch Gold Group has been selling physical gold, silver, platinum, and palladium to put into an IRA or hold in physical possession. In addition, they suggest that, if you want to own physical gold or other precious metals, simply buy silver or gold bars. In the past, the Internal Revenue Service only allowed American Eagle gold coins as holdings for IRAs. First, you'll need to choose whether you want to fund your golden IRA with pre-tax (conventional) or after-tax (Roth) dollars.
Investing in a Gold IRA is one of many ways to plan for retirement, and if you choose to do so, you should know how to do it wisely. Chances are you're not going to plan your gold IRA with the idea that you're going to unload your precious metals before deciding to withdraw. IRA Gold rules require you to store eligible precious metals in a domestic depositary, bank or external trustee approved by the IRS. Read, explore each company's IRA-approved precious metal selection, and ask questions before deciding how to finance your gold IRA.