One option that is currently very attractive is the purchase of gold and precious metals within a Self Directed IRA account. For example, only specific US gold, silver and platinum coins are allowed like the US Gold and Silver Eagles, along with other bullion coins that meet specific fineness standards (.999 pure) such as the Canadian Maple Leaf.
The trap is this, if you purchase proof gold for your IRA account, you will end up paying a premium above the actual value of the gold IRA itself.
However, you can’t just drop down to a local coin dealer and buy the coins yourself. In order to qualify as an IRA investment, you need to set up a Self Directed IRA account.
Under the IRS rules, as the IRA account owner, YOU CAN NOT have control over the underling assets (your coins), nor can the administrator. All the coins, bars and assets in your self directed IRA should be held in a depository, an ultra secure location that is both insured and approved to store precious metals.
The depository has two forms of storage, Fungible meaning your coins are grouped in with other peoples coins and Segregated, where your coins are separate from others within the storage facility, insuring that the exact coins you purchased are the ones returned to you or sold on your behalf at sometime in the future
Depositories charge a small annual account fee plus a storage fee based upon the total value of the account, with a slightly higher amount for segregated storage.
So now, Goldstar has signed an exclusive agreement with DDSC (Delaware Depository Service Center) as the sole depository that Goldstar uses.
Make sure the coins you purchase are “Qualified” to be included in an IRA gold.The more that each of these are responsive to your needs and requirements, the better off you will be and the easier it will be to sit back and enjoy your 401k gold investment performance.
No comments:
Post a Comment