A gold IRA or precious metal IRA is an individual retirement account in which physical gold or other approved precious metals are stored for the benefit of the IRA account holder. It works in the same way as a regular IRA, except that it holds physical investment coins or bars instead of paper assets. In a gold IRA, you can hold real physical gold. It must comply with IRS standards and be held by the IRA trustee, not the IRA owner.
It must also be kept in an IRS-approved depository. Gold IRA rules require that you store eligible precious metals with a national depositary, bank, or IRS-approved trustee. Your custodian bank can refer you to an approved institution and process the gold transfer as part of setting up your Gold IRA. As a result, gold IRAs require the use of a custodian bank, usually a bank or brokerage firm, to manage the account.
A gold IRA works just like any retirement account with the added benefit of giving you more control over your investment, including physical gold coins and bars, as well as other IRS-approved silver, platinum, and palladium metals. If you choose to fund the account with assets that are currently in another IRA, the Gold IRA company will help you manage the rollover (more on that process below). Now that your application is complete and your self-directed IRA is open, funding your Gold IRA couldn’t get any easier. We took into account the reputation, transparency, and quality of the online education and resources they offer from each Gold IRA company.
The leading Gold IRA companies offer unbiased educational resources, investor information, and responsive customer support. Most gold IRA companies buy back gold that they originally sold to you, but repurchases are generally made at the wholesale price, which is often around 30% below the prevailing retail price. These investments are available in a normal brokerage IRA, which means you don’t have to go through the work and additional costs of setting up a self-directed gold IRA. Once the money is received by the new self-governing IRA custodian, your Allegiance Gold representative will help you choose the IRS-approved coins and the custodian to store your precious metals.
A gold IRA must be kept separate from a traditional retirement account, although the rules surrounding things like contribution limits and distributions remain the same. Allegiance Gold offers a streamlined process with a senior portfolio manager and an IRA specialist to help you do just that. A gold IRA is characterized by the fact that the account holder owns the actual precious metals, as opposed to stocks or fund shares in mining companies. As mentioned above, a gold IRA allows investors to stash their money in gold or other precious metals.
Your designated Allegiance Gold team members, both IRA Specialists and Senior Portfolio Managers, will manage the entire process of setting up and funding your Gold IRA or custom precious metals IRA. You can invest in gold stocks, such as stocks of gold mining companies or gold licensing companies, which help finance mines.