Precious metals have a long history of investment success—the longest history, in fact. For thousands of years, people have used precious metals to save, trade, purchase, sell, and manage their wealth. For that reason, many investors believe this is an asset class that’s not going anywhere soon. And for that reason, you need a place to store precious metals. This is especially true if you are investing in precious metals for retirement within a Self-Directed IRA. But because holding a tax-advantaged account like an IRA means you receive tax benefits; you will also need to adhere to the rules.
So just how do you store precious metals within a Self-Directed IRA? Let’s address some of the most common questions people ask about storing gold, silver, and other precious metals in a retirement account.
FAQ: What kinds of precious metals can I store?
If you have a Gold IRA from American IRA, for example, you can invest in a wide range of precious metals. This includes the four most popular: gold, silver, palladium, and platinum. For many investors, the most common precious metal investments are gold and silver, but you are free to choose those which you would prefer to invest in yourself.
FAQ: Can I keep my precious metals within a safe at home?
No. As we say on our website on storing precious metals: “You may not hold the precious metals personally but rather you must store those precious metals in an insured approved depository.” This means that you will have to keep your retirement investments separate from your personal investments, which is the case for any asset you might keep within a Self-Directed IRA.
FAQ: Do I have to pay for precious metal storage?
Yes. The depository you select for the storage of your precious metals will indeed ask for an annual fee. This is why it’s important that you consider your precious metal investing strategy ahead of time. As long as those precious metals sit in storage, they will incur fees. That generally means that a depository is a better investment if you have a lot of precious metals to store within a retirement account; in some cases, you may have no choice because you have to keep precious metals in a Self-Directed IRA out of the house and in a depository. Otherwise, you may have to consider storing precious metals in personal storage if you want to keep those precious metals as personal investments and not in tax-advantaged accounts.
FAQ: Can you tell me which brokers to use?
American IRA does not offer specific investment advice because we are not a financial advisor. In our role as a Self-Directed IRA administration firm, however, we can help administrate an account like yours by making sure that you stick to the rules. That means handling paperwork, for example. We do not value the price of your precious metals; that’s done through a broker.
FAQ: What kinds of precious metals can I store—bars, coins, what?
This may sound eerily similar to a previous question, but it’s an important distinction: you can’t use any old gold watch, for example, to store gold within a Self-Directed IRA. You can, however, use gold bars hallmarked by NYMEX or COMEX-approved refiners and assayers with sufficient purity. You can find out more about what specifically you can include within a Self-Directed Gold IRA at our website.