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The Benefits of Opening a Gold IRA Account

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Why should you open a gold IRA account

Four precious metals are commonly purchased as an investment: gold, silver palladium and platinum. Silver is another solid investment. However, at $20 per ounce spot price, wealthy investors would have to invest several hundred dollars to achieve their 20% target. Silver is a stable investment, but it’s not practical to store this much. Palladium, which is much more valuable than silver in value, has a spot price that fluctuates dramatically and can decrease by up to $25 per ounce in a single hour. Platinum is less common than gold, but it is also more volatile than palladium. In fact, sometimes its spot price drops below gold’s. The most practical precious metal is gold to roll over into a golden IRA account. An investor who is savvy about investing will be able to recognize the many benefits of opening a gold IRA investment.

Easy and Safe Tax Relief

The 1997 taxpayer relief act was passed by Congress, which allows the inclusion in an IRA of the four precious metallics. A precious metals IRA can be considered a self-directed IRA. However, it can only include investments in gold, silver and platinum. You cannot invest in all gold, so it is essential to understand what kind of gold is allowed. Precious metals IRAs can also include gold bullion and 24 Karat bar investments. These bars will need to be authenticated by either the New York Mercantile Exchange, NYMEX, or the Commodity Exchange Incorporation, (COMEX).

Many Options

An IRA can also include certain 24 Karat and 22 Karat Gold Coins. The American Eagle and Canadian Maple Leaf are the most popular gold coins that can be added to an IRA. You will also need to store the gold at an IRS-approved depository. There will be a storage fee. Like all self-directed IRAs, the gold IRA account must be managed by a custodian. This could be a bank, brokerage, or other financial institution. It is advisable to compare prices and services before you choose a custodian.