There are primarily 5 coins that are held in Precious Metals IRAs:
•American Eagle coins (proof and non-proof)
•American Gold Buffalo coins (non-proof)
•American Silver Eagle (proof and non-proof)
•Austrian Gold Philharmonics coins
•Canadian Maple Leaf coins
A Gold IRA has stringent requirements. Only certain types of gold coins and bullion are allowed in a Gold IRA. They can not be pre-existing metals which you own.
Owning and storing your own physical metals like gold and silver can be very handy indeed. You know you’ll always have access to a currency that is unlikely to ever be turned away, unlike paper money.
However to own gold bullion bars (and if you’re looking to hold a significant position in metals you’ll want to consider a Gold IRA because the markup on bullion is usually much lower than on coins) you’ll need a company that stores the metals in a safe place.
All you need to create a Precious Metals IRA is to get a company you can trust (which isn’t always easy), open and then fund the account. That’s much easier than trying to amass tons of gold and bury it under your house.
Be sure that when you open/transfer/roll over your IRA that you are aware of the time windows in which you have to set everything up to avoid tax penalties or the IRS counting it as taxable income. The window is 60 days to transfer IRAs between custodians.
Types of Gold, Silver, and Platinum Allowed in an IRA
Gold IRA Requirements
Gold bullion bars – 24 karat .995+ fineness
Gold coins – 24 karat .9999 fineness (the only exception is the U.S. Gold Eagle which is 22 karat)
Silver IRA Requirements
Silver bullion bars and coins – .999+ fineness
example: U.S. Silver Eagle, Mexican Silver Libertad, and Canadian Silver Maple Leaf
Platinum IRA Requirements
Palladium bars and coins – .9995+ fineness
The major financial markets often manipulate the price of gold and silver in the short term in order to make quick profits, but these cycles often result in major losses for people’s investments and the complete eradication of mining towns and communities.
It’s surprising (or maybe not so surprising) to learn how different governments started invading other countries for their gold once they learned they were bankrupt. It’s even estimated that billions of dollars in gold is at the bottom of the ocean floor since ship travel was the only mode of intercontinental transport before the 20th Century.
Tons of gold and silver are on the bottom of the ocean floor from Nazi U boats sinking Allied merchant ships which were bringing in metals for war funding and contingency of government operations from exile if Winston Churchill needed to move to Canada temporarily.