What is the difference between a physical precious metals IRA vs ETF?
Ownership of the precious metals is further removed with an ETF. With a gold IRA, a custodian holds the precious metals in a depository for you, or you can store them yourself—a riskier option. If you opt for an ETF, you’ll receive a piece of paper indicating you own interest in gold. Steep operating expenses add to the cost of owning an ETF, even when the price of gold dips.
Is a gold IRA safe?
The real question here is, “Will your individual retirement account be safe without gold?” ‘Because gold prices generally move in the opposite direction of paper assets, adding a gold IRA to a retirement portfolio provides an insurance policy against inflation. This balanced approach smooths out risk, especially over the long term, which makes it a smart choice for retirement investments like IRAs,’ explains former U.S. Mint director Edmund C. Moy.[i]
Learn more about a Gold IRA Pros and Cons.
What is a local storage gold IRA?
This is a secure local storage option that can be achieved by investing through an IRA LLC. Learn more in “What Is a Checkbook IRA?”
Can I open a new IRA with a contribution?
Yes, and annual contributions can be made up to the approved IRS limits. For 2023, total contributions to a precious metals IRA cannot be more than $6,500 ($7,500 if you’re age 50 or older.) For 2024, contributions to a precious metals IRA have been increased to $7,000 or $8,000 if you’re age 50 or older.
Can I use my existing IRA, TSP, 401K, or 403B to invest in Precious Metals?
Most retirement plans can be converted into a precious metals IRA. Some employer offered retirement plans cannot be. A precious metals advisor can help you determine the eligibility of your account.
Is it difficult or time consuming to transfer or rollover to a precious metals IRA?
It is simple and fast to convert your existing retirement plan to a precious metals IRA. Your precious metals advisor and IRA liaison will provide the necessary paperwork, as well as help with each step of the process. It usually takes between 1 and 3 weeks.
Is it expensive to have a precious metals IRA?
The cost of a precious metals IRA is generally much less than most retirement plans. The annual cost typically ranges from $160 to $200. On a $50,000 investment, that is less than half of 1 percent.
What kind of metal can I put in a precious metals IRA?
There are a variety of gold, silver, platinum, and palladium bars and coins that are allowed to be purchased in a precious metals IRA. Some of the more popular IRA approved bullion coins are American Gold Eagles, American Silver Eagles, Canadian Maple Leaves, and Austrian Philharmonics. See the full list of IRA approved precious metals here.
Is Scottsdale Bullion & Coin my new IRA Custodian?
No. Scottsdale Bullion & Coin would be your precious metals dealer. Our advisors would assist you in selecting precious metals products for your retirement account. A third-party custodian would serve as the recordkeeper of your precious metals IRA. Scottsdale Bullion & Coin works with several custodians depending on the needs of the client.
Is there a minimum of how much I need to transfer or rollover?
There is a $10,000 minimum to transfer or rollover an IRA. A $5,000 minimum for non-transfer/non-rollover newly established accounts.