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Precious Metals IRA FAQs

FREQUENTLY ASKED QUESTIONS
PRECIOUS METALS IRAS


  1. 1
    What is a Precious Metals IRA?

    A Precious Metals IRA is an individual retirement account that allows you to hold some forms of gold, silver, platinum and palladium. It is no different from other IRAs, except that it allows you to add these metals, and it is a “self-directed” account, which means that you maintain control over your investment decisions, while your IRA custodian facilitates the management of your account on your behalf.

  2. 2
    Why a Precious Metals IRA?

    Precious metals like gold and silver are part of a truly diversified portfolio. They preserve your purchasing power and protect your savings from loss during periods of inflation when the dollar is devalued. By placing a portion of your wealth into a precious metals IRA, you are protecting yourself against market and currency crashes. This is because gold and silver tend to go up when markets go down. Even better, a precious metals IRA allows you to buy and store real gold with pretax money.

  3. 3
    Are there penalties for moving into a Precious Metals IRA?

    For existing IRA’s and 401(k)’s that meet eligibility requirements to transfer or rollover into a Precious Metals IRA, there are no penalties or tax consequences when transferring your assets. To find out if your current retirement plan is eligible, give us a call and our IRA Department will let you know, with no obligation for you to take any further action.

  4. 4
    Which retirement accounts can be converted to a gold-backed IRA?

    There are many types of retirement accounts and products that can be converted to a precious metals IRA, including an IRA, Roth IRA, 401(k), 403(b), TSP, SEP and annuity. Please note, in order to transfer some retirement accounts, there are eligibility requirements. When you contact us, our IRA Department can work on your behalf to confirm what you are able to do.

  5. 5
    How do I rollover an existing retirement account?

    Your Precious Metals Specialist will work with our IRA Department to complete the proper paperwork to rollover your current account to a self-directed precious metals IRA. When you call, we can provide you with all the details.

  6. 6
    How long does the rollover process take?

    Generally speaking, it takes just one business day to open a Precious Metals IRA with your new custodian. Our dedicated, in-house IRA department will help you every step of the way. However, the timing to transfer funds into your new account depends entirely on your current IRA custodian. Typically, this takes about two weeks, but on occasion it can take over a month for your current custodian to transfer your funds.

  7. 7
    Why can’t I hold precious metals into my existing IRA?

    Conventional IRAs are not designed to hold physical assets like gold and silver. In order to place precious metals in a tax-advantaged retirement account, you will need to open an account with a qualified custodian to manage your precious metals IRA.

  8. 8
    Who is the custodian of my account?

    Birch Gold Group generally works with STRATA Trust Company (formerly Self Directed IRA Services) and Kingdom Trust, both of whom maintain A ratings with the Better Business Bureau.

  9. 9
    Where are my metals stored?

    You have several options for where to store your metals. One is the Delaware Depository, the largest precious metals depository outside of New York City. There, your metals are insured up to $1 billion by Lloyd’s of London. You may also be able to store your metals with Brink’s, the largest non-bank, non-government holder of precious metals in the world, in Los Angeles, New York City, Salt Lake City or Ohio.

  10. 10
    What types of precious metals can I place in my IRA?

    IRS tax law allows precious metals products that meet certain standards of purity to be included in a Precious Metals IRA. For example, the fineness of gold coins and bars must be at least 0.995, silver products must be at least 0.999 fine, and both platinum and palladium products must be at least 0.9995 fine. (One notable exception to these rules is the Gold American Eagle coin, which contains only 91.67% gold.) Popular coins that meet these standards include American Eagle coins (silver and platinum), Canadian Maple Leaf coins (gold, silver, platinum and palladium) and American Buffalo coins.

  11. 11
    Can I take physical possession of my metals?

    You will own real, physical precious metals in your Precious Metals IRA. Once you are age-eligible to take distributions, if you would like to take physical possession, the depository storing your metals will ship them directly to you. If you prefer, you can also choose to liquidate your metals and take your distribution in the form of cash. Depending on the type of IRA you set up, you may need to pay taxes on these distributions.