The Internal Revenue Service (IRS), now allows investors to add gold to their Individual Retirement Accounts. For those who would like to own gold or have it included in their IRA, there are some requirements. First, however, one must evaluate why you would choose to invest in best gold IRA.
Gold Investment through an IRA
In aerospace, technology and many other sectors, gold, as a precious mineral, is in high demand. The current market supply of gold and the fact new gold deposits will soon run dry mean that the metal’s availability will gradually decrease. Investors who have less gold to invest in will be charged a higher price. Geopolitical instability as well as currency devaluation and the continuing threat of inflation are some other factors. While gold prices may fluctuate over time, they are an excellent investment for the wise investor. It is a good idea to include gold as part your IRA.
IRS Rules on Gold IRAs
First, an IRA may only contain certain types or gold according to the IRS. The 99.9% or better purity of the gold must have been achieved by the United States Mint. American Gold Eagle and Canadian Gold Maple Leaf gold coins are acceptable. Hungarian Coronas, British Britannia or British Sovereign Coins and South African Kugerrands will not be accepted into a gold IRA.
The IRS also has rules regarding the safe storage of gold within your IRA. This storage service is called vault separated storage. The selected vault will receive the gold after you have paid for it. The precious metal is not yours to keep. This means that you will need a trustee to oversee your gold IRA investments.
You will also need an administrator to manage your account. Not all IRA administrators have the ability to handle self-directed IRAs. An account administrator must not only know the IRS rules but be up to date on any changes to your precious metals IRA.