Frequently Asked Questions
How can I invest gold in an IRA?
The process is quite simple. You start with opening a self-directed IRA with an approved custodian or by rolling over your existing retirement accounts. Once you have opened and funded your new gold IRA, you are ready to purchase gold from a dealer.
Why do I need a custodian?
Just like any other IRA, a precious metal IRA or Gold IRA can only be opened with an IRS-approved custodian. Since this is a tax-deferred account, you will be required to get services of an approved custodian for precious metals IRA investment.
How can I monitor the financial performance of my assets?
You can always contact your IRA custodian to keep track of the performance of your Gold IRA. Your custodian is also responsible to provide you periodic statements about your investment’s portfolio performance.
Can I convert my 401(k) plan under my current employer to a gold IRA?
If you’ve got a 401(k) plan, then it needs to be with a previous employer or else you need to be over 59 years old to be qualified for an account rollover.
Can I contribute my existing gold to my new self-directed IRA?
No. Except for a rollover or direct transfer, you will be required to make all contributions to your new self-directed IRA in cash. However, you can always use your funds present in a self-directed IRA to purchase precious metals, including gold coins and gold bullions.
Can I have other precious metals like silver or platinum in my IRA other than gold?
Yes. Actually you can hold silver, platinum or even palladium in your IRA on top of conventional physical gold.
Can I take my distributions in the form of physical gold instead of liquidizing them to cash?
Yes. You can always opt for cash or non-cash distributions. However, the distribution will be taxable, which means that you will be required to either liquidize the gold to pay taxes or to pay taxes from your personal accounts. Also, do not forget to consider the tax implications on cash and non-cash withdrawals.
Can I include other forms of Gold investment?
Yes. Other than physical gold, you can have gold ETF or stocks/shares in gold mining companies included in your IRA account.
Can I include other types of investment in my existing Gold IRA?
Yes. You are still free to invest in other assets type like real estate, commodity investment etc.
Can I establish more than one IRA account?
Yes. Indeed you can have multiple IRA accounts. There is no limit of the IRA you’re allowed to hold.
Can I transfer or rollover my existing IRA to a gold backed IRA?
Yes. Actually most of the people tends to prefer doing it this way. Feel free to check out more info on our page about IRA rollovers into gold.
Can I just transfer/rollover partial of my existing IRA/plan?
Yes. You don’t need to transfer or rollover your entire account as a whole.
Do I need to pay for Penalties/Taxes for Transferring?
No. Transferring or rolling over traditional IRA to gold IRA is free of penalties and taxes.
Are there fees involved on the rollover or opening a new gold IRA?
Yes. It depends on which companies you select for your IRA rollover. We recommend you to go for those that charge with a flat annual fees instead of scaled charges, so that you don’t need to pay more when your account grows big in the future. Some might even waive out the first year fees for you.
Can I physically keep the gold?
No, not until your age reaches 59 ½. By then, your gold has to be stored at an IRS approved & insured depository under your name. Feel free to find out more rules on gold IRA here on our site.