Previously, there had been a limit to the assets you would invest in an IRA; stocks, bonds, mutual funds, annuities, money market accounts, and real estates. Precious metals investment into an IRA had been banned!
But in 1997 the TaxPayer Relief Act was signed, and following that, Americans were free to invest IRS-approved precious metals into an IRA; which was a new way to spread risk and safeguard retirement wealth.
IRS (Internal Revenue Service) would approve the precious stones worthy of IRA investment, and the IRS in its wisdom approved only four kinds of precious metals, namely: gold, silver, platinum, and palladium.
The IRS also put clear demands on the quality of precious metals, and the precious metals had to have a “high level of fineness” to be considered as worthy of IRA investment. So, kids, no dealing in gold or silver collected ages ago out of a dry river bed and handed down by your calloused-hand grandpa.
Financial advisers are saying that Working Class America should turn to gold, not for immediate returns, but as a long term investment.
And Americans are setting up gold IRA’s in order to secure their retirement wealth against the looming economic depression that threatens to tear down our paper currencies.
What it means to have a precious metals IRA is simply that you own precious metals, and yet you cannot hold these metals inside your home!
By law, the precious metals remain in custody of an IRS-approved custodian or dealer, but ownership is attributed to you as the IRA owner.
Here’s a list of the IRS Approved Precious Metals
– American Gold Eagle bullion coins
– American Gold Eagle proof coins
– Canadian Gold Maple Leaf coins
– Austrian Gold Philharmonic coins
– Australian Kangaroo/Nugget coins
– Chinese Gold Panda coins
– American Gold Buffalo uncirculated coins
– Gold bars and rounds produced by a NYMEX
– American Silver Eagle bullion coins
– American Silver Eagle proof coins
– Canadian Silver Maple Leaf coins
– Austrian Silver Philharmonic coins
– Australian Silver Kookaburra coins
– Chinese Silver Panda coins
– Mexican Libertad coins
– Silver bars and rounds produced by a NYMEX
– American Platinum Eagle coins
– American Platinum Eagle proof coins
– Canadian Platinum Maple Leaf coins
– Isle of Man Noble coins
– Australian Platinum Koala coins
– Platinum bars and rounds produced by a NYMEX
– Canadian Palladium Maple Leaf coins
– Palladium bars and rounds produced by a NYMEX
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