How to invest in gold in your Roth IRA or traditional IRA

Gold Investing Strategies

How to invest in gold in your Roth IRA or traditional IRA

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The debt ceiling has been raised again, and the price (or, should we say, the value) of gold has gone up again. For all of us outside of Washington D.C., it’s not a surprise. The ability to borrow money doesn’t make you richer. In fact, it makes you poorer in the end.

How are you going to maintain your personal wealth, while the politicians keep playing their games?

The answer for many is gold.

If you’re looking to maintain the purchasing power of your retirement account, then you’ll want to hold gold inside of it. As the dollar keeps on losing value, the price of your gold should increase. When you are finally ready to start collecting disbursements from your retirement account, the gold will likely be able to get you the same amount of goods as it does now.

So how can I buy gold for my IRA or Roth IRA?

A custodian holds your Roth IRA, or traditional IRA. In order for you to be able to invest in gold with your IRA, you need to use a custodian who offers investments in precious metals. Not every custodian will do this. Check with the current custodian of your IRA and see if you can purchase precious metals. If not, it’s time for you to find another one.

Any gold that your purchase for your IRA will be held by your custodian at a depository. You will never be able to actually see or hold this gold. That’s part of the regulations for IRA accounts. In order to ensure that you actually have the gold in your account, you should consider purchasing gold bullion, and not just shares in a gold fund.

To be extra sure that your gold is properly accounted for, don’t use a pooled account. With a pooled account, that means the depository has a large amount of gold, and you’ll be able to get back the amount of gold that you put in. With an allocated account, your gold is physically separate from everyone else’s gold. Specific bars (with their serial numbers) are yours. By keeping your gold in an allocated account, you reduce the chances for manipulation of your account.

You’ll be limited in what form of gold you can hold in your IRA. You can only hold US gold, silver, and platinum coins and bullion coins or bars, not collectible coins. The bullion must be .995 fine, so you won’t be able to hold coins like Krugerrands.

Once you have your gold IRA, you’ll get regular reports from your custodian. You’ll also have some fees from the depository, for holding your precious metals.

When you retire, and start collecting disbursements from your IRA, you won’t get the gold bars or coins. Instead, your custodian will sell them and you’ll receive a check for the amount of the sale, just like any other investment held in an IRA.

A nice thing about holding gold in an IRA is that if the price of gold starts to drop, then you can sell it off with no capital gains due, since the money remains inside your IRA. Then you can re-invest that money as you see fit.

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