All About Gold IRAs

We are glad you have come to learn all about the benefits of investing in a gold IRA.  Gold is famous for being both recession proof as well as an inflation proof way to invest your money, especially in uncertain times.

We want to make sure you are an educated investor, so we want to answer all the questions you may have, and teach you some secrets that we have learned through the years.

What do you get when you set up a gold IRA?

A gold IRA means you are putting some of your retirement funds into gold.  You are purchasing physical gold, and potentially other precious metals, for your individual retirement account (IRA).  For most people this is a good move, but you should know as much as possible before taking the next step.

Do all IRA accounts allow gold investing?

No. There are some that do and we will talk about these further — as well as tell you what you should be looking for.

Is gold a good hedge against inflation?

Yes it is, but since you are investing in a single asset class you need to know all the facts.

What is the price of gold in 2020?

The gold price has moved up significantly and in July 2020 stands at $1778/0z, up from $225/oz in 1999

How long have gold IRAs been around? 

Using gold and other metals for IRAs was allowed by Congress in 1997.  The reason for this is that gold is a great diversification asset and gold usually moves in the opposite direction to stocks and bonds.  It is also an insurance against inflation.  This allows investors to smooth out the ups and downs of their portfolios and retirement accounts over time. 

Gold IRAs have gained popularity since 2008 after the economic crisis and further with the COVID-19 pandemic.  There are many companies that have now simplified the once difficult transaction process for creating gold IRAs.

Why are gold IRAs popular now?

With the FEDs printing of money since the COVID-19 crisis there are new concerns about inflation.  Also the COVID crisis has renewed concerns about geopolitical risk.

Can I get a Traditional Gold IRA or Roth Gold IRA?

You can get both.  You have to choose which is better for your needs.

Can I hang on to (put in my safe) the gold in my IRA?

Sorry — but there are certain requirements.  Coins and bars must meet IRS fineness standards, and they must be held by an IRA trustee in an IRS-approved depository, instead of in your possession.

How do I set up a gold IRA?

A self-directed IRA is something you “manage” directly and permits you to own more investments than a typical IRA.  We help you find a broker to buy the gold, and a custodian to create and administer the account.  This company will store or hold your actual bullion. Choosing which company to use is complicated, as it is a specialized task that even major brokerage firms generally don’t offer. 

You should only work with companies that have transparency (you know what you are getting and how much it will cost), a long and positive track record, flexibility for your needs, and is federally licensed.

What fees do I need to know about with a gold IRA?

There are different buying fees depending on whether you desire bullion bars, coins, or another form.  The sales side has its own set of fees. 

The setup of the IRA account has a onetime fee.

There are storage feels to be paid to the licensed storage facility.  And some of companies charge cash out fees.  We make sure you know what any and all of these fees are.

How long can I hang on to my gold IRA?

The rules for gold IRAs are the same as with all IRAs.  At 72 years of age you must begin taking the minimum distribution. 

What are “checkbook IRAs”?

These can help you avoid custodial fees because they don’t require custodial management.  This can only be done if you have an LLC and business checking account, as well as some other requirements. 

Can I roll over my current IRA or 401(k) to a gold IRA?

Yes!!! You can roll some or all of your either a regular or Roth IRA, or your 401(k) into a gold IRA.  This is very easy and in most cases an account can be created in 48 hours.

What are the risks of a Gold IRA?

Like all investments the price of gold can go up or down.  Although, gold has a long history of holding its value and unlike stocks and bonds can never go to zero.  It will certainly dip but a well balanced portfolio that includes gold is a stronger portfolio. 

There is always a risk of theft but qualified facilities have insurance to protect you.  Most other risks are from custodians that don’t have a good track record so make sure that your list of custodians have a long history of diligent service. 

Is investing in a gold IRA a good idea?

While gold has the potential of a high return, it’s easy to be blinded by gold’s glitter.  Gold prices do fluctuate but IRAs are a longer term investment and over time gold regularly sees good returns.  We are able to help you identify when to buy gold, when the gold price is rising, and when rise is likely to stop. 

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