What Types of Precious Metals are allowed in an IRA?
An Individual Retirement Account, or IRA, is a retirement savings account that allows you to set aside pre-tax income or post-tax income for retirement. The IRS imposes limits on the amount you can contribute to an IRA each year, but the funds in your IRA can grow tax-deferred until you withdraw them in retirement. One of the benefits of an IRA is that you can invest in a wide variety of assets, including precious metals. Here we will discuss what types of precious metals are allowed in an IRA.
The IRS lists specific types of precious metals that are allowed in an IRA: gold, silver, platinum, and palladium. Gold is the most popular type of precious metal held in an IRA. You can invest in gold bullion, which is gold in the form of bars or ingots, or gold coins minted by the US government or other governments. Silver, platinum, and palladium can also be held in bullion form or as coins minted by governments.
When investing in precious metals for your IRA, it’s important to remember that not all forms of eachmetal are allowed. For example, while gold bullion bars and ingots are permitted, gold jewelry is not. Additionally, collectible coins are not allowed in an IRA. The IRS only permits so-called “numismatic” coins, which are coins that derive their value from their rarity and physical properties rather than from their face value as legal tender. Numismatic coins include certain gold, silver, platinum, and palladium coins minted by the US government as well as foreign governments. investment-grade numismatic coin must be at least .999 pure and must be stored at a depository approved by the IRS.
Conclusion:
If you’re thinking about investing in precious metals through your Individual Retirement Account (IRA), it’s important to know what types of metals are allowed. The IRS only permits certain types of gold, silver, platinum, and palladium coins as well asbullion bars and ingots made from those metals. All investments must meet purity requirements and be stored at an IRS-approved depository. With these guidelines in mind, you can start planning your precious metal IRA investment strategy today!
