The four precious metals that may be held in an individual retirement account are gold, silver, platinum, and palladium, as long as they are IRS-approved coin or bar products. All products that fall outside these ranges, with the exception of American Gold Eagles, are not eligible for IRA contributions. Unapproved precious metal products include, for example, gold from before 1933, gold coins from Krugerrands and 90% silver coins from the USA.
When it comes to gold coins or gold bars, there are several gold products to choose from that you can add to your IRA account. There are a number of precious metal options that are approved by the IRA, which means they are guaranteed legal for IRA investment options. Money Reserve, the Metals IQ Portfolio Builder, is a personalized selection tool that helps you identify the precious metals that best suit your individual long-term goals. Individual retirement accounts (IRAs) allow individuals to place funds, bonds, or gold bars in a specific account to save for retirement while taking advantage of numerous tax benefits.
You should be particularly careful when contributing to the IRA, as unapproved metals are rejected by the custodian. Additional palladium bars and other products may also be considered approved by the IRA as long as they have a fineness of 0.9995 and above. Instead, it must be placed under the supervision of an approved custodian bank, usually in a metal depot. If you have any questions about the eligibility of specific products for inclusion in your IRA account, contact your auditor or tax advisor.
IRA accounts for precious metals are subject to strict criteria that dictate which forms of precious metals are acceptable. You must buy the precious metal after you open the IRA, or transfer any precious metals you own from another IRA account. Although IRAs used to be limited to owning American Eagle gold and silver coins, IRAs can now invest in IRS-approved gold, silver, palladium, and platinum bars and coins. Adding precious metals to an IRA account may provide investors with additional diversification and growth opportunities.
In fact, there are only certain gold, silver, platinum, and palladium products that are eligible for inclusion in an IRA account. Thanks to the Taxpayer Relief Act of 1997, which expanded precious metal holdings allowed in IRAs by one, a half, a quarter, or a tenth of an ounce of U.