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The benefits of opening a Gold IRA bank account

Why should I open a Gold IRA Account?

There are four kinds of precious metals you can purchase as an investment: silver, palladium gold, platinum and bronze. Silver is another great investment. However with a spot cost of around $20 an troy ounce, a wealthy individual would need to spend several hundred pounds to achieve a 20% goal for his or her portfolio. Because silver is very stable, it would require a substantial amount of retirement money to store. Palladium has a much higher value than silver but it’s spot price fluctuates quite wildly, dropping by as much $25 an ounce on average every day. Platinum is rarer than silver, but it’s also less stable than palladium. At times its spot value can even drop below that for gold. To roll over to a gold IRA investing, gold is the most practical. It is important for every investor to be aware of the benefits of opening a Gold IRA.

Easy and safe tax relief

Congress passed the taxpayer aid act in 1997. This allowed the inclusion four precious metals within an IRA. A precious metals IRA cannot be considered a self-directed IRA. Investments can include palladium or silver platinum. The investment in precious metals IRAs is not allowed to include all gold. Therefore, it is crucial to know the permitted gold. An IRA that includes precious metals can include gold bullion as well as 24 Karat bars. These bars must be stamped with an authentication hallmark from one or both the New York Mercantile Exchange and the Commodity Exchange Incorporation.

Many Options

The IRS allows certain 24 Karat and 22, Karat gold coins to go into an IRA. The American Eagle, Canadian Maple Leaf, Australian Philharmonic and other gold coins are most often included in a precious Metals IRA. An IRS-approved depository must also be used to store the gold. Storage fees will apply. As with all self directed IRAs the gold IRA must have a custodian. A bank or brokerage firm would be a good choice. A fee will be charged by the custodian so it is worth shopping around to find prices and other services.