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Precious Metals IRA FAQs
You’ve come to the right place! Here’s our list of the questions we are frequently asked regarding Precious Metals IRAs. For a list of FAQs regarding purchases for direct delivery to your home done with cash/check/wire, click here.
How do I invest in precious metals for my retirement?
Investing in precious metals has never been easier. First, you set up your new Precious Metals IRA by filling out a simple application. It only takes 10 minutes, and you’ll have a dedicated Gold Alliance IRA expert on hand to help you. We’ll then ask that you send the application back to our office with a prepaid FedEx envelope, which we will send you. Once we receive your form, we’ll have your account set up and ready to fund within 24 hours. Finally, Gold Alliance will contact your current IRA custodian and organize the tax-free rollover or transfer of your retirement funds to your new IRA account. Once your account is set up, transferring your funds to your new Precious Metals IRA will take a maximum of 5 business days, and once the funds have been wired to your new account, you’re ready to invest in precious metals! After you buy a Gold or Precious Metals IRA, it’s time to select the precious metals that perfectly fit your portfolio.
Does opening a Precious Metals IRA require lots of complicated paperwork?
It actually couldn’t be simpler! All we need from you is your basic contact information and the contact information of the beneficiary you want listed on your account. We’ll even send you a prepaid FedEx envelope to return the application to us. If you have a problem at any stage, there’s always a Gold Alliance IRA specialist on hand.
With a Precious Metals IRA, do I own the metals themselves or just the certificates?
When it comes to assets, we believe you can only trust what you can hold. When opening a Precious Metals IRA with Gold Alliance, you’ll be the proud owner of physical precious metals in your name and under your complete control. They’ll be securely stored in a state-of-the-art IRS-approved and—most importantly—fully insured private depository outside of the banking system, which eliminates the risk of bank or government confiscation and the risk associated with bank bankruptcy. This will permit access to your precious metals in the event of a temporary bank closure. The storage certificates and ownership are all yours.
Where will my IRA’s precious metals be stored?
Unless you instruct us otherwise, we ship all metals you own directly to the Delaware Depository Services Company’s vault in Wilmington, DE. This IRS-approved depository handles billions of dollars worth of transactions on a daily basis. Delaware Depository also boasts a fully comprehensive insurance policy underwritten by one of the world’s oldest and most prestigious insurance providers, Lloyds of London. So, you can be sure of unparalleled storage for precious metals.
Which types of investment accounts can I roll over into a Precious Metals IRA?
Only qualified retirement accounts can be rolled over into a Precious Metals IRA. These include 401(k), 403(b), 457(b), Roth, SEP IRA, SIMPLE IRA, pension plans, and Thrift Savings accounts. To find out which eligible accounts you have, and to go through your next steps, contact a member of our team at 888-734-7453 for our Precious Metals Investor guide.
How long should I hold my precious metals?
We recommend that after our clients buy gold, silver, and other precious metals, they hold on to them for a minimum of 3 to 5 years.
How can I move money from my current retirement account into a Precious Metals IRA?
You have two tax-free and penalty-free options: the direct trustee-to-trustee funds transfer or the 60-day rollover.
- Through the trustee-to-trustee transfer, your retirement funds move directly from your current IRA provider to your new Precious Metals IRA provider.
- If you go with the 60-day rollover method, you’ll receive a mailed check to your home address from your current IRA account provider. All you have to do is mail that check to your new Precious Metals IRA custodian to be deposited. Do this within 60 days and you won’t incur any taxes or penalties.
If this process appears complicated (and concerning because it relates to your retirement savings), don’t worry. With your consent, we’ll assign you a dedicated Gold Alliance IRA team member to assist you in choosing the right IRA custodian for you. And that’s not all. They’ll also fill out all the paperwork and make all the necessary calls, so you can reap all the benefits without any hassle.
Are there any taxes or penalties for transferring money from my IRA or 401(k) into a Precious Metals IRA?
As long as you follow the procedures correctly, you won’t pay any taxes or penalties for investing in precious metals. And by working with one of our dedicated Gold Alliance team members, you can be sure your money will be rolled over efficiently, smoothly, and safely with no penalties or tax consequences.
How long does it take to set up my Precious Metals IRA?
Your new Precious Metals IRA will be up and running within 1 business day. For transfers, the time varies depending on your current IRA custodian. On average, transfers are completed within 5 business days.
What are the costs of setting up and maintaining a Precious Metals IRA?
As an example, a precious metals IRA held at Equity Trust costs $180 per year. This payment covers the cost of storage, depository insurance, quarterly financial statements, and 24/7 access to view your online account. The best news is that this payment remains the same even if your account increases in value as a result of rising gold and silver prices. This works out much better than what you pay for 401(k)s and traditional IRAs, where the fees are structured as a percentage of the value of your account, and they also have hidden fees such as administration fees, individual service fees, and investment fees. With their transparent fee schedule, self-directed Precious Metals IRAs will give you absolute control over your assets without any extra hidden costs.
What can I do to track my portfolio’s performance?
You can track the performance either online or by receiving quarterly statements through the mail. If you want to track your portfolio’s performance online, the Precious Metals IRA custodian will provide you with 24/7 access. It’s secure and easy to navigate, making it hassle-free to see how your precious metals are performing.
What are my options if I want to take a distribution or process my annual Required Minimum Distribution?
The process is simple and speedy. Call a Gold Alliance IRA team member to let them know whether you want to receive physical metals shipped to your door or cash. We’ll then arrange for your metals to be either safely shipped from the depository or liquidated into cash for you. You’ll receive the funds in your chosen account or as a mailed checkit’s your choice! And the whole process takes only 1 day.
Can I still make contributions to a Precious Metals IRA as I would with my current traditional IRA?
Absolutely! We can transfer any annual contributions you’re making to your retirement account to your Precious Metals IRA on whatever recurring schedule you like. You can then keep them there earning low rates of interest in a cash position, or you can keep investing in more precious metals.
Why can’t I just add precious metals to my current IRA?
The provider of your current IRA will have you invest only in stocks, mutual funds, ETFs, bonds, and other investment vehicles that can be managed electronically. They do so either because they’re unable to invest in precious metals or because they want to make life easier for themselves. The option to invest in precious metals is only open to those who’ve opened a self-directed IRA. By opening one of these versatile IRAs through Gold Alliance, you’ll have the option to invest in physical precious metals.
How do I know I’m getting pure gold and silver? Can I inspect my precious metals for purity?
Gold Alliance stands behind any product it sells. We only sell metals that we bought directly from the US, Canadian, or Perth mints. All mints keep a record of coins they produce, so you can track the origin of your coins. In addition, your coins will undergo a third-party audit. The depository, where we will ship your coins to be held under your name, will do a strict audit of the coins we ship them on your behalf to ensure their authenticity as part of their insurance requirements. As the owner of your precious metals, you’re also free to go directly to the depository that holds your coins whenever you like.
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