The IRS allows an IRA, Individual 401(k), HSA, or ESA to acquire certain precious metals as an asset while keeping the tax benefits associated with that account type.
An IRA holder must choose a dealer/broker and a depository in order to acquire physical precious metals in his or her IRA. There are dealers and depositories all over the U.S. and the world, and each has its own business practices, pricing structures and paperwork.
An IRA can purchase precious metals from any non-disqualified person or entity. The depository is a secure facility where the metals are held in the name of the IRA.
Step by Step Guide How to Buy a Gold IRA
Step 1 – Consult with your IRA custodian.
Step 2 – Open an IRA account with a different custodian.
Step 3 – Find out what paperwork is required to invest in gold.
Step 4 – Fill out the necessary paperwork to invest in gold.
Step 5 – Submit the paperwork to your custodian and ask when you will be permitted to invest in gold.
Step 6 – Submit funding and instructions to your custodian to purchase gold for your IRA account.