Welcome to GMRgold’s series on Precious Metals "self directed" IRA’s - A short series of videos that will explain what precious metals self directed IRA’s are, what’s involved in moving into a precious metals self directed IRA, what contributions are required, and much more! Make sure you catch all the videos in this series to get a full understanding of precious metals self directed IRA’s.
Let’s start…
So, what exactly is a precious metals "self-directed" IRA?
The term "self-directed" simply means that you, the individual, has complete control over selecting and directing your individual retirement account investments. You are empowered to make all of the decisions regarding your investments within the self-directed IRA.
Self-directed IRAs offer a multitude of alternative investments for retirement savings such as precious metals IRAs, real estate, horses, oil and gas LPs, private mortgages, private company stock, and intellectual property.
There are four parties involved with a precious metals IRA. These four parties are you, the precious metals dealer, the IRA custodian/administrator and the precious metals depository.
What criteria is used for precious metals IRA products?
All products involved with precious metals IRAs must meet minimum fineness requirements set by the Internal Revenue Service. The Gold American Eagle is the only exception.
Any products falling outside of these certain ranges, excluding American Gold Eagles, are not approved for precious metals IRAs. A few examples of non-approved precious metals products include Krugerrands, 90% silver and any collectible, graded or certified coins.
You can see a complete list of IRA approved precious metals on our website at GMRgold.com.
Is there a minimum amount required to open a precious metals IRA?
We are one of the few national precious metals firms that has no minimum requirement for precious metals IRA. However, we do recommend that you allow us to help you assess the startup costs and annual custodian fees in order to determine what minimum investment will profitably offset the custodian fee structure.
Thank you for joining us for video one in our series on precious metals IRA’s. The link to video two is in the link description below. Feel free to visit our website at your convenience for more information on this important topic, as well as many other topics on diversifying into precious metals.