Financial professionals across the globe all agree that asset diversification is the key to success. To reduce the risks of investing, many professionals suggest the purchase of precious metals to diversify investments among different securities or asset classes. Now, with a self-directed IRA from NuView in Florida, you can invest in all types of precious metals, including gold, silver, platinum and palladium.
What Type of Precious Metals Can be Held in an IRA?
GOLD BARS & COINS:
At present, gold bars with a purity of 24 karat (0.995+ fineness) are allowed into an IRA. They must be hallmarked by a NYMEX- or COMEX-approved refiner/assayer. These bars come in the following sizes: 1 ounce, 10 ounces, kilo (32.15 ounces), 100 ounces, and 400 ounces. Gold coins having a purity of 24 karat (0.9999 fineness) are the only ones allowed in an IRA, with the exception of the 22 karat US Gold Eagle. Readily acceptable for gold IRAs are these bullion coins from America, Australia, Austria and Canada. The South African Krugerrand, being a 22 karat bullion coin, is not allowed.
Regarding silver investments, only silver coins and bars with 0.999+ fineness are allowed to be placed into an individual retirement account. These include the 1 oz. US Silver Eagle, Canadian Silver Maple Leaf, and the Mexican Silver Libertad bullion coins. Investors can purchase 100 oz. silver bars and also 1000 oz. silver bars. Pre-1965 bags of US silver coins (dimes, quarters, half dollars, and silver dollars) are not allowed in an IRA because their alloy contains only 90% silver and thus does not meet the fineness standard.
PLATINUM GROUP METALS:
Platinum and palladium bars and coins of 0.9995+ fineness can also be placed into a precious metals IRA with our Florida self-directed IRA administration company. Both the US and Canadian Mints make 1 oz. platinum coins. Other countries, such as Great Britain and Australia, have 1 oz. platinum coins which are not as well known but qualify as well. All platinum and palladium bars and coins must be from a NYMEX or COMEX approved refiner/assayer.
Can I use my existing IRA account to purchase precious metals?
Yes, but first you will need to transfer your account from your bank or brokerage to a precious metals IRA with NuView IRA Inc.
Does NuView select the metals or dealer?
No, NuView IRA Inc. is a Florida self-directed IRA administrator, which means you have the ability to choose the dealer and the metals of your choice.
Can I store the precious metals myself?
No, the IRS prohibits you from personally holding IRA assets. All metals purchased in your IRA are stored at Delaware Depository or First State Depository
Can I purchase collectable coins in my self-directed IRA?
No, you are prohibited from purchasing collectables of any kind, including coins inside your IRA.
What are the steps to purchasing precious metals in My IRA?
- Set up your Precious Metals IRA with NuView IRA, Inc.
- Identify the precious metals dealer you would like to purchase from and determine the metals you would like to buy in your IRA.
- Submit a Purchase Authorization and the invoice from the metals dealer to NuView IRA Inc.
- As a self-directed IRA administrator in Florida, NuView IRA will send the funds to the dealer along with a packing slip for the depository. The metals will be shipped directly to the depository and you will be notified via email upon their arrival.