What is a Gold IRA?

Gold IRAs are self-directed IRAs meaning that you control what investments are held in the account as opposed to someone else maintaining the account on your behalf. Establishing these accounts is fairly simple, especially if you work with a gold brokerage.

Gold IRAs are the name for any account where you hold gold, silver, palladium, or platinum as part of the investments. Most people stick to gold for their investments because the price fluctuations are not as drastic as those seen with the other precious metals. However, there is nothing wrong with diversification between multiple metals in your account.

A gold IRA can be started on its own, or you can roll over funds from your current IRA, 401k, or 403b to fund the account. As with any retirement account, you can contribute to the account on a regular basis.

When you establish a gold IRA, the next thing you will need to do is determine what types of gold you are going to invest in. You will have a choice of gold coins, bars, or bullion.

The IRS mandates that any gold or precious metals that you invest in with your IRA must meet purity standards. Coins must be pure gold and come from approved mints. Gold bars and gold bullion must be pure metal, and gold bars must come from an approved mint.

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