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If you are considering an IRA in physical precious metals, CMI is an approved dealer to service the purchase or selling of precious metals in IRAs.
For establishing a precious metals IRA and purchasing the metal for it, you will first need to set up an account with a custodian that specializes in precious metals IRAs. After the account is funded, whether by a rollover or if you are starting new, you’ll need to designate us as your dealer with your IRA custodian.
IRA custodians we are familiar with are: GoldStar Trust Co, Equity Trust Co, New Direction Trust Co, and Strata Trust Co. There are others, and we recommend researching them to figure out which one is a good fit for you. Things to consider would be; annual storage fees, admin fees, transaction fees, and where your metals are stored. In order to meet specific federal requirements associated with IRAs (remember, IRAs are a federally sponsored, tax deferred retirement option), your metal will need to be stored at an approved depository. Most IRA custodians will have several depository options to choose from.
American Gold Eagle coins were the original specifically approved gold coin for IRAs. CMIGS does recommend Gold Eagles for IRA plan holders who prefer gold coins.
Gold bullion bars are another option for IRAs. Common sizes of gold bullion bars are 1-oz bars, 100-gram bars, 10-oz bars, and 1-kilo bars. As a rule, the larger the bar, the smaller the markup. However, when it comes time to liquidate for Required Minimum Distributions (RMDs), large-format gold bars can be challenging because you’ll need to liquidate the entire bar, which can exceed the RMD amounts.
South African Gold Krugerrands along with Mexican Peso Gold coins, European Gold coins, and old US gold coins are not accepted in IRAs.
One-ounce American Silver Eagles were also the original silver coins specifically approved for IRAs. There are now many other silver coins and rounds accepted in IRAs.
Bullion silver bars, either 10-oz, 1-kilo, or 100-oz silver bars are good option for investors looking for even lower premiums.
Platinum and palladium coins and bars are also available to be held in IRAs. Investors should do serious research before choosing platinum or palladium for IRA investments. Gold and silver are monetary metals, while platinum and palladium are industrial metals.
If you would like to talk with us about putting precious metals in IRAs, call us on our toll-free number:
1-855-969-3732.
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