Is it possible to invest in gold coins/bullion within an IRA?
Is it possible to invest in gold coins/bullion within an IRA?You can invest in an ETF such as streetTRACKS Gold Shares (GLD). The shares represent real ounces of gold.IF
Unless the law has changed, technically "yes." You can buy U.S. Eagle (modern bullion)coins but they must be held by the trustee bank. Not all IRA providers do this. As guy above notes, you can also buy "paper gold" such as one of the new ETF or (what I used to use) CEF (Central Fund of Canada) which is kind of a closed-end mutual fund that owns mostly metal (the ancestor of the modern, uppity ETFs ...!)Don't forget that gold is very volatile. For the most bang for your buck, consider gold stocks. The mere fact you're intersted in it now means you are probably going to lose your ass, but hey that's the market !
Thanks for the info and help!
pedorrero's right. From http://www.irs.gov/publications/p590/ch01.html#d0e7664 :Investment in CollectiblesIf your traditional IRA invests in collectibles, the amount invested is considered distributed to you in the year invested. You may have to pay the 10% additional tax on early distributions, discussed later. Collectibles. These include: Artworks, Rugs, Antiques, Metals, Gems, Stamps, Coins, Alcoholic beverages, and Certain other tangible personal property.Which I think is their jargony way of saying you can't do that. If your IRA invests in these items, it's immediately kicked out of the IRA, incurring any appropriate taxes and penalties. But we're not done yet.Exception. Your IRA can invest in one, one-half, one-quarter, or one-tenth ounce U.S. gold coins, or one-ounce silver coins minted by the Treasury Department. It can also invest in certain platinum coins and certain gold, silver, palladium, and platinum bullion. pedorrero said:The mere fact you're intersted in it now means you are probably going to lose your ass, but hey that's the market ! Ditto, but it's your IRA.--RavenDon't trust the Internet; consult your tax advisor for information specific to your situation.
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