Frequently Asked Questions (FAQ)

Many investors are brand-new to the precious metals investing space. They have plenty of questions about this asset class when first getting started.

Best IRA Options is committed to helping our readers enter into the precious metals investing space with absolute clarity and confidence.

So many of us understand that adding precious metals to our investment portfolio is a vital piece of the puzzle. We want to know and understand everything about this investing strategy so we have questions that need answers.

We’d rather avoid forcing you to call a financial advisor or customer service at your favorite precious metals broker. Instead, we’ve decided to answer the most frequently asked questions about precious metals IRA investing.

Here are the questions and answers in no particular order:

How Do I Open a Precious Metals IRA Account?

This answer might be a little bit different for our top 3 precious metals IRA companies that we recommend.

Regal Assets asks customers to get the ball rolling by filling out a form online. You can find the account setup form by clicking here. Or if you prefer, sign up to receive their Precious Metals Investment Kit first.

After completing the form, the team at regal assets will send you the necessary paperwork. It all gets delivered to you electronically and everything must be signed online.

Birch Gold has a similar set up. But it’s easier to sign up to receive their Free Information Kit first by clicking here. You’ll also have to fill out a form online and sign digital paperwork to get started.

Goldco also wants to help answer your questions as quickly and succinctly as possible. They provide a Free Precious Metals Guide to anyone willing to sign up on their website. Afterward, a customer service rep will contact you to help you get started.

How Do I Rollover My Retirement Account into a Physical Precious Metals IRA Account

The rollover process is very easy to accomplish, believe it or not. My top three favorite companies take care of everything whether you work with Regal Assets, Goldco, or Birch Gold.

Ultimately, you let them know about your desire to set up a physical precious metals IRA. They will set up the self-directed IRA on your behalf. After the account is opened, your new IRA custodian will work with your existing custodian. Together, they’ll rollover or transfer the necessary funds.

Once your new account is funded, you can begin buying IRA-approved precious metals from Goldco, Birch Gold, or Regal Assets. Their expert customer service and sales teams will handle the heavy lifting. You only have to fill out an online form to begin the process and they take care of the rest.

Will Moving My Current Retirement Account into a Precious Metals IRA Require Tax Penalty Payments?

I’m happy that I can give you the best possible answer in the world. You’ll never, under any circumstances, pay taxes or penalties for moving your existing retirement plan into a precious metals IRA.

In fact, it all depends on the particular retirement account vehicle. As an example, you can rollover a Roth or traditional IRA into a precious metals IRA at all times. It doesn’t matter if you’re working with Goldco, Regal Assets, or Birch Gold. You’ll never not qualify for a rollover in this situation.

Things get more complicated with a 401(k) retirement account. Eligibility for rollovers typically depends on whether or not the company still employs you. Another factor is whether or not the 401(k) is from your former employer.

Do you have a 401(k) account from a previous employer that you no longer work for? If so, rolling over this account into a precious metal IRA is simple. If your current employer has an existing 401(k), this rollover can be challenging to accomplish.

If you’re still employed and would like to initiate a rollover, your best bet is to seek from a qualified expert. Contact the customer service desk at Regal Assets, Goldco, or Birch Gold and ask for their expert assistance.moving your current retirement account into a precious metals IRA is known as a rollover or transfer.

During the rollover process, you will receive a distribution from your current retirement account. You must deposit this money in your new precious metals IRA within 60 days. If you fail to do so, you will pay early withdrawal taxes and a 10% penalty. But this rarely happens, if ever.

Am I Allowed to Store Precious Metals IRA Investments at Home?

The quick answer is no. The government does not allow precious metals IRA account holders to store gold, silver, platinum, or palladium at home.

Why not?

Simply put, precious metals are another form of cash. These metals can be liquidated very easily anywhere in the world.

Instead of keeping them at home, gold IRA account holders must keep them stored in a private depository of your choosing. More than likely, your precious metals broker (Regal Assets, Goldco, Birch Gold) will recommend their favorite IRA-approved broker.

Precious metals storage depositories are fully insured and keep your investments safe and protected. Typically, Lloyd’s of London is the insurance company that fully ensures precious metals depositories.

Do I Own Physical Precious Metals in My Gold IRA Account? Can I Take Possession of My Precious Metals at Any Time?

The answer to both of these questions is yes. The beauty of opening a precious metals IRA account is that you’re buying physical gold and other metals. Retirement account holders have two options to store their precious metals. 

Goldco and Birch Gold offer co-mingled or segregated storage. Regal Assets prefers their customers keep their investments segregated. So, they only offer their customers segregated storage.

Remember, the government considers physical precious metals as cash. If you were to take possession of your precious metals before reaching 59 ½ years old, you face certain consequences. You’d have to pay taxes and a 10% early-withdrawal penalty.

But no one can stop you from taking possession of your physical precious metals at any time. You just have to be aware of the potential consequences. If you’d like to avoid the 10% early-withdrawal penalty, you shouldn’t take distributions until you’re 59 ½ years old. Or, please remember to keep your precious metals safely stored in a government approved depository of your choosing.

Am I Required to Pay Additional Fees on Top of the Original Price That I Quoted While Purchasing Precious Metals?

I’ll only speak for my favorite precious metals IRA companies including Regal Assets, Goldco, and Birch Gold while answering this question. Other companies may charge additional fees on top of their quoted price when making a purchase. This isn’t the case when doing business with my top 3 recommendations listed above.

On the contrary, when any of these companies quote a price, they are quoting the final price. They will never add additional fees to their invoices. All price quotes are final and after the price quote is received, the amount is locked in on your behalf. You’ll never have to pay a higher amount as long as you have a locked in a price quote. This is true even when the market has fluctuated.

Is It Possible to Purchase Precious Metals outside of My Self-Directed IRA Account?

I can answer this with a resounding yes. You’re certainly allowed and even encouraged to buy precious metals outside of your retirement account. It’s another way to invest in these valuable commodities that are quite advantageous to your portfolio.

Typically, when buying precious metals from the top 3, you’ll receive additional bonuses or incentives during the buying process.

As an example, Birch Gold offers their customers free delivery when making an investment of $10,000 or more. 

Regal Assets also offers their customers an added bonus in the form of a 1-out Silver American Eagle coin. This coin is credited to the customer’s account upon making a qualified purchase. Regal also ships customer orders within seven days or less.

Goldco is similar to Birch Gold because they like to provide their customers with free shipping. They are willing to provide free shipping to their customers on all orders. And similar to Regal Assets and Birch Gold, this company tends to ship orders within seven days or less.

What Should I Do with My Precious Metals after Purchasing Them?

 If you’re purchasing physical precious metals for an IRA account, your broker will ship them directly to your depository. There’s nothing for you to do in this scenario, so have no fear my friends.

If you’re making a cash purchase, it’s probably best to keep your precious metals safely stored and protected. You can do this at home by keeping them in a secured safe that you only hold the combination to. 

Or, it might be best to keep your precious metals safely stored at a local bank in a safe deposit box. On average, it typically costs $75-$125 per year to rent a safety deposit box depending on the size. 

These boxes are secure, easily accessible, and available right in your neighborhood. You can store jewelry, important documents, birth certificates and Social Security cards, and other important things there as well.