One of the safest ways to grow your retirement account is to invest in precious metals. Gold, silver, platinum, and palladium tend to grow over time.
In particular, these valuable investments increase in wealth during struggling economic environments as well. And gold investing is one of the best hedges against inflation in existence today. It’s this reason that many are gravitating toward opening a gold IRA account right now.Not every gold investment is eligible for a precious metals IRA. Only IRA approved gold that meets certain specifications laid out by the IRS is allowed in this account.Today, I’d like to provide you with a breakdown of some of the best IRA approved gold investments. I’ll tell you when and how gold became approved for precious metals IRA investing. And I’ll cover other important topics as well.Continue reading to learn the truth about approved gold for a gold IRA.

How Did Gold Receive Approval for Self-Directed IRA Investing?

Many investors fail to realize that gold and other precious metals weren’t permissible investments in an IRA until fairly recently. It wasn’t until the Taxpayer Relief Act of 1997 that gold, silver, platinum, and palladium achieved retirement investment status.

Ultimately, the IRS put through a bill that was created to help taxpayers save money. In fact, this new rule was all about tax reduction, which is great for future retirees looking to grow their wealth.

When they allowed gold and precious metals IRA investing for retirement, the commodity needed to meet certain regulations and requirements. The requirements are as follows:

  • Purity Level Minimums – at a minimum, the mandatory gold purity level is 99.5% purity. This means that any gold bar, coin, or round with less gold content isn’t deemed acceptable as an IRA investment.
  • Bars, Coins, & Rounds Accreditation – to achieve accreditation, each of these investment types must be produced by an approved organization. Those organizations include: LPPM, NYMEX, NYSE/Liffe, certified national government mint, LBMA, ISO 9000, TOCOM, LME, or COMEX.
  • Gold Proof Coins – each gold proof coin must possess a certificate of authenticity. It has to be in perfect or near perfect condition. And it also must remain within the original packaging from the mint.
  • Small Gold Bullion Bars – all small gold bars must maintain the specified weight stamped on the bar at all times. The exclusions include 400-ounce gold bars and 100-ounce gold bars.
  • Non-Proof Gold Bullion Coins – to maintain IRA approved Gold eligibility, each coin must remain in brilliant uncirculated condition and not suffer from any damage.

Top Gold Coins, Bars, and Rounds with Precious Metals IRA Approval

  • Austrian Philharmonic Gold coin
  • Mexican Libertad Gold coin
  • 1 g Gold Valcambi bar
  • 1-ounce Gold Credit Suisse bar
  • 1 g Gold PAMP Suisse bar
  • Canadian Maple Leaf Gold coin
  • American Buffalo Gold coin
  • 1-ounce Gold Perth Mint bar
  • Chinese Panda Gold coin
  • British Britannia Gold coin
  • Australian Kangaroo/Nugget Gold coin
  • American Eagle Gold coin

Are Collectible Coins Considered IRA Approved Gold?

Unfortunately, for reasons that I’m about to get into, collectible coins including numismatic and semi-numismatic coins aren’t gold IRA acceptable.

Why not? Other than gold or silver US proof coins, collectibles do not meet the requirements laid out by the IRS. The only reason these proof coins are allowed is they meet the purity requirements, which is 99.5% pure for gold.

In fact, investors would benefit from steering clear of numismatic and semi-numismatic coins altogether. These investments not only failed to meet IRS approval demands, but they are also sold at a premium. 

As an investor, you’ll pay more for these coins over the value of the precious metals content itself. Why? Because of their appearance. They are more attractive than typical gold and silver coin investments. To me, this doesn’t seem like a very good reason to invest in them at all.

Ineligible Coins, Bars, and Rounds for a Gold IRA

  • Austrian Corona
  • Italian Lira coin
  • United Kingdom Sovereign coin
  • Russia’s George the Victorious coin
  • Israel Tower of David coin
  • Somalia Elephant coin
  • U.S. Buffalo Proof coin
  • Dutch 10 Guilder
  • French Napoleon coin
  • U.S. Liberty coin
  • Chilean 100 Peso
  • USSR Chevronet coin
  • British Britannia coin (pre-2013)
  • Switzerland Vreneli coin
  • Mexican 50 Peso
  • South African Krugerrand coin
  • French 20 Franc
  • Swiss 20 Franc
  • South African Krugerrand coin
  • Mexican Gold Peso coin

Is It Mandatory to Store IRA Approved Gold in a Depository or Vault?

Yes, it is. To comply with rules and regulations enforced by the IRS, you must store your precious metals in an approved depository. Many future retirees falsely believe that they can buy precious metals and store them in a vault at home. This isn’t the case because the rule states that physical gold must be secured in an IRS approved depository. And an eligible IRA custodian must manage the investment.

Believe it or not, this is a good thing. You never know who might come into your home and attempt to steal your precious metals. Plus, the depositories offer segregated and co-mingled storage. Keep your metals stalled in a vault with other investors or you pay for a dedicated vault all your own.

IRS Endorsed Depositories for Gold IRA Investments

At the moment, the IRS has endorsed six different depositories for IRA approved Gold and precious metals IRA investments. You’ve likely heard of some of these companies and one or two of them might be new to you.

They include:

  • ScotiaMocatta Depository – this organization has a long and storied financial history going all the way back to the year 1671. In fact, many people look at this economic powerhouse as Canada’s Gold Bank. They began storing precious metals for IRA investors all the way back in 1997.
  • J.P. Morgan Global Metals – J.P. Morgan first began its IRA precious metals storage to journey back in 2011. It was this year that they officially became approved as an IRS depository. They have storage vaults located in London, Singapore, and New York. You can store gold, silver, platinum, palladium, and rhodium at their storage facilities.
  • Delaware Depository Service Company – this popular depository gained approval from the IRS because of their licenses from COMEX, NYMEX, and CME Group. They have insurance coverage for precious metals shipments that cover $100,000 of the investment. And the company maintains one billion-dollar all risk insurance coverage.
  • CNT Depository – this organization has received COMEX licensing, which means they are a recognized depository. Their yearly annual revenue is $8 billion and they’ve been in business for 35 years. Lloyd’s of London covers 100% of their insurance and the group is based out of Bridgewater, Massachusetts.
  • HSBC Bank – this bank has a long and storied history in the financial world. But you may not know that they started working as a precious metals depository in 2003. Even better, they are known as the largest billion clearer all across the world. And they are the largest gold and silver dealer since entering the market.
  • Brinks Global Services – this company is considered one of the biggest and best precious metals storage facilities. They are an armored car company and they’ve provided financial protection for many decades. Their depositories are located in New York City and London. They offer their customers an online inventory management portal, and they are well respected in this business.

Can I Purchase Physical Gold for My Precious Metals IRA?

Absolutely! In fact, that’s the entire point of opening a gold IRA. As an investor, you want to own physical gold coins, bars, and bullion. This physical investment is what gains the greatest levels of wealth. Without owning physical gold, you couldn’t use it during a time of crisis if the US dollar ever collapsed.

How Can I Discover the Best Gold Investments for My Precious Metals IRA?

First off, you must keep the precious metals IRA minimum fineness requirements in mind. They are:

  • Gold = .995
  • Silver = .999
  • Platinum = .9995
  • Palladium = .9995

In truth, the best way to discover top gold IRA investments is to connect with a gold company online. They will help you choose the proper investments for a precious metals IRA. And they’ll steer you in the right direction and help you properly allocate your funds into the best available investments.

Why Do I Need a Gold IRA Account Custodian?

In order to maintain its tax-advantaged status, your gold IRA account needs an appointed IRA custodian. Your custodian is there to make sure your investments are approved by the IRS. Plus, they handle all of the paperwork and reporting for tax purposes.

Bottom Line

At this time, I’m inviting you to consider improving your future and retirement by opening a precious metals IRA. The best way to get started is to consider a good gold IRA company. I’ve reviewed many of these companies throughout the years and I’ve narrowed down a list of my favorites. Please do yourself a favor and check out this list before you get started. It will help you narrow down the best company to meet your gold IRA investing needs.