Steady retirement account growth is something all future retirees attempt to achieve. But as we all know; financial crises happen and inflation makes it difficult to continue saving and growing our wealth.
Guess what? Investing in precious metals like platinum is a powerful way to hedge your bets against inflation. And if you look at platinum’s growth percentages over time, you’ll see that it consistently grows year after year. This is even more true during times of economic struggle and strife.
The important thing is investing in platinum and other precious metals for your retirement. Not all investments will receive IRA approved platinum status. It’s important to make sure you only buy IRA eligible investments. Your precious metals broker will help you if you’re uncertain.
Or better yet…
Continue reading to find out the truth about IRA approved platinum for your precious metals IRA account.
How Did Platinum Receive Approval for Self-Directed IRA Investing?
Platinum wasn’t always approved for self-directed IRA account investments. In fact, for a long time it was shunned along with gold, silver, and palladium. But things took a turn for the better eventually. Really smart representatives in the US government presented a bill to help provide tax relief to taxpayers.
At the end of the day, a bill passed called the Taxpayer Relief Act of 1997. When this bill was approved, it made it possible to begin purchasing platinum and other precious metals in an IRA.
But to buy IRA approved platinum you have to know the rules and regulations regarding this investment. These rules come directly from the IRS and they must be followed at all times as an investor. They include:
- Platinum Purity Minimum – all platinum investments must meet a minimum of 99.95% purity to qualify for an IRA. If you purchase platinum in the form of coins, rounds, or bars, it must maintain this level. If it doesn’t, it will not be deemed fit for a precious metals IRA.
- Platinum Bars, Rounds, and Coins Accreditation – each of your potential investments must come from an IRS accredited organization. The main groups with IRS accreditation include: ISO 9000, LBMA, NYMEX, LPPM, TOCOM, certified national government mint, LME, COMEX, and NYSE/Liffe.
- Platinum Proof Coins – proof coins made of platinum are definitely acceptable within a platinum IRA. To maintain acceptability they must remain in their original packaging, maintain perfect condition, and have a certificate of authenticity. If any of these criteria are missing, the platinum investment is no longer IRA eligible.
- Small Platinum Bullion Bars – all small platinum bars must have a specific weight stamped on it. And more importantly, the bar itself must weigh exactly as much as the stamp says it should weigh. 50-ounce platinum bars are the only exclusion.
- Non-Proof Platinum Bullion Coins – all non-proof platinum bullion coins must remain in brilliant uncirculated condition to achieve IRA approval. They will not be approved if the coins are damaged in any way either.
Top Platinum Coins, Bars, and Rounds with Precious Metals IRA Approval
- Platinum 1-ounce Englehard bar
- Australian Platypus Platinum coin
- Platinum 1-ounce Valcambi bar
- Platinum 10-ounce PAMP Suisse bar
- Platinum 1-ounce Credit Suisse bar
- Australian Koala Platinum coin
- Burnished American Eagle Platinum coin
- American Eagle Platinum coin
- Canadian Maple Leaf Platinum coin
- American Eagle Proof Platinum coin
Are Collectible Coins Considered IRA Approved Platinum?
You may not know this already, but platinum collectible coins or other collectible precious metals do not have IRA approval. Believe it or not, only one type of collectible coin qualifies for a precious metals IRA. The coin I’m talking about is a US proof coin, or a platinum US proof coin in this particular case.
Regardless, investors would be wise to forgo investing in platinum proof coins. These coins typically cost a lot more than other precious metals with the same exact platinum content. Precious metals companies charge more because these coins clean up very well and they look quite attractive. This is why you’ll have to pay a premium on top of the silver content value to own them.
As an investor, paying unnecessary premiums isn’t very desirable at all. You’re better off buying IRA approved platinum coins without the extra markup.
Ineligible Coins, Bars, and Rounds for a Platinum IRA
- U.S. Buffalo Proof coin
- USSR Chevronet coin
- U.S. Liberty coin
- French 20 Franc
- Austrian Corona
- Mexican Gold Peso coin
- British Britannia coin (pre-2013)
- Mexican 50 Peso
- Somalia Elephant coin
- French Napoleon coin
- Dutch 10 Guilder
- United Kingdom Sovereign coin
- Russia’s George the Victorious coin
- Swiss 20 Franc
- South African Krugerrand coin
- Chilean 100 Peso
- South African Krugerrand coin
- Italian Lira coin
- Switzerland Vreneli coin
- Israel Tower of David coin
Is It Mandatory to Store IRA Approved Platinum in a Depository or Vault?
As an investor, it’s important to know that you must keep your IRA approved platinum in a secured depository. Otherwise, you aren’t following the rules or IRS guidelines and this could lead to negative consequences. But it would never get that far because your IRA custodian would stop this from happening. Your custodian is there to protect you and they wouldn’t willfully help you break the rules.
The way to store precious metals is to keep them locked away in an approved depository in one of their vaults. The storage facilities themselves are there to keep your investments safe and protected. And the owners of the facilities have decades of experience and ironclad vaults that hardened criminals could never break into.
Your storage choices include segregated or commingled storage. Most investors prefer segregated because they are IRA approved platinum remains safe in a vault dedicated to their investments alone.
IRS Endorsed Depositories for Platinum IRA Investments
All things are never created equally and depositories fall in this category as well. For precious metals IRA investments, you must keep your platinum stored in an IRS approved vault. This is mandatory and right now they have placed six official depositories on their recommended list.
- HSBC Bank – this mega-conglomerate entered into the precious metals depository industry in 2003. They received their license and never looked back. As a matter of fact, they are the premier bullion clearer in the world right now because they clear more bullion than anyone else.
- Brinks Global Services – I’m a huge fan of Brinks because I know they are a company that gets the job done. They have been protecting money with armored cars and secured vaults for decades. And they are really good at what they do. They have depositories in New York City and London and their online inventory management portal is truly amazing.
- J.P. Morgan Global Metals – their precious metals IRA depository journey started officially in 2011. This powerful organization has official palladium depositories and storage vaults in Singapore, London, and New York.
- ScotiaMocatta – this Canadian depository is so deep in the financial game that they are rooted in this industry since 1671. Many look upon this organization as Canada’s Gold Bank. In 1997, they were approved as a storage facility to receive platinum IRA deposits. And they haven’t looked back since.
- CNT Depository – this depository is located in Bridgewater, Massachusetts, and they’ve operated in this business for 35 years. They are an 8 billion-dollar company annually and the depository is fully licensed by COMEX. They also insure 100% of their deposits through Lloyd’s of London.
- Delaware Depository Service Company – this company is leading the industry because they are truly considered one of the best depositories in business. They received their IRS approval by becoming licensed through the NYMEX, COMEX, and CME Group. They provide $100,000 worth of insurance on all deliveries and they have $1 billion worth of all risk insurance.
Can I Purchase Physical Platinum for My Precious Metals IRA?
As a future retiree, it’s definitely in your best interest to purchase physical platinum for your precious metals IRA. This investment strategy has been incredibly effective throughout the years and centuries. Precious metals have been looked upon as legal tender for thousands of years and this will continue into the future. You can’t go wrong investing in platinum and other precious metals like gold, silver, and palladium.
How Can I Discover the Best Platinum Investments for My Precious Metals IRA?
It may seem tough to find approved platinum investments on the surface, but it certainly isn’t impossible. When you begin working with a platinum IRA company, they will help you get started. And they will help you choose the best investments to meet your wants and needs.
Minimum fineness levels must be adhered to that include:
- Platinum = .9995
- Gold = .995
- Silver = .999
- Palladium = .9995
Why Do I Need a Platinum IRA Account Custodian?
A precious metals IRA custodian is an absolute necessity for anyone looking to invest in IRA approved platinum. This manager maintains your accounts taxed advanced status. They also take care of necessary paperwork and other custodial duties including tax reporting.
Are you ready to open a precious metals IRA to invest in IRA approved platinum and other hot commodities? It’s best to learn about the top precious metals IRA companies before jumping into any final decision-making. You can learn about these companies to pick a good platinum IRA company to work with after reading my review.