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Gold in my Retirement Plan?

OK, Fella's... another rookie query for you...

I'm given to understand that IRS rules permit me the opportunity of owning gold coins within the scope of my [tax-deductible] retirement plan. If so, an interesting thouoght, to be sure, as it puts somewhat of a twist on exactly what TYPE of gold coins might be appropriate for such an approach.

Seems to me - inexperienced though I may still be - that you wouldn 't necessarily do a lot of trading here, and instead, likely focus on coins which have some degree of certainty of appreciation, since they most probably would be held for an extended period. To FUND retirement, however, they must eventually be expected to be sold, whether or not, in fact, that is their fate.

Must be other reasons, styles, etc., but I'm curious if anyone out there has used this approach for tax-qualified retirement planning?

Comment?
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Comments

  • PlacidPlacid Posts: 11,299 ✭✭✭
    How long until you retire?
    About how much money are you looking to invest in gold coins?
  • ziggy29ziggy29 Posts: 18,668 ✭✭✭
    My understanding is that you can only own certain types of bullion coins in an IRA, and you are not allowed to have physical possession of them.

  • Whats the most collected bullion coin for investment, that is gold coin? should it be graded?


  • << <i>My understanding is that you can only own certain types of bullion coins in an IRA, and you are not allowed to have physical possession of them. >>



    Ziggy is correct.
    OLDER IS BETTER
  • baddogssbaddogss Posts: 1,300 ✭✭✭✭✭
    Only US Mint gold bullion coins are allowed, not slabbed, not graded, just plain 'ol US Mint bullion nothing else. Bob
    Thank you PCGS for the Forums! ANA # 3150931 - Successful BST with: Bah1513, ckeusa, coin22lover, coinsarefun, DCW, guitarwes, SLQ, Sunshine Rare Coin, tmot99, Tdec1000, dmarks, Flatwoods, Wondercoin, Yorkshireman
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  • ziggy29ziggy29 Posts: 18,668 ✭✭✭


    << <i>Only US Mint gold bullion coins are allowed, not slabbed, not graded, just plain 'ol US Mint bullion nothing else. Bob >>

    They don't have to be US Mint bullion. They must be legal tender where issued and at least .995 fine. I believe that also makes Canadian Maple Leafs and Australian Nuggets eligible.

    The AGE is the exception to the rule; it's only 22 karat but is allowed where as other coins of this fineness are disallowed.

  • baddogssbaddogss Posts: 1,300 ✭✭✭✭✭


    << <i>

    << <i>Only US Mint gold bullion coins are allowed, not slabbed, not graded, just plain 'ol US Mint bullion nothing else. Bob >>

    They don't have to be US Mint bullion. They must be legal tender where issued and at least .995 fine. I believe that also makes Canadian Maple Leafs and Australian Nuggets eligible.

    The AGE is the exception to the rule; it's only 22 karat but is allowed where as other coins of this fineness are disallowed. >>



    Yep, your right. Just rechecked my facts, sorry. Bob

    Corrected link

    Gold in your IRA
    Thank you PCGS for the Forums! ANA # 3150931 - Successful BST with: Bah1513, ckeusa, coin22lover, coinsarefun, DCW, guitarwes, SLQ, Sunshine Rare Coin, tmot99, Tdec1000, dmarks, Flatwoods, Wondercoin, Yorkshireman
    Sugar magnolia blossoms blooming, heads all empty and I don't care ...
  • ttownttown Posts: 4,472 ✭✭✭
    I wouldn't use this method to procure gold. You need to have it in your hand or your at the mercy of the holder and rely on them to actually buy the gold. If your going to do it this way you may as well buy an EFT and take your chances IMO.
  • blu62vetteblu62vette Posts: 11,943 ✭✭✭✭✭
    It is a pain and dont expect a good deal on the gold, not to mention it may be rather ill-liquid and your selling price will be bad. Some brokerage accounts that do this charge very high fees. I would look for another means of getting gold into the IRA via ETF or something else.
    http://www.bluccphotos.com" target="new">BluCC Photos Shows for onsite imaging: Nov Baltimore, FUN, Long Beach http://www.facebook.com/bluccphotos" target="new">BluCC on Facebook
  • ziggy29ziggy29 Posts: 18,668 ✭✭✭


    << <i>I wouldn't use this method to procure gold. You need to have it in your hand or your at the mercy of the holder and rely on them to actually buy the gold. If your going to do it this way you may as well buy an EFT and take your chances IMO. >>

    Yes, this is probably true. The part about not being able to take physical control of the metal is likely the showstopper. Gold bulls have a tendency to distrust financial institutions and the monetary/banking system. It is this tendency which makes them want to actually take possession of it; anything less is merely a "promise" which is only as good as the institution which has custody of it. Add to that the hassle and cost of a custodian and complying with the restrictive rules and lack of liquidity, and you might as well invest in GLD and/or GDX on the stock exchange to play on gold in an IRA.
  • 57loaded57loaded Posts: 4,967 ✭✭✭


    << <i>

    << <i>Only US Mint gold bullion coins are allowed, not slabbed, not graded, just plain 'ol US Mint bullion nothing else. Bob >>

    They don't have to be US Mint bullion. They must be legal tender where issued and at least .995 fine. I believe that also makes Canadian Maple Leafs and Australian Nuggets eligible.

    The AGE is the exception to the rule; it's only 22 karat but is allowed where as other coins of this fineness are disallowed. >>



    AGE (ounce) has one troy ounce of 24kt in at and some other alloy (copper?) that nets it down to 22kt gold

    its total scale weight is over one troy ounce.

    i also understand that buffaloes are allowed, but that's it as far as gold in an IRA that i am aware of
  • roadrunnerroadrunner Posts: 28,313 ✭✭✭✭✭
    If you can't hold it in your hand or touch it when you want, it's not much a retirement plan. And it's certainly not guaranteed. You're depending on the strength of the brokerage or the bank to be there when you retire. In today's environment there is no guarantee of who will be left standing over the next 3-15 years.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • JoflaxJoflax Posts: 979
    Storage fees make this an expensive proposition , ETF is a better idea
    Buy the dips!!!

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