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Silver IRA

IcollecteverythingIcollecteverything Posts: 1,031 ✭✭✭
in Precious Metals
I am thinking of getting an IRA with silver. I did a little research long ago but unfortunately didn't do it then. Anybody got any hints, good bad or ugly?

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Comments

  • jmski52jmski52 Posts: 22,863 ✭✭✭✭✭
    I see no advantage in buying silver bullion in an IRA.
    Q: Are You Printing Money? Bernanke: Not Literally

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  • Yukoncornelius1Yukoncornelius1 Posts: 654 ✭


    << <i>I see no advantage in buying silver bullion in an IRA. >>



    Ditto for me, I would look at some PM oriented ETF's like GDX. The only way I could see this as an option would be if silver fell down below $10 an oz.
  • DrBusterDrBuster Posts: 5,386 ✭✭✭✭✭
    You start ~20% in the hole with a silver ira in holding fees and such, screw that.
  • derrybderryb Posts: 36,825 ✭✭✭✭✭
    If you're sold on silver you would be better off with a ROTH IRA in which you direct the sale and purchase of silver and silver miner related stocks and ETFs. You buy and sell at the times you choose and pay very low fees if dealing with an on-line broker. I use Scottrade for all of my families' IRAs. A knowledgable silver player can profit from both the ups and downs of volatile silver.

    The little research I did on metal IRAs was enough to stop me from doing any more research.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • derrybderryb Posts: 36,825 ✭✭✭✭✭


    << <i>Well, I have one.... I wanted to take some of my assets out of the market. Fees are more than I expected, but not killing me. I saw how the Bullion Banks use GLD/SLV as kind of a PM "bank", and I feel like my PM IRA is a similar vehicle. Kind of a "next best thing" to holding actual physical.

    Ann Barnhardt's "If you're still in these markets, you're either stupid or on drugs" article really hit home with me, so to me, my PM IRA is one step closer to being "out" of the markets. Cypress pretty much cemented my thoughts on that, I was in shock when I heard that news for the first time, could not believe they really did that.

    I'm still confortable with my decision - no regrets. >>



    Will you continue to purchase metals for the IRA or purchase them in some other way?

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • guitarwesguitarwes Posts: 9,266 ✭✭✭
    "...and I feel like my PM IRA is a similar vehicle. Kind of a "next best thing" to holding actual physical."

    If you ain't holding it, it ain't real and it ain't yours. Long term paper metal is a big risk. Get in and out quick (such as what derryb is suggesting), take that $$$ and buy physical.
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  • JamesMurrayJamesMurray Posts: 4,036 ✭
    "If you ain't holding it, it ain't real and it ain't yours"




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    words to live by
  • OPAOPA Posts: 17,121 ✭✭✭✭✭


    << <i>"...and I feel like my PM IRA is a similar vehicle. Kind of a "next best thing" to holding actual physical."

    If you ain't holding it, it ain't real and it ain't yours. Long term paper metal is a big risk. Get in and out quick (such as what derryb is suggesting), take that $$$ and buy physical. >>



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  • IcollecteverythingIcollecteverything Posts: 1,031 ✭✭✭


    << <i>You start ~20% in the hole with a silver ira in holding fees and such, screw that. >>



    Wow, 20% in fees! That would be pretty much a deal breaker just for starters.

    Thanks for all the responses, I did do a googie search for info but all I can find so far is companies trying to sell one, no good details.

    I thought I remembered that when they first created these that you could buy the silver and hold it in your own safety deposit box, but I may be dreaming.

    We are just looking to diversify a little. I do have some physical and we have IRA's with cash and mutual funds (not nearly enough). I do have a Roth IRA so maybe the ETF's is a route too, is SLV approved for that?

    Successful BST deals with mustangt and jesbroken. Now EVERYTHING is for sale.

  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    Everything I have is physical. Nothing virtual, etc.
    Successful Buying and Selling transactions with:

    Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
  • derrybderryb Posts: 36,825 ✭✭✭✭✭


    << <i> I do have a Roth IRA so maybe the ETF's is a route too, is SLV approved for that? >>



    Yes, here are some PM ETFs, check out the leveraged ones elsewhere on the site.

    They trade just like stocks.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • DrBusterDrBuster Posts: 5,386 ✭✭✭✭✭
    My 20% comment was high and pulled out of my butt. That's where that came from. Don't you have to have certain kinds of items in it, that sell at big premium to spot, plus all the fees? Not worth it anywhere over 1% honestly.
  • jmski52jmski52 Posts: 22,863 ✭✭✭✭✭
    Too many "custodial accounts" have turned out not to be as advertised in terms of having real metal vs. imaginary metal.

    There is simply no substitute for taking possession for your own stuff and taking responsibility for your own investments. Counterparty risk is bad enough, and nobody can really afford not to consider the possibilities of fraud or bankruptcy. I suspect that when the markets get real dicey, we will see an uptrend in both fraud and bankruptcy. We've already had outright theft of segregated customer accounts at MF Global and Peregrine Financial.

    My question is, "Do ya feel lucky?"

    The only way to limit your exposure in a paper-traded account is to limit your exposure in a paper-traded account.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • johnny9434johnny9434 Posts: 28,336 ✭✭✭✭✭
    i see better money being made else where. jmo
  • derrybderryb Posts: 36,825 ✭✭✭✭✭


    << <i>i see better money being made else where. jmo >>



    Mish Buys a Basket of Miners

    Normally a fairly level headed advisor on economic matters; one might consider his metal play

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • PerryHallPerryHall Posts: 46,140 ✭✭✭✭✭


    << <i>If you ain't holding it, it ain't real and it ain't yours. >>



    And it may not even exist.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

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