Anyone here have gold/silver in an IRA??

coynclecter · July 26, 2005 2:22AM

I'm looking to put some gold/silver coins in an IRA and I need to find a custodian I can trust. Anyone here have personal experience and can make a recommendation?

coynclecter · July 26, 2005 2:24AM

Yeah, You can send it to me, I'll keep it for you!!!!

(Thought I'd get that answer out of the way)

mrearlygold · July 26, 2005 2:54AM

Why in the world would you want to take one of the last remaining confidential assets and have someone else watch over it for you, or divulge it to the government?

PerryHall · July 26, 2005 3:09AM

What is the advantage of giving someone else possession and control of your gold?

topstuf · July 26, 2005 3:11AM

IMO, besides the obvious privacy issue, the proper things to have in an IRA are income producing (i.e. dividend or interest) assets. Then the thing compounds tax deferred and gives you a benefit.

Since LOSSES do you no good in an IRA, speculative assets give no advantage unless one ....and only one... occurrence takes place. Namely, an increase in value. Since you can't ASSURE an increase in value on gold or silver, keep em in your REGULAR acct so you can deduct losses (if you have any)

coynclecter · July 26, 2005 4:33AM

I have gold and silver outside of my IRA. I also have money going into my IRA for the tax deduction and I don't like the stock/bond options that are available. Although my preference would be to hold it myself that is not an IRA option (unless I'm wrong).

<< What is the advantage of giving someone else possession and control of your gold? >>

Right now they have possession of my stcks and bonds. How is this different??

<< Since LOSSES do you no good in an IRA >>

They are the same as gains in an IRA, they are offset and deferred. Besides I don't plan on gold being a loss over the next 20 years.

CardsFan · July 26, 2005 5:11AM

Fidelity has a Select Gold fund that invests in bullion and mining companies. It has morningstar rating of 3 stars. I thought about putting some of my IRA into it but in the end decided against it.

ttown · July 26, 2005 5:58AM

I wouldn't convert your IRA to Gold/Silver. You'll have to pay for storage and if we really do have depression type issues you better have it close at hand. In that case I wouldn't put it past the goverment to recall Gold bullion and you just made it easy for them. I perfer the common $10 and $20 gold pieces graded by PCGS, NGC, or ANACS since collector gold would most likly survive a recall and it's deemed real. They cost a little more but AU/low BU's can be had for $50 to $150 over spot. And if bad times don't hit your still having fun collecting. Does anyone else think they might recall USD and go to the gold standard again after a recall of gold? It could happen and the new dollar may eat up a bunch of your old dollar paper. JMO

As far as a good stock pick for the IRA. I'd consider energy (BP is what I own) or a mining mutual fund like SGDBX (Scudder Gold & Precious Metals) is a very good pick. I think utilities would be a good place also since they pay a good div and everyone would still need energy for their houses.

Goldude · July 26, 2005 5:58AM

As a dealer i think putting Gold into your blows, some of thse companies will try putting you into proof gold so they can make more money (proof american eagles) when someone calls me about doing it, i tell them not to, but if they insist? i put them with Church family trust. I just put my whole IRA (Keogh plan) into UNH (United Health Care) this stock will bring in big money over the next few years, and i'm gonna ride that baby.

RYK · July 26, 2005 5:59AM

I just put my whole IRA (Keogh plan) into UNH (United Health Care) this stock will bring in big money over the next few years, and i'm gonna ride that baby.

Great idea!!! I am gonna call my broker immediately!!!

Goldude · July 26, 2005 6:09AM

RYK do i smell a smartass??? lol

RYK i know it sounds nuts, but i like this company and it's potential, just look at the earnings, and lets face it health care costs aren't coming down, and i only have about 26k in my Keogh plan, i have more money in Gold than anything, but i'm a good stock picker, i rode Google from 165 to 309 recently, of course i lost my ass in stocks in the late 90s, but i was daytrading as well. UNH baby!! watch me work lol

CardsFan · July 26, 2005 6:37AM

<< and lets face it health care costs aren't coming down, and i only have about 26k in my Keogh plan >>

Alot can effect a stock's price. Look and Enron and MCI, sure their future's looked bright but now there is nothing. 26k may not be a whole lot in the big picture but it's enough to offer a little diversificaiton don't you think?

topstuf · July 26, 2005 7:27AM

Somebody oughtta mention it to Coin Vault. THEY could do it I bet.

ddink · July 26, 2005 12:27PM

<< Right now they have possession of my stcks and bonds. How is this different?? >>

Stocks are not oversold, nor are they a tangible asset (a stock certificate is just as good as a computer entry). Don't know about gold, but silver is enormously oversold (there are more certificates for silver than there are ounces of silver to back up those certificates). People hold physical gold and silver as a hedge, especially as a hedge against an economic collapse or currency collapse. Why would you want PAPER silver, unless you are speculating? What I mean is that in the event of a serious economic crisis, I give you 10:1 odds you'll never get anyone to send you the physical metal that you have already purchased. If you don't trust the government's paper, why would you trust COMEX's paper?

boyhowdy · July 26, 2005 12:30PM

My brother is in the L.A. area and he keeps some Krugerrands, 100 oz. silver bars as
well as his AR-15 in his safe. He calls it his Impending Riot Accumulation.

Steve

coynclecter · July 26, 2005 1:43PM

I don't want paper silver. I want my physical silver/gold held by a custodian. Although I agree that there will be some major financial problems, huge bankruptcies, major inflation, I don't see a breakdown in law and order. A reputable company will still have my deposit. I also want to use my IRA money because its in stocks and bonds which will fall the hardest.

Thanks for all the replies

dcarr · July 26, 2005 3:45PM

The purpose of having a "custodian" for your IRA is because, by law, you have to. The government doesn't want you to get your greedy little fingers on your IRA assets without paying the 10% penalty. Thus, the custodian law. Many financial advisors will try to steer you away from this sort of plan, or at least into a "paper" version (mining stocks, ETF shares, etc.). I feel that this is exactly the reason to ignore them ! (I'm a contarian thinker).

I agree that IRA funds should be put into assets that will maintain value rather than speculative assets. Gold & silver are the world's oldest form of "value" (money). Any type of "paper" asset is speculation, in my opinion. An IRA is the perfect place for gold/silver. Speculative (stock) investments should be made with funds outside of your IRA.

I don't have an IRA but my wife has one. We decided to put it all into metals a couple years ago. We chose Sterling Trust as the custodian. We wanted to eliminate uncessary overhead (markups) on the purchase of the metals. I read the IRA regulations and they stated that any gold or silver bar that was approved for exchange on COMEX is legal to put into an IRA. So we decided to just buy futures contracts on COMEX and take physical delivery. So we set up a commodities account with a broker (Rosenthal Collins) and placed the orders. Sterling Trust helped get the physical delivery set up when the contracts came due. The bars were shipped to their secure depository in Delaware. We have photos of the actual bars in the account, along with the serial numbers. At the time we did that (a couple years ago), the account manager at Sterling Trust said that we were only the second persons to set up and fill our account that way.

PS: Platinum and palladium can also be placed into an IRA in this same manner (COMEX bars).

coynclecter · July 26, 2005 3:57PM

Thanks dcarr, thats what I was looking for.

I see Tulving recommends American Church. I might compare the two.

PerryHall · July 26, 2005 4:57PM

<< 

<< Right now they have possession of my stcks and bonds. How is this different?? >>

Stocks are not oversold, nor are they a tangible asset (a stock certificate is just as good as a computer entry). Don't know about gold, but silver is enormously oversold (there are more certificates for silver than there are ounces of silver to back up those certificates). People hold physical gold and silver as a hedge, especially as a hedge against an economic collapse or currency collapse. Why would you want PAPER silver, unless you are speculating? What I mean is that in the event of a serious economic crisis, I give you 10:1 odds you'll never get anyone to send you the physical metal that you have already purchased. If you don't trust the government's paper, why would you trust COMEX's paper? >>

Anyone here have gold/silver in an IRA??

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