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How to Include Gold and Other Precious Metals in Your IRA

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Opening and funding an IRA can be an excellent way to save for retirement, but traditional IRA accounts have their limitations. The typical IRA allows investors to choose from a wide range of investments, but the choices generally break down to some combination of stocks, bonds and money market funds. While that investment mix can be appropriate for the average investor, it may not provide the diversification others want or need.

Some investors prefer to add additional asset classes, including gold and other precious metals, to the investment mix. The reasons for including precious metals in an IRA are many and varied. Some workers fear hard times ahead and want to use gold as a hedge and an insurance policy. Others want more diversification than stocks and bonds can provide. Still others look to gold as protection against inflation.

No matter what the reason, there are ways to include gold and other precious metals in your retirement plan. Keep in mind that including physical gold in your IRA is not always easy, and it can be expensive. The trustee you choose will need to set up the account and take physical possession of the gold you buy. The trustee will also be responsible for storing and securing the gold and for sending you reports noting its value.

All that can be expensive, and trustees that specialize in gold and precious metal IRA accounts tend to charge much more than those that offer only stocks, bonds and money market funds. If you have your heart set on holding physical gold in your IRA, the extra expenses may be worthwhile. If not, there is another way to include gold and other precious metals in your IRA account.

If you have an IRA with a brokerage firm, you can purchase an exchange traded fund (ETF) that tracks the price of gold, or one that invests in the shares of gold mining companies. You can also buy gold mining stocks directly or purchase mutual funds that reflect the price of gold, silver and other precious metals. This strategy allows you to benefit when gold prices rise, without the hassle or added expense of holding the metal in its physical form.

Author:
by beconrad

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