At one time, investments were essentially a choice between two options: stocks and bonds. While both are still popular today, both have shown weaknesses in recent market, particularly with the recent recession and the downturn in the global economy. Today’s investors want more options, and, fortunately, there are more to choose from. One such option is a self directed precious metals IRA; learn more how this option works below.
What is a Self Directed Precious Metals IRA?
A self directed precious metals IRA involves a retirement account that contains precious metals in it, which can include gold, silver, platinum, and palladium. It is considered “self directed” because the person who owns the account actually decides what investments will go into this IRA rather than a money manager.
Setting Up This Type of IRA
If you choose to set up this type of IRA, you will need to choose a company that specializes in this type of IRA. That company will recommend a specific depository or trusted guardian to hold the precious metals you choose to add to your IRA. It is important to note that the coins that can be put into this IRA must be of certain purity standards set by the IRS, so you cannot just add any palladium, platinum, silver, or gold coins you choose. The IRS sets the purity standard for palladium, platinum, and gold at 0.995 pure, while silver must be at 0.999 pure.
Most of these companies have an accepted selection of coins to choose from, making it very easy for you to add these precious metals to your IRA and be in compliance with the IRS’s purity standards.
Orion Metal Exchange is one of the leading companies for you to have your own self directed precious metals IRA. Learn more about this investment option at orionmetalexchange.com.
