Tuesday , 5 December 2023

Which Gold/Silver Bullion Assets are Permitted in Your IRA & Roth 401(k)? (+5K Views)

Some physical gold, silver, platinum and palladium bullion assets, in addition to traditional paper assets, can be part of your Individual Retirement Account (IRA) or Roth account and they can be bought and sold with no tax consequence until you move money out of the account. [This short article reveals which bullion assets can, and cannot, be included.] Words: 573

So says an article* at www.free-bullion-investment-guide.com.

Lorimer Wilson, editor of  www.munKNEE.com  (It’s all about Money!), has further edited ([  ]), abridged (…) and reformatted below  for the sake of clarity and brevity to ensure a fast and easy read. Please note that this paragraph must be included in any article re-posting to avoid copyright infringement.

The article goes on to say:

Until 1997 the law governing acceptable precious metals bullion investments for IRAs only mentioned American Gold Eagles and American Silver Eagles. [The law] changed in 1997 allowing the investor…[to include a greater] variety of physical bullion in their investment retirement account to include:

  • American gold, silver, and platinum Eagle bullion coins
  • Canadian gold, silver and platinum Maple Leaf bullion coins
  • Australian silver Kookaburra and the Australian gold Nugget bullion coins
  • Austrian Philharmonic silver and gold bullion coins
  • Gold, silver, platinum and palladium bars and rounds manufactured by a NYMEX or COMEX approved refiner/assayer and meeting fineness requirements.
  • Purity requirement for gold bullion must be at least .995 fine (99.5% pure) and the Silver requirement must have at least .999 fine silver.

The following bullion coins are NOT allowed to be placed in an IRA.

  • South African gold Krugerrands
  • Old United States Gold numismatic or collectable coins
  • United States 90% or 40% silver coins (1970 and before) also known as “Junk Coins”

A few other facts about putting physical bullion into an IRA account are:

  • You cannot put bullion you already own into an IRA account; IRS regulations concerning IRAs prohibit it.
  • You cannot hold the physical bullion yourself; IRS regulations require that the metals be held by an approved depository or “custodian” to fund your account such as, among many, the Sterling Trust Company, (www.sterling-trust.com), American Estate & Trust, LC (www.iracentral.com) ,GoldStar Trust Company (www.churchtrust.com), etc.

If you are interested in including physical bullion in a Roth 401(k) or IRA, consult [an accountant or] financial advisor about specific ways to do so.

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One comment

  1. You wrote”•Purity requirement for gold bullion must be at least .995 fine (99.5% pure)”
    American Gold Eagles are 22K gold-91.67%. How can they be included in an IRA?