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Simple steps to a Gold IRA

Now that Gold is nearing $1000 per ounce again there is renewed interest in IRA and retirement plan investing using a Gold IRA.  A question frequently asked is, “How do I set up a precious metals IRA?

Rolling over or transferring your Traditional IRA or Roth IRA into a self directed precious metals IRA can be a simple procedure.

First, apply for a self directed Gold IRA with the company you have selected to transfer or rollover your existing Traditional IRA, Roth IRA, or 401(k) to. Reassign cash or securities to open the precious metals IRA. You may want to consult with a financial advisor specializing in Gold IRAs, who can help to advise and guide you, if you feel uneasy with this process.

Second, you will need to select a trustee, also with the guidance of your precious metals IRA advisor, and store the precious metals with a custodian. The custodian will charge a fee for this service. Most companies will refer you to a custodian and provide you with the proper paperwork.  It is really that simple.

It is important to understand that only specific coins and bars qualify to be held in a self directed Gold or Precious metals IRA:

-24 karat gold bars (with NYMEX or COMEX approved refiner hallmark)

-24 karat gold coins (22 karat US Gold Eagle coin is an exception)

-Silver coins or bars (.999+ only)

-Platinum or palladium bars or coins (.9995+ only)

Other important information to consider:

-Gold IRAs are not FDIC insured

-Your principle is at risk

-The cost of storage

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