Precious Metals IRA’s
The law governing acceptable precious metals investments for IRA’s states specifically only two gold and silver coins: American Gold Eagles and Silver Eagles. However, other forms of gold bullion and silver bullion became approved precious metals investments in 1997.
The change was especially beneficial to IRA investors thinking of buying silver for their IRAs. One-thousand ounce and 100-oz .999 fine silver bars carry much smaller premiums over spot than do Silver Eagles. The 1997 change means that precious metals IRA investors now can get much more silver for their IRA investments.
A significant change was the inclusion of American Platinum Eagles platinum bullion coins in the US. Gold Eagles are the only gold coins specifically approved for precious metals IRAs. Other gold coins must be at least .995 fine (99.5% pure) and be legal tender coins to be eligible as IRA investments. This makes Canadian Gold Maple Leaf coins, Australian Kangaroo Nuggets and Austrian Philharmonics also acceptable precious metals IRA investments.
Many gold coins, such as Krugerrands (91.67% pure) and old Double Eagle gold coins (90% pure), are not legal investments for precious metals IRAs.
Silver Eagles are the only silver coins specifically approved for IRAs. other forms of silver must be at least .999 fine to be eligible as IRA investments. This requirements also makes the Royal Canadian Mint’s Silver Maple Leafs eligible. (These Canadian silver coins are .9999 fine.)
“Can I put gold and silver coins I already own in my IRA?”
No, that is a prohibited transaction.
“Can I hold the metals myself?”
No, IRS regulations require that the precious metals must be stored in an approved depository. You will find many self serving companies that will tell that you can hold the gold coins physically in your possession or in a safe deposit under the name of your LLC, They base this on the assertion the IRS says nothing about gold coins. However any reputable custodian will tell you that it must be stored with an IRS approved depository. We do not want you to be an IRS test case (and neither do you!).