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How To Establish A Gold IRA

Precious Metals, especially gold and silver, are great for portfolio diversification as they can be used to hedge against market volatility as well as inflation. The popular method of rolling over a 401k to a gold IRA is a great way to both invest and plan for a safer retirement. Now the question is, how do you establish an gold IRA investment?

The Tax Payer Relief Act of 1977 created the option of adding physical precious metals in an IRA. Gold, silver, platinum and palladium are the permissible materials in a IRA that is gold. The gold IRA does not allow for rare coins and collectible silver coins. Your precious metals broker will help you choose the right metals for your portfolio.

It is a smart idea to establish an IRA first before making a decision regarding which metals to buy for your Self Directed IRA. It is a good idea to contact your current custodian for information about adding physical metals to an existing IRA. You may not be able to invest in precious metals if your current account has specific guidelines or IRA plans. The next step is to start the process for a 401k rollover to a new, gold IRA.

Your broker will assist you in selecting a custodian specializing in handling gold IRAs. Once your broker has chosen a custodian, you will need some paperwork. This includes the amount to be rolled into the gold IRA account, the beneficiaries, and additional information.

Usually, the process for setting up an IRA to invest in gold takes around 3-5 business day after it begins. Once the setup is complete, it's time for you to choose and place the metals within your IRA account. Only certain products are permitted in an IRA. Your broker will be able to tell you more.

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