Gold IRA accounts have been around for about 30 years now, and compared to stocks and bonds they are a relative newcomer to the financial product marketplace. Many people are somewhat familiar with IRA’s, or Individual Retirement Accounts, and many Americans contribute regularly to their IRA’s but not as many fully understand their options regarding these plans. Fewer yet are aware of the benefits of having a gold IRA. This article will answer some of the common questions I was asked when during my time as a Senior Analyst at ITM Trading.

Can I Open A Gold IRA Account Myself?

No. While there are some IRA’s that you can fill out the paperwork for and submit yourself, and then fund the new account from your checking account, a gold IRA account is a little more complicated. First, you need to find a gold company like ITM Trading that you trust implicitly. The truth is that gold IRA investing is a very low profit endeavor for a gold company, and many gold companies put these requests on the back burner, or worse yet, flat out refuse to open a gold IRA on your behalf and try to steer you towards a much more lucrative transaction on their side. Some gold companies charge high service fees for setting up a gold IRA to cover the time and expense of having their employees  initiate your account with an approved IRA provider. ITM charges nothing for this service. You cannot deposit gold you already own into a gold IRA account, you must purchase it from a gold company like ITM and have it sent directly to an approved depository. ITM Trading makes owning gold inside of an IRA easy, and we will even fill out the forms for you!

Will The Gold In My Gold IRA Account be Insured?

Yes. Once your Gold IRA is established and funded, ITM Trading will send your gold directly to a federally approved vault to be held on your behalf. These vaults are not only highly secure, they are highly insured as well.

Can I Get My Gold When I Retire Or Close My IRA?

Yes. When it comes time to close your Gold IRA, you will have a choice of either liquidating your gold IRA for U.S. Funds (Dollars) or having your gold coins shipped directly to you. Of course, taxes may be due upon liquidation, and you should consult your tax adviser as well as an ITM Trading Senior Analyst regarding the best strategy for your individual situation.

Are There Certain Types Of Gold Coins And Bars That I Have To Put In My Gold IRA Account?

Yes. Not just any gold coin can be deposited inside your Gold IRA account. Certain foreign gold coins are eligible for deposit. Certain bars are eligible for deposit. Some gold coins and bars have a higher cost or premium to acquire, while other coins have different reportability requirements. Again, check with an ITM Trading Senior Analyst regarding the best coins and bars to hold for your individual situation.

While these questions may have been ones you have been asking yourself, gold IRA investing has many nuances and ITM Trading can help you navigate the gold IRA investing process. Call us at 1.888.OWN.GOLD and we will be pleased to answer any further questions you may have!