One of the best parts about working for one of the best gold companies, ITM Trading, as a Senior Analyst was spending most of my days talking to very interesting clients. The types of people that own gold coins, or want to buy gold coins vary quite widely. Some have simply watched gold rise from $40 an ounce in the early ’70s, to over $1000 in thirty some years, and they want in on the action. Others are tired of losing nearly everything time and again in the stock market, and yet others are following the advice of wealthy family members who have held gold coins for economic protection for years and years. Quite often my clients would ask about gold IRA investing, and here are some of their questions as well as the answers I gave them:
Can I Put Gold Jewelry In A Gold IRA Account?
No. Only certain types of gold coins and gold bars can be placed inside of gold backed IRA’s.
Can’t I Just Take Gold Coins I Already Own To My Local Banker And Have Them Open A Gold IRA Account For Me?
No. Not only must the gold coins that are used to fund your gold IRA account be of a certain type and/or purity, you must buy gold coins from one of several gold IRA companies, such as ITM Trading, and the coins must be shipped directly from that company to the vaulting company.
Will I Ever Get To See My Gold Coins?
Yes, if you choose to take possession of the gold coins when you liquidate your gold IRA account, then the types of gold coins that you originally funded your gold IRA account will be shipped directly to you. If you choose to liquidate your gold IRA account for cash, however, then the company that originally placed the gold coins in your gold IRA account will liquidate them into the open market and mail you a check for the proceeds?
Will I Get Back The Same Exact Gold Coins That I Originally Put In My Gold IRA Account?
Yes, if you do a “Segregated Account”. These types of gold backed IRA’s are generally more expensive to set up, and the annual vaulting fees are more expensive, but you will get back the same exact coins that you originally funded the gold IRA account with. This is most often done when the Individual is funding the gold IRA account with proof gold coins, which are much rarer and in absolutely pristine condition. These coins can carry a substantial premium over regular gold coins, but they can also produce financial gains above and beyond bullion gold coins. Otherwise, if you choose to purchase and fund your gold IRA account with general bullion gold coins, then you will not get back the exact gold coins you purchased, but you will receive the same types of coins you purchased.
Perhaps these questions and answers have sparked further interest in gold backed IRA’s, and or more questions about gold IRA companies. I suggest you call a few gold IRA companies, and make sure ITM Trading is among them. We are here to be of service, and we would love to earn your respect, and your business.