Precious Metals IRA FAQs
Here are the questions we are frequently asked regarding Precious Metals IRAs. For a list of FAQs regarding purchases via cash/check/wire for direct delivery to your home, see our FAQ page.
How do I acquire precious metals for my retirement?
Investing in precious metals has never been easier. First, you set up your new Precious Metals IRA account under your name and your control by filling out a simple application. It only takes 10 minutes, and you’ll have a dedicated Gold Alliance IRA expert on hand to help you. We’ll then ask that you return the application to our office in a prepaid FedEx envelope, which we will send you. Once we receive your form, we’ll have your account set up and ready to fund within 24 hours. Finally, we will contact your current IRA custodian together with you and organize the tax-free rollover or transfer of your retirement funds to your new IRA account. Transferring your funds to your new Precious Metals IRA will take as little as 3 business days. Once the funds have been wired to your new account, you’re ready to acquire precious metals, and we can help you select the precious metals that perfectly fit your portfolio and financial goals.
Does opening a Precious Metals IRA require lots of complicated paperwork?
The process actually couldn’t be simpler! All we need from you is your basic contact information and the contact information of the beneficiaries you want listed on your account. We’ll even send you a prepaid FedEx envelope to return the application to us. If you have a problem at any stage, a Gold Alliance IRA specialist is always on hand.
With a Precious Metals IRA, do I own the metals themselves or just the certificates?
When it comes to assets, we believe you can only trust what you can hold. When you open a Precious Metals IRA with Gold Alliance, you’ll be the proud owner of physical gold and silver in your name and under your complete control. They’ll be securely stored in a state-of-the-art IRS-approved and — most importantly — fully insured private depository outside of the banking system. This eliminates the risk of bank confiscation or “freeze” and the risk associated with bank bankruptcy, and it permits access to your precious metals in the event of a temporary bank closure.
Where will my IRA’s precious metals be stored?
Your Gold Alliance IRA expert will discuss your different storage options. We recommend the Delaware Depository Services Company’s vault in Wilmington, DE. This IRS-approved depository handles transactions worth billions of dollars on a monthly basis. Delaware Depository also boasts a fully comprehensive insurance policy underwritten by one of the world’s oldest and most prestigious insurance providers, Lloyds of London, so you can be sure of unparalleled storage for your precious metals.
Which types of investment accounts can I roll over into a Precious Metals IRA?
Only qualified retirement accounts can be rolled over into a Precious Metals IRA. These include 401(k), 403(b), 457(b), Traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA, pension plans, and Thrift Savings accounts. To find out which eligible accounts you have and learn about the process, contact a member of our team at 888-734-7453 to request your Precious Metals Investor Guide.
How long should I hold my precious metals?
We recommend that our clients hold on to their gold, silver, and other precious metals for a minimum of 3 to 5 years.
How can I move money from my current retirement account into a Precious Metals IRA?
You have two tax-free and penalty-free options: the direct trustee-to-trustee funds transfer or the 60-day rollover.
Through the trustee-to-trustee transfer, your retirement funds move directly from your current IRA provider to your new Precious Metals IRA provider.
If you go with the 60-day rollover method, your current IRA account provider will mail a check to your home address. All you have to do is mail that check to your new Precious Metals IRA custodian to be deposited. Do this within 60 days and you won’t incur any taxes or penalties.
If this process appears complicated (and concerning because it relates to your retirement savings), don’t worry. We’ll assign you a dedicated Gold Alliance IRA team member to assist you in choosing the right IRA custodian for you. And that’s not all: They’ll also fill out all the paperwork for your approval in writing and make all the necessary calls with you and then follow up on the process done by the custodians so you can reap all the benefits without any of the hassle.
Are there any taxes or penalties for transferring money from my IRA or 401(k) into a Precious Metals IRA?
As long as you follow the procedures correctly, you won’t pay any taxes or penalties for acquiring precious metals. By working with one of our dedicated Gold Alliance team members, you can be sure your money will be rolled over efficiently, smoothly, and safely with no penalties or tax consequences. During our almost 20 years in business, we haven’t had a single client that has encountered a tax consequence or penalty as a result of their roll-over done with our help.
How long does it take to set up my Precious Metals IRA?
Your new Precious Metals IRA will be up and running within 1 business day. For transfers, the time varies depending on your current IRA custodian, but they are completed within 5 business days on average.
What are the costs of setting up and maintaining a Precious Metals IRA?
As an example, a Precious Metals IRA held at Equity Trust costs $180 per year. This payment covers the cost of storage, depository insurance, quarterly financial statements, and 24/7 access to view your online account. The best news is that this amount is the same regardless of the size of your account, and it remains the same even if your account increases in value as a result of rising gold and silver prices or if you make further contributions.
This fee is much cheaper than what you pay for 401(k)s and traditional IRAs, where the fees are structured as a percentage of the value of your account and where you can incur hidden fees such as administration fees, individual service fees, and investment fees. With their transparent fee schedule, self-directed Precious Metals IRAs will give you absolute control over your assets without any hidden costs.
What can I do to track my portfolio?
You can track your portfolio either online (your Precious Metals IRA custodian will give you 24/7 access) or by receiving quarterly statements through the mail from your custodian.
What are my options if I want to take a distribution or process my annual Required Minimum Distribution?
The process is simple and speedy. Call a Gold Alliance IRA team member to let them know whether you want to receive physical metals shipped to your door or cash. We’ll then arrange the paperwork for your signature for your metals to be safely shipped from the depository to you or liquidated into cash for you. You’ll receive the funds in your chosen account or as a mailed check. It’s your choice, and the whole process takes only 1 day!
Can I still make contributions to a Precious Metals IRA as I would with my current IRA?
Absolutely! We can transfer any annual contributions you’re making to your retirement account to your Precious Metals IRA on whatever recurring schedule you like. You can then keep them there earning low rates of interest in a cash position, or you can keep acquiring more precious metals.
Why can’t I just add precious metals to my current IRA?
The provider of your current IRA will have you invest only in stocks, mutual funds, ETFs, bonds, and other investment vehicles that can be managed electronically. They don’t offer physical coins and bars. The option to acquire physical precious metals through a qualified retirement account is only open to those who’ve opened a self-directed IRA. By opening one of these versatile IRAs through Gold Alliance, you’ll have the option to acquire physical precious metals.
How do I know I’m getting pure gold and silver? Can I inspect my precious metals for purity?
Gold Alliance stands behind any product we sell. We only sell metals that we bought directly from globally recognized mints such as the US, Canadian, or Perth mints. All mints keep a record of the coins they produce, so you can track the origin of your coins. In addition, your coins will undergo an audit at the depository where they are stored to ensure their authenticity as part of their insurance requirements. As the owner of your precious metals, you’re also free to go directly to the depository that holds your coins and visit them whenever you like.
Is Gold Alliance a credible and trustworthy company?
Gold Alliance has been a privately held business for 19 years. We are a leader in the precious metals industry with 5-star ratings on the Better Business Bureau and other review sites. We are headquartered in Reno, NV, with an office in Woodland Hills, CA. We built our business on client satisfaction and service, so we strongly recommend that you conduct research on any company before you consider making any major financial decision. Your research about Gold Alliance will show you that we are a company you will enjoy working with and trust when making your financial decisions.
Should I buy gold or silver?
The choice of precious metals depends on your financial goals and needs. Simply contact us at 888-734-7453 to speak with a Gold Alliance team member, who can present the differences between gold and silver and help you choose the precious metals that are optimal for your portfolio.