By J.P. Dahdah, Founder & CEO of Vantage
The process for purchasing precious metals with your Self-Directed IRA account while very different to purchasing stocks and shares should still be smooth and simple.
Here are some tips to ensure your precious metals are safely kept and protected.
1. Decide on a Self-Directed IRA company. To purchase precious metals with your Self-Directed IRA you need an IRA provider who allows a broker and a depository to hold the precious metals. Your Self-Directed IRA provider will be responsible for providing the custody services and IRS reporting for your IRA. .They will also coordinate transactions with your selected precious metals broker. Then the precious metals themselves will be held by the qualified depository institution.
The first step in this process is to find yourself a reputable Self-Directed IRA company and interview different brokers to ensure you aren’t being scammed or aren’t working with someone who is new to the industry. In addition to your IRA administration fee, be sure to include the storage fee (i.e. $125) to your estimated annual account fees when considering making precious metal investments in an IRA.
2. Decide on how to receive distribution. Once you have properly stored your IRA metal assets, you can monitor their growth to catch their peak in value at the right time. You can direct your broker to liquidate your precious metal investments when you feel the time is right or it’s appropriate to extract your gains.
3. Maximize your returns. Picking a reliable source to protect and manage your assets will be essential to maximize your returns and effectively liquidate your assets. You want to receive the highest return on your precious metal investments and you can do so by diligently working with your metals broker to devise a plan to ensure your investments pay off.
For more information on how you can discover your IRA investing alternatives, contact our team at (866) 459-4590 or ClientService@VantageIRAs.com.