So why should you open a gold IRA account? Is it reasonable, worth the real shot? Well, let’s find out from this article. Basically, there are four primary types of precious metals which are commonly purchased by consumers as an investment. These are gold, palladium, silver, and platinum. You can invest on silver, it’s a sound choice, but since it only has a price of $20 per ounce, you may want to purchase several hundreds more in order to come up with the goal of 20% on your investment portfolio.
The price tag of storing that amount of silver metal would call for a large amount of an investor’s retirement savings. Maybe silver is easy to find and stable, but settling on it would be quite impractical. A good place to go & check up on this is at http://www.goldirasuccess.org/ Palladium is another good and reasonable choice, a better one than silver but it tends to fluctuate more often. Unless you’re fine with a $25 per ounce decrease in one day any day, palladium would be fine for you.
The IRS fortunately allows selected 22-24 karat gold coins in an IRA investment account as well. These selected gold coins include Canadian Maple Leaf, American Eagle, and the Australian Philharmonic, these are commonly accepted as precious metals into an IRA. Of course the gold will be kept at an IRS-approved vault or depository setting and you will be charged with a storage fee. A gold IRA account also requires a custodian, like someone from a brokerage firm or bank just like all self-direct IRAs. Your hired custodian will require a fee so you may want to compare service quality and prices around.
Protection against inflation
Back in 2008, there were so many reported cases of people who have lost their entire life savings practically overnight because they have invested everything in paper. They had no physical assets to vouch for everything and all of their savings were invested in bonds and stocks. Unfortunately, none of the assets of these reported cases were backed by gold, that’s why they were quite prone to the effects of inflation.
What’s really special about gold is that even if the country’s economy collapsed back in 2008, gold tends to increase or retain in value still. You might want to remember that gold is definitely the gold standard for everything, even the figure of speech itself, and even formerly third world countries like India and China were nuts buying all the gold that they can get, economic crisis or not.