Buying Gold & Silver For Your IRA Retirement Account
A little-known fact is that Americans can purchase precious metals for their individual retirement accounts or IRAs while still reaping all of the tax benefits that IRAs offer.
Below is a step-by step procedure for buying precious metals stored with BullionStar for your IRA.
Please read the step-by-step guide below to learn how to buy bullion products from BullionStar for your IRA:
1. You need a custodian account in order to purchase precious metals in an IRA. BullionStar is happy to work with any IRA custodian of your choice provided that they offer precious metals IRAs. If you don’t already have an IRA custodian, we recommend our partner IRA Club.
2. IRA Club will help you to set up a simple, self-directed individual retirement account from which you can invest your retirement funds into gold, silver, and platinum bullion products that are purchased from BullionStar.
3. Once your IRA custodial account is open, you can add funds to it via rollover, contribution, or transfer.
4. Create a BullionStar accountand select "Trust / Foundation /IRA" in the Account Type dropdown menu. Next, enter the IRA name or LLC name (if the IRA owns an LLC that owns the precious metals) in the Account Name field. Choose “IRA” in the Entity dropdown menu.
5. Purchase your desired products from BullionStar and send the order confirmation to your IRA custodian to settle the order with the funds from your IRA.
6. BullionStar will store your bullion in our highly secure vault and will send you a confirmation e-mail. The precious metals in your IRA can be sold, audited, or physically withdrawn/shipped to another depository at your discretion.
Precious Metals IRA Frequently Asked Questions
Q: What metals are eligible for holding in an IRA?
A: You can buy all bullion products as long as they meet or exceed the following purities:
Gold: 99.5%
Silver: 99.9%
Platinum: 99.95%
Numismatic or collectible coins are not eligible for being held in U.S. IRAs.
Q: Am I limited to only one IRA?
A: No, you are allowed to have multiple IRAs. Some people choose to have an IRA that is dedicated solely to gold and silver.
Q: Can I take physical possession of my precious metals?
A: No, IRA holders can’t take direct possession of their precious metals as they must be held by a depository or storage provider (including BullionStar) at all times. You can, however, withdraw your bullion to another storage provider or depository.
Q: Can I add bullion that I already own to my precious metals IRA?
A: No, you can only add bullion that was purchased for the purpose of being held in an IRA and the order must be settled through your IRA custodian.
Q: Can I buy precious metals from BullionStar’s non-U.S. locations to hold in my IRA?
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