The Dangers Of Precious Metals IRAs

Some warnings about precious metals IRAs
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#silver #gold #preciousmetals

[liquidelectrum]

If you don’t hold it…. You know the rest.

[SilverWolverine]

I have never been interested in Metals IRA's...

[Frostyfarmer]

I put my silver and my one gold coin on the bed and roll around on it

[philputtputtwheeler]

All my PM's are where I can get hold of them in short time if need be. Also not all in one place.

[TwoGrainsOfGold]

Hey Sal, thanks for covering this. There was a gal one time who asked ITM trading why collectibles aren’t allowed in PM-IRAs. Lynette addressed the confiscation matter but as my husband is a CPA, I made a vid answering it from a “non confiscation”, simple-logic standpoint. What you said here about collectibles reminded me, and it’s quite simple (taxwise) why the IRS doesn’t allow collectibles in an IRA and only the standard Bullion coins. Here goes:
When you make an RMD (required minimum distribution) after age 59.5 and the withdrawal needs to be valued for tax purposes, in order to calculate and pay the capital gains tax. So, the IRS needs an easy Bullion coin that can be valued based on spot. If you have a rare/collectible coin but just gold-melt-value-wise it is hardly 0.10 oz, then the IRS would have to value at spot say ($1000/oz to $2000/oz) so just 100$ increase from a sheet metal point of view and then you donate the coin to a foundation and they auction the thing off for 1Mill, the IRS will get none of that. On the other hand, if they impose an “unrealized capital gains tax” then it’s near impossible to value antiques. SO that’s why. Btw I’m channeling my love of writing these lengthy comments into a new Substack publication on Substack. It’s called “two grains of gold” because I have so many opinions and I don’t like saying “just my 2 cents” because I feel like my intellectual property and energy and words are worth far more than “2 cents” of fiat currency and so I call it “two grains of gold”
Oh and it’s priceless (free) to subscribe because I want to reach as many children and young people as possible and spread financial knowledge 💕🙏🏼
Hugs and happy Friday!

[lisabibby]

The previous metals IRA does not apply to me but I think it's great that you covered this information. Thank you for sharing, it's much appreciated my friend.

[silverfreak]

I'll look after my own gold 4now thanks SAL great perspectives

[norwegianmaid]

Thanks Sal for answering my question on IRA's and precious metals. I have been seeing so many ads for those lately and some of them from Christian podcasters, so wasn't sure what to think.

[jf]

These are all excellent points to consider, and well appreciated!

However, I already have substantial stocks in a traditional IRA, and am considering shifting a sizable portion into a precious metals IRA because I truly believe the market is headed for a huge depression. The option of directly buying physical gold or silver with that money (which I agree would be better!) is simply too costly because of the tax hit I would take. 😮

[labrat]

Really like your videos. Be safe and have a great weekend.

[OVERHERE-OVERHERE]

Sal,
I’m pretty sure that I have never heard of anyone I know owning a precious metal IRA and there is probably good reason for that too many pitfalls as you pointed out…
“If you don’t hold it you don’t own it “yada yada yada… Stack on

[JoeBtfzplk]

Sal, there's another way to look at the question. Rather than asking whether it is better to hold precious metals in an IRA or outside of an IRA, consider this: if you already have a Roth IRA, would you rather have precious metals or traditional financial instruments (stocks and bonds) in it. Remember that there is no income tax on any capital gains within a Roth IRA. If gold and silver double or triple or whatever, the profit is tax free if the metals are held in a Roth IRA. Personally, I think gold and silver will appreciate more than stocks in the coming decade, so I'd rather hold precious metals in a Roth IRA. I have a Roth IRA at Fidelity, and they do allow you to hold American Gold Buffaloes, American Gold, Silver or Platinum Eagles, and bullion quality bars.

[JM-Unleashed]

This is a pretty tricky subject, with lots of different factors to consider. I think you did an outstanding job covering this subject. I can think of a few situations where a precious metals IRA could make sense, but probably not for most people. Here in Canada, our equivalent product to an IRA is called an RRSP (Registered retirement savings plan), and it seems that most of everything you discussed re: IRAs would also apply to RRSPs. Either way, I think it would be prudent for anyone considering this approach to do all reasonable due diligence & maybe even consult a professional Financial Planner, in advance to following through on it. 👍

[eddieslittlestack]

Good video Sal. I'm not interested in a precious metal IRA but just looking to learn more.

[donavonrobbins]

Hey, use visit Patrick Heller's coin store in Michigan when I was kid.

[zigzagfly]

Good information. 😊. I’m at the point where I would like to diversify my 401(k) into a gold IRA but I have very serious concerns about the federal government knowing I have gold in a depository. I don’t know if this is possible but if during a extreme national emergency, such as World War III, or a general SHTF scenario if the federal government would be able to seize gold and other precious metals from these depositories of serious concern to me

[drainbramagebrandon]

I rolled over an old 401k into a GOLD SDIRA. The bullion, I bought from my broker, took 7 months to be delivered to Brinks!!! Moreover, their premiums are outragous. I would not recommend a GOLD SDIRA to anybody.

[SilverTurtle]

IRA in metals is crazy and dumb as far as im concerned. No way would I even consider buying them.

[christopheralan]

Cant hold stock certificates in an IRA either, also has fees which are usually higher. PMs in an IRA is smart in addition to holding on your own.

[bhageerah]

Unfortunately I was late to the party and have put quite a bit of cash away in my city's 457 account, I am at the. point now where my only option is to keep it there, or roll it somewhere that I believe it will be safe. I am about to choose to vault it with a reliable company and have no problem doing so, I have made sure to avoid the pitfalls that are there, and unfortunately its either do this OR take one heck of a tax hit, and I would rather take my chances with vaulting it vs cashing out and buying the physical. I would love to hold it but it is going to be one heck of a amount of metal to try and secure under my roof, and even worse is there isn't anywhere local to store it outside of a safe deposit box which I already know is a no-no. But live a learn, and it could be worse, I could still have all my assets in fiat.