Yes, Fidelity customers can buy certain precious metals within an IRA. We’ve researched 18 legitimate companies that offer Gold IRA services and reviewed them for the highest consumer ratings from the Business Consumer Alliance (BCA). The IRS has set guidelines for metal fineness standards to determine whether gold or silver in the form of gold bars or coins is acceptable for a gold IRA. In addition, the IRS only allows certain gold coins, such as the American Gold Eagle or Canadian Maple Leaf.
Traditional IRA accounts can easily be set up and managed through a custodian bank, but setting up and managing a Gold IRA requires a few more steps. The best way to use a Gold IRA is to use it as an accumulation tool as part of a more comprehensive, more diversified investment strategy, which can also be achieved without a Gold IRA. Long-term asset protection is an important goal of almost all gold IRA investors, and a precious metal IRA provides a safe, reliable, and effective means of maintaining long-term asset growth. Younger investors who have less money to invest in gold could be better off with a traditional IRA and invest in gold equivalents such as gold ETFs or gold mining stocks until they’ve accumulated enough to meet the higher minimum requirements of gold IRAs.
You must store the gold in a Gold IRA in an IRS-approved custody account. You can’t keep it in a locker, a safe at home, or under your mattress. Although Advantage Gold appeals to gold IRA investors of all types, it is particularly attractive for first-time buyers. The two major drawbacks of Augusta are the limited selection of metals and the high minimum investment requirements to set up a Gold IRA. While most IRA investors invest in more traditional assets such as stocks, bonds, and funds, tax legislation allows investments in precious metals such as gold and silver via specialized IRA accounts.
These include major gold ETFs such as SPDR Gold Trust (GLD), iShares Gold Trust (IAU) and SPDR Gold MiniShares Trust (GLDM). A Gold IRA is a specialized, self-directed individual retirement account designed to store precious metals. Like a traditional IRA, a Gold IRA allows pre-tax contributions, and investment income can then accumulate in deferred tax terms.