OT: Gold IRA

[Conndog]

Has anyone opened up a precious metals (gold, silver etc.) IRA? We are exploring this and would appreciate any info on your experience. We are curious about storage decisions and also fees to buy & sell. Thanks!

 

[prankster]

Be careful what you buy.

Physical metal is what most people think they are buying.

"Paper" metal is what many are actually buying.

If you are looking for the inflation hedge, paper metal is as good as anything else, for the most part

If you are looking for the SHTF protection with physical, then paper doesn't get you there. Neither can you necessarily rely on the realization of the physical (easily or reliably) when the SHTF.

Denomination of the physical can also be a problem in a SHTF situation. "Junk silver" (circulated US silver coins) are understandable and in convenient denomination. I don't know what anyone might do to ask for change while negotiating the purchase of a dozen eggs with an ounce of gold in the SHTF situation.

If you are prepping for that I might recommend that you look into an alembic still, and learn how to distill spirit alcohol.

People will likely barter tonight's dinner for a pint of white lightning, in the end times

 

[thekollieman]

I’ve always been under the impression these are good for people who already have their retirement savings piled up and want to further diversify with extra money.

 

[husky429]

Get an ETF if that's what you want. If you're a prepper type, better to invest in generators or water filtration to sell in a nuclear apocalypse.

 

[Fishy]

Has anyone opened up a precious metals (gold, silver etc.) IRA? We are exploring this and would appreciate any info on your experience. We are curious about storage decisions and also fees to buy & sell. Thanks!

These monkeys can’t figure out which pizza place to recommend and you’re asking them for investment advice?

 

[dennismenace]

If the shtf you can pretty well expect the government to confiscate gold as FDR did in 1933. The people who sell gold bullion don't like to talk about that. They like to compare what they call "paper gold" vs gold bullion and say paper gold has counterparty risk because a custodian is holding it instead of you. Well the so called counter party risk for holding bullion is the US Government and they have done it before. An alternative is open your IRA in GLD which is an EFT trust that issues shares backed by gold bullion. You don't have a right to take physical possession because the trust owns the gold but your shares represent an approximate dollar equivalent (1/10 OZ). There is $100 billion presently in the market cap of GLD. SLV is the same animal only silver bullion backed. I agree also with the junk silver (buy say 90% silver half dollars at around a $2-$3 premium) mentioned above. See SD Bullion for illustrations. ETF's are traded on the stock exchange and highly liquid. A 90% silver half dollar is worth around $25 but the price is breaking out right now. The market price of gold is around $3300 oz. and silver is around $38 oz. Lots of info at Kitco web page. Talk to a broker or other professional for advice.

 

[Dove]

These monkeys can’t figure out which pizza place to recommend and you’re asking them for investment advice?

Conndog will end up listening to a teenager who thinks Liam should have stayed another year.

 

[Lafayette]

You probably should think of a self-directed Roth IRA where you can buy metals, pink sheets, etc and it appreciates with no tax consequences. Think Peter Thiel did one and bought Paypal pre-IPO (pink sheets) for pennies and it went public, boomed and he has billions in it tax free.

If you go the route of traditional IRA and just want to diversify, check metals ETFs or mutual funds but those appreciate with taxes due on RMDs.

 

[Conndog]

Thanks for the comments & advice! We will figure it out