How Do Gold IRA Plans Work?

If you’ve decided to move a portion your retirement funds into physical precious metals to help reduce the volatility of your portfolio, a Gold IRA may be for you. And you may be asking “How do gold IRA plans work?”.

Gold IRA is a commonly used term for a Self Directed Individual Retirement Account that holds qualifying physical precious metals. In most cases a Rollover or Transfer would move funds into the Gold IRA.

Can I roll my existing 401k into physical gold?

Pretty much any IRA, no matter if it is a Traditional or ROTH can be rolled over effectively in to physical precious metals. 401(k) retirement accounts are a little more sophisticated and your qualification relies on if you are still employed by the same company or if you have an old 401(k) from a past employer.

If you possess an old 401(k) from a past workplace, it is really simple to roll over into physical precious metals. If you have an existing 401(k) with a present employer, you may have hurdles rolling over your plan into physical precious metals. There are other plans that can be moved into gold and silver and your chosen Gold IRA Firm can determine if your plan qualifies.

Rollover or Transfer?

The rollover takes place when you obtain the distribution from your current retirement account and afterwards turn around and deposit it in a different retirement plan custodial account. In this instance you would need to re-deposit the funds into the new retirement plan account inside 60 days. If the 60 day time period is exceeded, you would certainly be liable for taxes and penalties on the capital taken out. You could roll over the identical funds only one time each 12 months to protect the tax-deferred status of your retirement savings.

An uncomplicated alternative is a “transfer.” That is something you can do any time using your existing IRA, so long as the assets go from custodian to custodian. In a direct transfer, the funds move directly from one IRA custodian to some other. This suggests the distribution check from the old IRA custodian has to be written in the name of the trustee or custodian of the new IRA account that obtains the finances. Transfers can be generated as frequently as needed.

What types of precious metals can I own in my Gold IRA?

Current US tax laws allow certain gold, silver, platinum and palladium coins and bars.

Gold coins and bars include:

  • American Eagles
  • Austrailian Kangaroo/Nugget coins
  • Austrian Philharmonic
  • Canadian Maple Leaf coins
  • Credit Suisse gold
  • PAMP Suisse gold Bars .999
  • U.S. Buffalo Gold Uncirculated coins (No Proofs)

Silver bullion include:

• American Eagle coins
• Australian Kookaburra coins
• Austrian Philharmonic coins
• Canadian Maple Leaf coins
• Mexican Libertad coins
• Certain Bars and rounds

Approved Platinum:

•American Eagle coins
• Australian Koala coins
• Canadian Maple Leaf coins
• Isle of Man Noble coins
• Certain Bars and rounds


•Certain bars and rounds

Are there tax ramifications when moving into a Gold IRA?

There are definitely no tax implications or charges for moving a current retirement plan and transferring or rolling in to physical gold and silver.

Can I store my gold in my home?

The physical metals in your account must held in a secure, insured private depository of your choice. 

Can I take possession of my precious metals?

Yes can take possession but realize that the US government considers physical precious metals as cash. So if you were to receive them in hand you would have to pay the appropriate taxes on your account, and if you cashed out before the age of 59 ½ you would incur additional penalties.

Who can I trust for my Gold IRA?

We have review and rated 17 Gold IRA companies and have found the Best Rated Gold IRA.


We hope that we answered the common query,”How do gold IRA plans work?” satisfactorily. Please visit our other Gold IRA pages to learn more about this type of retirement investment.


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