Gold Backed IRA Account, Pros & Cons Revealed
Posted By | October 10, 2014
Information on Gold Backed IRA Account, Pros & Cons
To begin with, what is a gold backed IRA? An IRA can be backed by a number of precious metals, one of which is gold. This scheme has been in existence for many decades. Instead of funding your IRA with U.S. dollars, you can choose to fund it with a precious metal. More at IRS.gov here. In the case of a gold-backed IRA, it is gold. The metals, however, have to come from an approved list, which is provided by the government. The metals on the list are only gold, silver, platinum and palladium in certain forms. The gold-backed IRA plan is different from other plans in the following ways:
Pros of gold-backed IRA:
- The gold backed IRA is directed by a single user, i.e. by you. You, as the account holder will make all the decisions
- You will have to arrange for a custodian or a trustee for the secure storage of the gold. A trustee or a custodian is a government-approved firm that acts as the caretaker of your gold for you. For this service, the custodian charges some fixed amount per annum. This amount varies from custodian to custodian. But with Augusta Precious Metals, you can save on yearly fees. (Ask about our current offers!)
- Are you worried about inflation? Are you worried about economic failures or depressions? If yes, then gold may be the way ahead for you.
- Unlike currency or stocks or properties, the value graph of gold has always had an upward curve.
- Gold is the only investment that is immune to inflation and time. No matter what happens, I believe gold will never lose its value. Kings and queens trusted in it. So should you.
Cons of gold-backed IRA:
- The types of gold that you can buy are limited by the government. Make sure you thoroughly understand what gold can be held within an IRA.
The reason to invest in gold:
An investment in gold is insulated from the ups and downs of the economy. History has proven again and again that the only reliable investment is gold. When the markets collapse, when the currency falls, when you lose your hopes, gold doesn’t lose its shine. On the contrary, during the times of economic slumps, the value of gold seems to rise meteorically.
Is gold backed IRA right for you?
If you are the person who has always wanted to manage your accounts without being bothered by inflation or the failing economy, then gold may be the way for you.
A gold-backed IRA is becoming an increasingly popular option, which will no doubt appeal to most everyone.
Most people will want to think about whether they can actually work with a service team that will be able to manage this process. With so many people investing in gold these days, many people will note that the price has increased. They will need to carefully monitor its value as an asset if they want to make the most out of their purchases. If people think about some of the options at their disposal, then this may be a great choice for them.
Some investors will want to consider the advantages of using this kind of gold investment method. It does provide a stable asset, which has intrinsic value to it. Most people will be interested in learning more about some of the different types of strategies that they can opt to use. This will go a long way toward helping people understand how to use gold-backed IRA. These investment strategies can help people understand some of the basic components behind this system. They should try to work with an investment team that specializes in how this can work.
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