Protect Your Wealth With A Precious Metals IRA

Investing in a precious metals IRA is an excellent way to avoid economic instability and lay the groundwork for retirement savings. Many successful investors turn to gold, silver, palladium, and other precious metals amid inflation and a volatile stock market. At Oxford Gold Group, we can help you follow in their footsteps.

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How Do Precious Metals IRAs Work?

An individual retirement account (IRA) is an account in which you can invest for retirement without worrying about taxes. Conventional IRA accounts typically deal with paper assets, but self-directed precious metal IRAs allow you to invest in gold, silver, platinum, and more.

Precious metals IRAs work just like other IRAs, except you use them for precious metals instead of other assets, such as real estate, cryptocurrency, and paper currency. After setting up your account, you’ll have a custodian to mediate purchases and investments. Precious metal IRAs will secure your savings and help you enjoy tax benefits now and in the future.


Benefits of Self-Directed IRAs

There are many benefits to setting up a self-directed gold or silver IRA. In general, you can save money and allow your precious metal to increase in value over time. Here are some specific ways an IRA account can benefit you:

  • Tax-free earnings: When you invest retirement funds in a self-directed IRA, you allow your profits to accumulate without paying taxes.
  • More investment options: Many retirement plans and conventional IRAs limit you to one type of asset. However, you can invest more than “paper assets” in your precious metals account. Gold, silver, platinum, and palladium are common alternative assets people add to their pre-tax retirement funds.
  • Tangible assets: With conventional IRAs and other retirement plans, your funds are simply a number on an electronic screen. Yes, they represent something tangible—but you don’t ever see it. A precious metals IRA allows you to invest money in a real, tangible asset like gold coins and bullion.
  • Deferring taxes: With a precious metal IRA account, you can defer taxes from high-income years to lower-tax-bracket years during retirement.  
  • Protection against inflation: As inflation rates rise and the U.S. dollar depreciates, paper currency becomes less and less valuable. However, precious metals are a much more stable market and can protect you against an economic crisis.
  • IRAs aren’t exclusive: You don’t have to work on Wall Street or own a multi-million-dollar mansion to open a precious metal IRA. Pretty much anyone with earned income can get an individual retirement account.


How To Fund a Gold IRA

With a traditional or Roth IRA, investing your assets is a relatively simple process. With a self-directed gold IRA, it’s a little more complicated. The following steps can help you as you open and fund your new account.

1. Choose an IRS-Approved Custodian

The first step is to choose an IRA custodian, such as a bank or trust company. Your custodian enables you to put retirement funds toward assets like gold, silver, and other precious metals. The Internal Revenue Service (IRS) only approves certain entities to function as IRA custodians.

2. Select a Precious Metals Dealer

Once you have a custodian, it’s time to find a precious metals dealer. Your custodian may know and have long-standing relationships with excellent dealers, but you’ll want to do independent research to identify credible, verified dealers. The selected dealer will work with you and your IRA account custodian to purchase and supply precious metals for your account.

3. Browse for Products

When it comes to purchasing gold, you have many options, like bullion coins and bars. The dealer will help you browse products and select the ones you want to buy. A couple of popular options include the Gold Canadian Maple Leaf and Valcambi Gold Bars.

4. Pick a Depository

Although you may purchase precious metals for your new IRA account, you can’t store them yourself. You must pick an approved depository and pay storage fees to hold your investment. Talking with your IRA custodian will help you determine which depository would work best for you.

5. Complete Your Purchase

After you secure an IRA custodian, a precious metals dealer, and a depository, you can finish your transaction. Your custodian will take care of the purchase on your behalf and communicate with the dealer. The dealer will then deliver your gold to your IRA depository.


Invest in Self-Directed Retirement Accounts Today

A precious metals IRA account can help you weather uncertain times and work toward a successful retirement. Precious metal IRAs will keep your investment secure and allow it to appreciate tax-free until you need it. When it comes to diversifying your assets and preparing for a bright financial future, now is the best time to act.

At Oxford Gold Group, we help people like you make the most of their precious metals investments. An experienced IRA custodian will guide you through the process of opening and utilizing a precious metals IRA account. Get started today by calling 833-600-GOLD.

"My purchase was smooth and seamless, and now my investments are secure, and my mind is at ease."
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Precious Metals Approved by the IRS

Self-directed IRA accounts allow you to invest in precious metals like gold and silver. This is an excellent way to diversify your assets and protect yourself against financial hardship. However, the IRS has specifications for approved precious metals.

IRS-approved gold must be no less than 99.5% pure. If your gold has a fineness level under .995, you cannot use it for your precious metal IRA. One exception is American Gold Eagles, which meet IRS qualifications despite not being 99.5% pure.

A few common IRS-approved gold types include:

  • Gold American Eagle Coins
  • Gold Canadian Maple Leaf Coins
  • Valcambi Gold Bullion Bars
  • RMC Gold Bullion Bars

Silver IRA contributions must be 99.9% pure. This fineness level applies to both silver coins and silver bars. There are several types of IRS-approved silver, such as:

  • American Silver Eagle Coins
  • Australian Koala Bullion Coins
  • Sunshine Silver Bullion

Do you want to add platinum to your IRA? It must have a minimum purity level of 99.95% or .9995. IRS-approved platinum includes American Platinum Eagles and most platinum bars.

Palladium is another popular precious metal that people like to add to their IRA accounts. However, the IRS states that only palladium with a 99.95% purity level can enter an IRA depository. Most palladium bars and coins, like the American Palladium Eagle, are IRS-approved.


Browse Our IRA Eligible Precious Metals


Risks to Investing in a Gold IRA

Investing in precious metal IRAs is a time-tested method for people to save and store earnings for the future. It’s a significant financial decision and one that may involve some risk. While your assets remain secure in an IRA account, there are a couple of wrinkles you should know about:

  • The precious metals market is typically stable but can fluctuate just as much as stocks. Your precious metals’ value may skyrocket while the stock market struggles, but it’ll likely drop again after stocks recover. This means precious metals IRAs can’t offer a 100% protection guarantee against inflation or volatile market conditions.
  • Gold doesn’t increase in value as fast as other assets, such as stocks. Yes, precious metals tend to maintain their value in the long run, but you may want to limit the amount you invest. Too much gold can restrict your retirement fund and stifle growth.


How To Withdraw Funds From Your Precious Metals IRA

With a self-directed IRA account, you don’t have to leave everything untouched in the depository until retirement. You can make withdrawals at your discretion. Here are two ways to do this:

  • Depository Purchases: Do you want to exchange your gold for its dollar value? You can have your precious metals IRA depository buy it from you.
  • In-Kind Distributions: Some people want to see the precious metal face to face. With an in-kind distribution, you can opt to have the gold delivered to you following distribution. However, you’ll need to sell your assets fast or have enough on-hand paper currency to pay for taxes.

When you turn 72, you must start making minimum withdrawals at regular intervals. This is a required minimum distribution (RMD), and it matches gold pieces by piece instead of troy ounces. 

If you withdraw your assets from an IRA, you can no longer take advantage of tax benefits. A precious metals IRA holds your investment and allows it to appreciate without taxes or penalties, but you may face both these expenses following a withdrawal. Before and during depository purchases, in-kind distributions, or RMDs, you’ll need to work with your custodian.


Other FAQs

Are there contribution limits?

Yes, you may face contribution limits with certain IRAs. Contact your custodian or a tax specialist to understand your precious metal IRA’s rules and regulations. Listed below are the typical contribution limits you can expect:

  • $6,000 is the maximum contribution per year for individuals under 50
  • For those 50 or older, $7,000 is the maximum yearly contribution
  • If your entire earned income is less than those numbers, that amount is your annual contribution limit
  • Dollar amount limitations don’t apply to transfers or rollovers to your precious metals IRA

How do rollovers and transfers work?

Some people with an existing IRA account choose to move their funds to a precious metals IRA. We call this a rollover or transfer. Rollovers and transfers help you consolidate your assets for easier management.

In an IRA transfer, funds move to your IRA as requested. You do not take control or hold precious metals yourself at any point. In a gold IRA rollover, the retirement plan administrator distributes your funds directly to your IRA custodian.

Gold IRA rollovers from an existing IRA or employer retirement plan can take up to several weeks, depending on your custodian and available funds. After applying, it won’t take very long to open your precious metals IRA. However, you must have funds to contribute to it.

Do physical precious metals have insurance in a self-directed IRA?

Yes, your self-directed IRA provides full insurance coverage for your precious metals. Insurance will cover any damaged or lost items during the shipping and delivery process. Once the gold reaches the depository, we’ll protect your asset and insure it.

What is the difference between traditional and Roth IRAs?

As you research IRAs and consider investing, you’ll come across two common account types: traditional and Roth. These IRAs are similar in several ways, but have a few differences.

Traditional IRA

With traditional IRAs, you can use tax-deductible money to invest in other assets. You can allow the money to accumulate without paying taxes and withdraw it once you reach retirement age. The benefits of a traditional IRA include:

  • Lowering your current tax bracket with tax-free contributions
  • Making penalty-free withdrawals under certain circumstances before retirement age
  • Investing more IRA funds because tax deductions don’t apply to the initial capital investment
  • Contributing even if your current tax bracket makes you ineligible for a Roth IRA

Roth IRA

With a Roth account, you can contribute post-tax money to your IRA and invest it in various assets. If you open your account at least five years before retirement age, you can withdraw IRA funds without facing penalties or taxes. Roth IRAs allow your money to accumulate tax-free over time.

Additional Roth IRA benefits include:

  • Ensuring you don’t pay taxes on qualified withdrawals
  • Contributing funds even after turning 70
  • Not having to worry about RMDs

Can you receive physical gold if you invest in a self-directed IRA?

No, you cannot receive physical metals if you invest in a self-directed IRA. The IRS has specific rules and restrictions that state you may not ship gold to yourself if it’s for your IRA. Precious metal shipments must go to an approved depository until you liquidate your account.

You may hold physical precious metals after you remove them from the IRA. However, tax benefits no longer apply once you do this, and you may face additional expenses on this distribution. Your IRA custodian or tax advisor can help you understand your options and make an informed decision.


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