Precious and precious metals, such as silver and gold, can offer great portfolio diversification. They also provide a hedge against volatility in the market and inflation. It’s a popular way of investing in physical precious metals while also planning for a more secure retirement. But how can one set up an IRA gold to invest in gold?

After 1997’s Tax Payer Relief Act was passed, the option of adding physical precious materials to an IRA became more popular than traditional 401k’s. A gold IRA can accept silver, gold, palladium, and platinum. They all must be bullion coins, bars, and of a certain fineness. You cannot have rare coins or any other collectible silver and gold coins in a golden IRA. Your precious-metals broker will be able work with you to determine the best metals for your portfolio.

Before you make a decision on what metals to buy for your Self Directed IRA (SDR), it is a good idea that you first establish an IRA. Contacting your current custodian is the best way to begin. Your precious metals broker will help you determine if your current IRA can accept physical metals. Most cases don’t allow you to make precious metals investments due to the restrictions of your IRA plan and other guidelines. You can then begin the process of a 401k transfer into a brand new, gold IRA.

Your broker can help you find a custodian specializing with gold IRAs. After you’ve been chosen, you will need some paperwork. These will include information regarding the amount of the new gold IRA, beneficiaries and other standard information.

Usually, it takes between 3-5 work days to setup an IRA investment in gold. Now you are ready to choose the metals that you want and then place them in your IRA account. There are only certain products allowed in an IRA. Your broker should have all the information.