You Can Add Gold To Your IRA Account

You can now add silver, platinum or gold to IRA accounts thanks to the Tax Payer Relief Act. You can add these precious metals to diversify funds, which can even out your portfolio’s value if the stock market is not doing so well in a certain period.

First you have to find out if your IRA custodian will allow you to add gold to your current IRA. If not, you can create a new gold-silver IRA. When selecting a new gold-silver IRA, you should find a custodian who has a lot of experience dealing in gold. Once you find a custodian, you submit paperwork to them to open your new IRA, which will include a storage fee for the gold coins you want to hold. Next you transfer money from your existing IRA to your new gold account. You may want to ask a professional for roll-over help. Lastly, you decide whether you want to buy gold coins or gold mining stock and then instruct your IRA representative to make choices based on your selection.

Be sure that the gold coins are 99.5% pure gold so the IRS will approve them to be put into your IRA. Holding stock in a gold mining company can be more risky than adding gold coins if the company you invest in folds, but it can yield a greater gain in some cases as stocks rise. 

See How To Put Gold In An IRA, eHow Money, Feb 21, 2011.