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Gold IRA rollover

If you are concerned about protecting your hard-earned savings in today's challenging economy, you aren't alone.

Investors are currently dealing with the worst Inflation that America has seen for more than 40 years.

Interest rates are rising sharply and hyper-extended Stock markets are teetering over the edge of a very deep chasm.

In addition to these economic headwinds and market risks we have World leaders picking sides for what could be the next global conflict.

With all of this going on at the same time it isn't surprising that you are looking for ways to protect and preserve the Purchasing power of your Investment Portfolio.

Obviously, you are aware that Gold and Silver are the best way to secure your savings or you wouldn't be looking for information about Gold IRA rollovers.

Inflation and Stagflation

During the Inflation and Stagflation of the 1970s Gold rose from $35 an ounce to $850 an ounce. Silver started the decade below $2 an ounce and by 1980 had reached $48 an ounce.

We are currently experiencing an economic environment very similar to the 1970s only this time it is far worse. 

Precious metals are poised for dramatic price increases as investors flee paper Wall Street products (Stocks, Bonds, and Mutual funds) and seek the security of real tangible goods.

The best way to protect your tax-advantage retirement savings is to move them into a self-directed Precious metals IRA. You can make this move without triggering any penalties or tax consequences from the IRS.

Keep reading to find out how.

In this brief Gold IRA rollover guide we’ll explain what a Gold IRA is and how an existing Retirement account can be rolled-over or transferred into a Precious metals IRA.

The information in this article is relevant to eligible 401(k) accounts*, traditional IRA accounts, and other tax-advantaged accounts like 403b, 457, TSP, Roth IRA, SEP IRA, Pensions, Annuities, etc.

*A 401(k) account from a previous employer. The originating account for the 401K to Gold IRA rollover must be from a previous employer. The IRS prohibits rollovers and transfers of currently active 401(k)s.

What is a Gold IRA

The Taxpayer Relief Act of 1997 expanded the asset classes that can be held in self-directed IRAs to include physical Gold and Silver. Platinum and Palladium were added in 1998.

This change to the tax laws provided investors with a new way to diversify their retirement savings. They were no longer limited to the traditional Wall Street offerings of Stocks, Bonds, and Mutual funds.

The term "Gold IRA" is used generically to refer to any self-directed IRA holding Gold, Silver, Platinum, Palladium, or any mix of the four metals. There is no difference between a "Gold IRA", a "Silver IRA", or a "Precious metals IRA". 

In a self-directed IRA your physical Precious metals are held in your name by a third-party Custodian in the same manner that the securities in your existing Retirement accounts are held in your name by your Broker-Dealer.

Gold IRA fees

IRA-approved Precious metals fall into two broad categories:

  • Coins from national Government mints
  • Bullion bars and Coins from third-party refiners (99.5% pure, or better)

Numismatic or collectible Coins are not allowed and all metal has to be newly purchased inside the IRA. Investors are not allowed to transfer their personally owned Precious metals into the Gold IRA.

Want to protect your retirement savings and do it 100% tax & penalty free?

Click the link below to grab your FREE 2022 Gold IRA Kit which has helped thousands of Americans just like you.

But...If you would like to know more about the process of converting your Retirement account into Gold feel free to continue reading below.

Precious metals IRA company


Fidelity

  • Founded: 1946
  • BBB rating: C-
  • Proof Coins: No
  • Minimum Investment: $1,000


Patriot Gold Group

  • Founded: 1990
  • BBB rating: A+
  • Proof Coins: Yes
  • Minimum Investment: $15,000


Birch Gold

  • Founded: 2003
  • BBB rating: A+
  • Proof Coins: Yes
  • Minimum Investment: $10,000


Goldco

  • Founded: 2006
  • BBB rating: A+
  • Proof Coins: Yes
  • Minimum Investment: $25,000


Regal Assets

  • Founded: 2010
  • BBB rating: unrated
  • Proof Coins: Yes
  • Minimum Investment: $10,000


Noble Gold

  • Founded: 2017
  • BBB rating: A-
  • Proof Coins: Yes
  • Minimum Investment: $2,000

Gold IRA vs physical Gold

When you decide to move your existing tax-advantaged savings into Gold you have two options.

Option 1: Take a distribution from your existing Retirement account, pay the taxes and early-withdrawal penalty, and then purchase Gold to store securely in a location of your choice.

Option 2: Move funds from your Retirement account into a self-directed Precious metals IRA. There are no taxes or penalties for making this change but the IRS requires that the Gold be stored with a third-party Custodian.

Physical Gold

Distribute funds - Pay taxes & penalties

The IRS allows you to distribute funds from your Retirement account at any time you choose but there are tax consequences for doing so.

If you are under age 59 1/2 you will pay a 10% early-withdrawal penalty and then pay income taxes on the distributed funds. 

Also, the distribution may push you into a higher tax bracket where the overall cost of accessing your retirement savings will increase.

After satisfying the IRS you can then use the distributed funds to purchase physical Precious metals for storage in a location of your choosing.

The tax consequences of this option significantly increase the cost of diversifying your Investment Portfolio.

Gold IRA

Move funds into Gold IRA

The IRS allows you to move tax-advantaged funds from one account to another without triggering any tax consequences. You are allowed to make one move per tax year.

This ability to move funds, in combination with the Taxpayer Relief Act, makes it possible for you to purchase physical Precious metals using your tax-advantaged retirement savings.

That means you can add physical Gold to your Investment Portfolio without adding any new money or suffering any tax consequences.

The drawback to this option is the IRS requirement that the metals are stored with a third-party Custodian.

Benefits of Gold IRA

The most important benefit of a Gold IRA is that it allows us to own physical Precious metals inside our tax-advantaged Retirement accounts. There are no alternative ways to accomplish this objective.

With a Gold IRA we get to save our hard-earned money in time-tested assets while enjoying the same tax benefits as we do from traditional Retirement accounts that hold Stocks, Bonds, and Mutual funds.

Vanguard Gold IRA

When it is time to distribute funds from the Gold IRA we can convert the metal back to cash or distribute the physical metal and take personal possession of it.

This benefit gives us a large amount of flexibility during our retirement years.

We can sell the Precious metals at a local Coin or pawn shop, give it to the grandchildren, bury it in the garden, or 'lose it in a boat accident' (while following all IRS rules, of course).

Preserving wealth is what Gold is all about. Human beings inherently recognize the yellow metal as something of value.

Its price per ounce varies over the years when measured in fiat currency, but Gold is never worth zero in any currency – ever.

Gold IRAs combine the wealth preservation aspects of physical Precious metals with all of the tax benefits of a traditional IRA.  

How to invest in a Gold IRA

The 'How To' part of investing in a Gold IRA involves just a few simple steps shown below.

People tend to use the term "Gold IRA rollover" generically but you actually have two choices for funding a Precious metals IRA.

Rollover

In a rollover you never take personal possession of your retirement funds.

The money is wired directly from your existing Retirement account into the Gold IRA.

Because you aren't directly touching the retirement funds there is no risk of triggering the IRS penalty for early withdrawal.

Transfer

In a transfer you take physical possession of your funds and have 60 days to deposit those funds in a new Retirement account.

If the funds aren't re-invested within 60 days the IRS treats the un-invested money as regular income.

You will pay income taxes on the un-invested funds and you will be charged a 10% early withdrawal penalty if you are under age 59 1/2.

These are the steps you will perform to convert your existing Retirement account to physical Precious metals:

Patriot Gold IRA

  • Pick a Gold IRA company
  • Open an account
  • Initiate a distribution from your existing Retirement account
  • Specify whether the distribution is a rollover or transfer
  • Fund the Gold IRA account
  • Pick the Precious metals products to hold in the Gold IRA

The rollover option is best since it eliminates the risk of an early-withdrawal penalty. If you need to access your retirement savings for some purpose other than purchasing Precious metals, you will need to perform a transfer.

All of the Gold IRA companies have specialists on-hand who can guide you through these steps and answer any questions you have.

Precious metals IRA company


Fidelity

  • Founded: 1946
  • BBB rating: C-
  • Proof Coins: No
  • Minimum Investment: $1,000


Patriot Gold Group

  • Founded: 1990
  • BBB rating: A+
  • Proof Coins: Yes
  • Minimum Investment: $15,000


Birch Gold

  • Founded: 2003
  • BBB rating: A+
  • Proof Coins: Yes
  • Minimum Investment: $10,000


Goldco

  • Founded: 2006
  • BBB rating: A+
  • Proof Coins: Yes
  • Minimum Investment: $25,000


Regal Assets

  • Founded: 2010
  • BBB rating: unrated
  • Proof Coins: Yes
  • Minimum Investment: $10,000


Noble Gold

  • Founded: 2017
  • BBB rating: A-
  • Proof Coins: Yes
  • Minimum Investment: $2,000

Gold IRA reviews

To select the companies that offer the best Gold IRAs we have to decide on the factors we will use to judge them.

Because we are talking about storing physical Precious metals one of our primary considerations is obviously the trustworthiness of the Trustee and Custodian.

There are several resources we can use to evaluate Gold IRA companies and their Custodians.

  • Better Business Bureau (BBB)
  • Consumer Affairs 
  • TrustLink 
  • Trustpilot

The BBB is our starting point. If a company offering Gold IRAs hasn't joined the BBB we have to wonder why since most of their competitors have not only joined, they have A+ ratings.

The BBB rating is only one data point for evaluating a Gold IRA company but ideally we want them to be current BBB members with an A+ rating.

 If there have been any complaints registered with the BBB against the company, we want to see that those complaints have been resolved or that the company has at least tried to resolve the issue.

After a Gold IRA company passes the BBB test we can use the list above to look for other reviews on the internet. We want to see what kind of experience other people have had in their interactions with the company.

Marketing vs legitimate reviews

Most of the results from an internet search like "Birch Gold IRA reviews" will be from affiliate marketers just trying to make a buck.

These people don't care what they sell you, they only care that you buy.

Their knowledge of Precious metals is slim to non-existent.

They are simply playing a numbers game on the internet and they will be happy to separate you from your money.

Read a few reviews and you will see the difference between marketing hype and legitimate customer experiences. Or simply stick with reviews on BBB since marketers are less likely to place false reviews on BBB.

Once a Gold IRA company passes your initial checks it is time to make contact.

Contact Gold IRA companies

Reading reviews is useful while doing research but what really matters is your personal experience with the company.

Call and talk with a few representatives. Let them know you are shopping for a Gold IRA and plan on comparing their company against their peers. Ask them what sets their company apart.

There are lots of companies offering Gold IRAs. If you don’t get a warm-fuzzy feeling when you interact with a company’s representatives, cross that company off the list.

If a representative becomes pushy or uses fear tactics during the phone call, cross that company off the list.

Again, there are lots of companies offering Gold IRAs and the reputable ones don’t have to use high-pressure sales tactics.

Ask a loaded question

A loaded question to ask a Gold IRA representative is whether they recommend holding Gold Bullion bars and Coins or if 'Investment grade' Coins make more sense.

‘Investment grade’ Coins in the context of a Gold IRA refers to 'proof Coins', 'first strike Coins', 'boxed Coins with certificates of authenticity', etc.

These Coins carry a premium for Numismatic value even though the IRS prohibits Numismatic Coins in IRAs.

The sales pitch for these Coins is likely to focus on a ‘lack of liquidity’ when you decide to cash out your Gold IRA.

Shady representatives will claim that the ‘Investment grade’ Coins have greater demand from Investors and are therefore more liquid. This is pure BS, don’t fall for it.

It never makes sense to pay a premium for collectible Coins unless you personally want to appreciate them as timeless works of fine art.

Gold is Gold

Gold is Gold.

It is one of the most liquid Investments on the planet. It doesn’t matter whether a chunk of Gold is pretty or has a certificate of authenticity. Gold is Gold whether we are talking about a certified first-strike Coin or a beat-up Krugerrand from the scratch-and-dent bin.

If a Gold IRA rep tries to sell you anything besides Gold Bullion bars and Coins they are looking out for their own interests and not yours.

Cross these aggressive salespeople and their companies off the list.

Most weight of metal, least amount of money

As Investors and consumers we always want to get the most metal for the least amount of money. This is true whether we are talking about a Precious metals IRA or Gold Coins to bury in the garden.

Best Gold IRA

There are several factors we can look for to find the best Gold IRA companies to work with:

  • The company is a member of the Better Business Bureau (BBB) and has an A+ rating.
  • Metal is stored in allocated (segregated) accounts. Never invest in unallocated (pooled) Precious metals accounts.
  • 10 or more years in business. Shady companies rarely last for 10 years.
  • Minimal transaction fees to buy and sell metal.
  • Minimal fees for metal storage and IRA maintenance.

Schwab Gold IRA

Ultimately, the best Gold IRA is the one that you feel comfortable with based on your unique Investment objectives and tolerance for risk. The criteria listed above can help you quickly select a few candidate companies to further research.

In the table below we have listed the major Gold IRA companies as a starting point for you to work with.

Precious metals IRA company


Fidelity

  • Founded: 1946
  • BBB rating: C-
  • Proof Coins: No
  • Minimum Investment: $1,000


Patriot Gold Group

  • Founded: 1990
  • BBB rating: A+
  • Proof Coins: Yes
  • Minimum Investment: $15,000


Birch Gold

  • Founded: 2003
  • BBB rating: A+
  • Proof Coins: Yes
  • Minimum Investment: $10,000


Goldco

  • Founded: 2006
  • BBB rating: A+
  • Proof Coins: Yes
  • Minimum Investment: $25,000


Regal Assets

  • Founded: 2010
  • BBB rating: unrated
  • Proof Coins: Yes
  • Minimum Investment: $10,000


Noble Gold

  • Founded: 2017
  • BBB rating: A-
  • Proof Coins: Yes
  • Minimum Investment: $2,000

Gold IRA

Year founded

BBB rating

Proof Coins

Minimum Investment

Fidelity

1946

C-

No

$2,000

Patriot Gold Group

1986

A+

Yes

$15,000

2003

A+

Yes

$10,000

2006

A+

Yes

$25,000

2010

unrated

Yes

$10,000

2012

A+

Yes

$50,000

Noble Gold

2017

A-

Yes

$2,000

Grab your FREE 2022 Gold IRA Kit which has helped thousands of Americans just like you.

Conclusions

In this short Gold IRA guide we have focused on how to transfer existing retirement funds into physical Precious metals while avoiding any tax consequences.

Purchasing physical Precious metals with our tax-advantaged retirement savings lets us protect our hard-earned money from Inflation, Market crashes, and economic turmoil that may occur if current geopolitics spin out of control.

Secure your retirement savings today by moving existing funds into a Precious metals IRA.

About Satori Traders

Satori Traders LLC is a California-registered Investment Advisor specializing in the Precious metals.

Bryan V Post is a California-registered Investment Advisor Representative and the founder of Satori Traders.

Bryan has worn numerous hats during his life: Engineer, Portfolio manager, Precious metals Investor, Technical analyst, Proprietary trader, Swing trader.

Copyright 2022, Satori Traders LLC - Disclaimer