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Precious Metals IRA
IRAs (US Individual Retirement Accounts) can be used to purchase precious metals as an asset while keeping the tax benefits associated with the IRA.
Below is a step-by step procedure for buying precious metals stored with BullionStar for your IRA.
Step-by-step guide to buy bullion for your IRA:
1. The IRA holder must have or open a custodian account for the IRA to be able to buy precious metals. BullionStar is able to work with any and all IRA custodians that offer a precious metals IRAs. Our preferred partner is IRA Club.
2. With IRA Club, you can set up a simple self-directed custodial IRA structure, where you can invest your IRA capital into purchasing and storing bullion with BullionStar.
3. Once you have opened your custodial account, you can fund the account by a rollover, transfer and/or contribution.
4. Open an account with BullionStar. Select "Trust / Foundation /IRA" in the dropdown for Account Type. Input the IRA name or LLC name (if the IRA owns an LLC which in turn owns the bullion) in the field for "Account Name". Select "IRA" in the dropdown for Entity.
5. Place an order with BullionStar and send the order confirmation to the custodian to settle the order with your IRA funds.
6. BullionStar will process your metals into Vault Storage and will update you accordingly via an order status e-mail. The IRA can then sell, audit or physically withdraw/ship the metals to another depository at anytime.
Precious Metals IRA - FAQ
Q: What metals can I buy?
A: You can buy all bullion products provided they have the following minimum purities. Gold: 99.5 %. Silver: 99.9 %. Platinum: 99.95 %. Note that numismatic coins/collection coins are not IRA acceptable.
Q: Can I have more than one IRA?
A: Yes, you can have multiple IRAs. You might choose to have one IRA dedicated to precious metals.
Q: Can I take delivery of my bullion?
A: Bullion held in an IRA must be held by a depository or storage provider such as BullionStar. Your IRA can withdraw the metals to another depository or storage provider but you as the IRA holder cannot hold the bullion in your possession directly.
Q: Can I allocate bullion I already own to my precious metals IRA?
A: No, it must be newly purchased bullion where the order is settled through your custodian.