Fake Apmex 1oz Gold Bar

Interesting. I just thought of about 100 questions about how it works to buy IRA gold. I'll do some research and report back.

I love the Gold Buffalos (real the only bullion coin I've ever had an interest in) but could never justify getting one when I'd rather buy pre-33 with the money. If I can buy one and write it off that's a pretty good excuse to do so.

 

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Good thinking there, for sure.

 

Bullseye.

 

There you have it folks; all the necessary info right at your fingertips.

 

Here are some specific IRS guidelines that most stackers/End of world decides to say "No"

The custodian’s role in a precious metals IRA is paramount, the IRA investors themselves are not allowed to have possession of the coins or precious metal assets. Again investors not even allowed to purchase gold to turn over to their IRA custodians. Investor possession of such will be considered distribution under IRS regulations and can be considered as fully taxable.

It is the IRA custodian who has to purchase gold to be placed into the gold IRA account and his or her responsibility to store it in a third-party depository. It is up to you as the investors to order the custodian to buy more gold or sell more gold as you see fit.

The items must be kept in an IRS-approved depository specifically for precious metals. This depository should have an annual storage fee, paid from your IRA account, there it will be held secure until you cash it in or trade it for another type of investment.



Here is the Wiki introduction ( sorry, I prefer a source that doesn't provide and profits from doing it.

To comply with IRS requirements, all IRAs, including precious metals IRAs, must be in the possession of a trustee or custodian. Therefore, legally speaking, precious metals in an IRA are in the custody of the trustee or custodian, not the IRA owner. IRS Publication 590 specifies that for all IRAs, “The trustee or custodian must be a bank, a federally insured credit union, a savings and loan association, or an entity approved by the IRS to act as trustee or custodian.”[7] Many trustees/custodians use civilian (private) depositories, which may be approved by various commodities exchanges, for storing IRA metals. Security features may include timed locks and automatic re-locking features, 24/7 monitoring, and motion, sound, and vibration detectors. They typically have large insurance policies, with some amounting to as much as $1 billion. There are two types of Gold IRA Storage permitted in depositories: non-segregated, where your assets are mixed with the assets of others; and segregated, where your assets are held separately from other people’s assets.

For more info read IRS pub 590.

 

Really? This smacks a little too much of The Mad Hatter's codicils coalescing with The Red Queen's fine print.

 

Requiring the custodian to acquire the precious metals for IRA inclusion is a good rule: 1. the custodian is less likely to buy fake material than the average customer. Custodians buy from reputable sources and have the expertise and equipment to test precious metals. 2. if the custodian purchases fake material, they or their insurer are responsible and required to make it right. 3. if account holders submitted their own material, they would have to worry about their material being accidentally swapped with someone else's, which might be fake. And the swap might not be provable. Under the current system, if your material gets swapped with someone else's in a segregated account and ultimately proves fake, the custodian or their insurer are required to make it right.

Cal

 

It definitely makes sense but rules me out. I just wanted a reason to splurge on a gold buffalo, so I'll just stick with Mutual Funds/ETFs etc in my IRAs.

 

The problem I foresee here is that all of these provisions not only imply but effectively require great leaps of faith, since who is to say that the custodian, the seller, the storer and/or the monitor(s) of the custodian et al. are each and/or all necessarily worthy and/or deserving of trust. Since there is in fact essentially no surefire, foolproof way whatsoever of being able to tell the fox from the hens, then what precisely is there to keep all heck from breaking loose in the chicken coop?

 

But isn't the same true of any brokerage, bank, or storage facility?

 

NOW you're catching on. That's exactly how the German bankers must have felt when they tried to check on their own storehouse of gold at the Federal Reserve in 2013 and were categorially refused permission to do so. And that's not to mention that the gold allegedly stored so securely at Fort Knox hasn't had a formal inventory/audit since 1954. The gold, my friend, is in all likelihood long gone, as in, "That's all, folks!"

 

And if the "zombie" or apocalypse comes ( neither of which I expect in my lifetime ) how long will it take to get your gold? Or if the holders are smart, they will keep it for themselves, as you most likely will be dead or eaten. But just google "Gold IRA" and see all of the wonderful explanations as to why it is a "gift" from the government. ASIBEM!

 

I find it absolutely hilarious that so many people fear the end of their personal existence so much that they have to believe that when they go it's categorically imperative that everyone else on the entire planet goes with them. This, apparently, is why practically every generation in recorded human history has had one form or another of imminent-apocalypse-belief existing somewhere within it.

 

Theoretically it also means that it will be tracked better. Also they will be able to move the taxation from your purchases to the company collecting the fees and the salaries of the employees.

 

Actually, in a way I believe it might behoove me to recuse myself from this discussion as a matter of principle, which is to say that now, at the age of 70 1/2, I am in fact obligated to take a certain percentage of my funds out of my IRA every year, and that besides no longer having the ability to put anything into it since I officially retired from the workplace. That being said, thank you for the additional information as all knowledge is always welcome here.

 

Anything going in an IRA has to be .995 fine or better except for AGEs - they are only .9167 fine, the same as Gold Krugerrands, but they are denied elegibilty. US $20 gold are only .900 fine. And anything in a TPG slab is ineligible because it becomes a collectible. So keep the original pkgs!

 

That is not entirely true. By setting up an LLC you can be the trustee and have possession of your PMs. I have one and would NEVER put my money in a vault that I couldn't audit daily for verification.

 

Then you're a heck of a lot sharper and more on the ball than those poor, and I'm sure rather shocked, German Central Bank folk who couldn't for the life of them get the Federal Reserve to allow them to even look at their very own gold reserves. That being said, and at least according to Forbes, there is the issue that regardless of who legally owns the PMs they always have to be physically and administratively in the possession of and under the control and jurisdiction of the bank where the safe deposit box is located.

 

That's great to know as I've consolidated the places I buy older US Commems and US silver and gold products. One of the two is APMEX because I'm not an expert on all these super detailed counterfeits. And I figured you guys are.

 

An LLC included in an IRA can own gold but only if it's under the control (i.e. physical possession) of a bank or IRS-approved non-bank trustee. The rules for becoming a non-bank trustee are complex and entail substantial expense. For example, it must have at least a quarter million $ in assets of its own, all employees must be bonded for a quarter million $, legal counsel must be permanently retained, it must be audited regularly by a CPA, etc. I rather doubt the IRS would approve a non-bank trustee whose purpose is to buy and hold gold for a single person or small group of people who also are the trustees.

Links: https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-investments

https://www.irs.gov/retirement-plans/application-procedures-for-nonbank-trustees-and-custodians

It's possible if you have a segregated account, you might get to see your gold from a distance. I doubt you would be allowed to physically touch it.

Cal