Interesting article about Superior gold in L.A. Misleading customers with inflated gold coins. http://www.latimes.com/business/la-fi-gold-coin-dealer-20101209,0,5237126.story For shame!
Well that's probably the first clue that something was wrong. You can't put gold coins in an IRA except US Eagles.
Are you sure about that? I thought you could put any coin in as long as it is .999 fine. http://www.usagold.com/ira.html or US AGE's. Also I think but I can't find any documentation, that you can put numismatic coins in an IRA. People buy real estate, paintings, and all kinds of other stuff set up through an trustee. Before doing anything I would check with a independant reputable CPA.
You are only allowed to put numismatic coins/gold in Self Directed IRAs...In a self directed IRA you can "invest" in just about anything...gold, coins, real estate, pork bellies... The issue with Superior is that they were claiming to be IRA custodians when in fact they were not qualified to do so.
Pretty darn sure. When IRA's were first set up they didn't want coins to be alowed in them but when the eagles were authorized they specifically permitted them to be put in IRA's. When he buffaloes came out there was some problems over them at first because they were not permitted in IRA's. They had to tweak the legislation a little to allow them in. As far as I know regular numismatic gold is still not allowed in IRA's Did some checking and gold eagles are still the only gold coins specifically mentioned as being allowed, but they do now permit other as long as they are legal tender and at least .995 fine. So non-bullion type numismatic gold is still out. (I would imagine they would permit the proof versions of the bullion type coins though.)
