More day job discussion, in under 20 minutes… as you know my company works a lot with the industrial market, but not exclusively. I’m now working with a company that sells metal for precious metals IRA account. This is a substantial difference from the usual clients — largely because I can basically understand what they do without having to spend an hour researching the industry online.
Of course I’m still researching the precious metals IRA online, because I need to know more than the very basics. Just a little more, mind you.
What is a Precious Metals IRA
A precious metals IRA is an IRA account that you can store actual physical precious metals in. The idea is that you actual buy gold bars or gold coins and those physical gold bars can be a part of your IRA investment account. These are still legitimate government (US government) recognized IRA accounts.
Of course since the precious metals IRA are government recognized, that means they also have to follow some government rules specific to precious metals IRA accounts, in addition to standard IRA stuff. Here are the key rules:
- There are regulations on the kind of gold and silver that you can store in your precious metals IRA. These have to be of a certain purity (varies by metal) and they cannot be collectible gold or silver coins. The collectible coins have a collectors’ value that does not transfer to a precious metals IRA and the end result is that you simply can’t use collectible gold or silver coins at all.
- The gold and silver in your precious metals IRA cannot be under your mattress! You have to store the physical precious metals in a recognized depository that meets certain security and insurance requirements, etc.
- You can buy gold bullion or silver bullion from wherever you want to, but you cannot by from a precious metals dealer or broker that you’re related to in any way. The assumption is that the two of you could somehow be cheating stuff or giving each other deals.
That’s the big stuff. Most IRA investment places offer precious metals IRAs and they have all the forms and know all the details. The big thing is that you don’t want to use only precious metals in your IRA, instead you use it as a way of diversifying your portfolio with something that has historically been a pretty safe investment. Of course over the last few years both gold and silver have been crazy — mostly going up, but also having a lot larger fluctuations than they historically have.

One of the many things that I’ve been working on in my vanishing spare time is starting up a