For thousands of years humans have coveted precious metals, gold most of all. Weâ€™ve adorned ourselves with it, given it as gifts, and traded with it. Gold has always had intrinsic value and has always been desirable as a hedge against economic uncertainty.
Interested in investing in gold? Use the purchasing power of an IRA Advantage Self-Directed IRA to add gold to your retirement portfolio. With a Checkbook IRA investing in real investments such as gold or other precious metals is as easy as writing a check.
Before you start purchasing gold for investment, read what five industry experts have to say about you need to know to invest in gold.
What you need to know before you buy your first ounce of gold
Any kind of investing takes preparation to be successful, and investing in gold is no different. Before you make that purchase with your Self-Directed IRA start here with the basics.
“If you want to protect yourself against inflation, deflation, stock market weakness and potential currency problems — in other words, if you want to hedge financial uncertainties, there is only one portfolio item that will serve you in all seasons and under most circumstances — gold coins and bullion.”
Investing in gold? 7 facts you should know
Learn about the different ways you might invest in gold. Itâ€™s not as straightforward as going to a bank and buying some bullion.
“Gold scores the highest in terms of liquidity, compared to all other investments. At any time of the day and any day gold can literally be converted to cash.”
How Do I Buy Gold and Silver?
You might not think that coins and bars are that different, but our expert reports there are a number of differences. Even differences in liquidity, saying:
“Still another advantage for coinsâ€“multiple ounce bars cannot be broken up. You are forced to sell the entire bar if you want to liquidateâ€”itâ€™s all or nothing. With coins, you can sell small, medium or large quantities when you want to cash out.”
Common gold & silver pitfalls to avoid
The professionals at Hard Assets want you to know that not all dealers are the same; some are far less ethical than others, often employing the same bait and switch tactics used in car sales. You may just wish to invest in a hands-off manner, perhaps via shares in a gold fund. But here the write feels that:
“… the essence of keeping one’s hard-earned wealth in precious metals is to own a physical asset that can weather any economic storm. When you put your wealth in ETFs, you simply become an unsecured creditor of a mega-bank that will happily gobble up your wealth if financial turmoil strikes.
Due to high annual ETF management fees, it is also often less expensive to store precious metals at home or in a private, segregated, fully insured gold and silver vault as opposed to having your silver ETF or gold ETF shares diluted from ETF management fees.”
Why investors like silver more than gold
Gold is not the only precious metal available as an investment when you are considering purchasing precious metals with your Self-Directed IRA. This author notes that many investors are now favoring silver over gold.
“The U.S. Mint said sales of its American Eagle silver bullion coins remain â€˜brisk.â€™ Theyâ€™re up about 45% year to date”
Investing in gold is more popular now than ever. Gold and other precious metals can be a solid part of your IRA. At IRA Advantage, weâ€™re experts in self-directed IRAs and the myriad investments that can be part of them. Call 1.800.475.1031 today to get started.