Comments on: Considering a “Gold” IRA? – Choose Wisely

By: Jack Steffen

Jack Steffen — Sun, 23 Oct 2011 20:00:11 +0000

Some links to what I am talking about – Americans have had their gold confiscated before.

http://www.lewrockwell.com/orig11/weber-c1.1.1.html

http://www.rumormillnews.com/cgi-bin/archive.cgi/noframes/…/109743

By: Jack Steffen

Jack Steffen — Sun, 23 Oct 2011 19:06:29 +0000

I’ve been seriously thinking about starting a gold IRA as I will be coming into some money that I will be able to invest. The only thing I am leery of is the fact that your gold is stored somewhere by someone else and you don’t have easy access to it, but the government might. The U.S. government has confiscated people’s gold in the past, what’s to stop them from doing it again if times get really terrible?? I’d actually feel more comfortable just going to a local coin dealer and actually buying the coins myself at the lowest price I can get, then just keep them myself and hide them. I know that sounds “risky” but IMO there is just as much risk letting a repository (I’m sure they are watched and monitored by the government) or bank safe deposit box (same problem – govt could confiscate sd boxes at banks too) Is there anyone out there who can give me rock solid assurances that this won’t ever happen?? Right now it looks like just buying gold on your own, keeping quiet about it – don’t broadcast to every Tom Dick and Harry “Hey I’m stockpiling as much gold as possible” and keep it hidden well somewhere where only you will know about it and can easily access it if and when things totally go to 7734 in a handbasket

By: Wayne

Wayne — Sat, 20 Aug 2011 00:26:10 +0000

Very informative articcle-

I am definately theinking about cashing out my 401 K and other stock invetmentsm take the hit from the IRS and invest in precious metals (gold and silver).

The way the global economy is tanking, I can’t risk losing anymore of my money…

By: CoinLink

CoinLink — Fri, 25 Feb 2011 23:34:04 +0000

Brian:
There are many different opinions on the MS vs Proof question. The point in the article was that the more premium you are paying for proof items, the less actual gold you are buying. And if the idea is to purchase gold because of concerns over fiat currency, then you want as much “bang for the buck” as you can get.

As far as your other points, virtually none of the proof bullion coins are really “rare”, and if you are looking to invest in numismatic items that truely are rare, then there may be much better choices than proof bullion products.

On storage fees, if you elect to place gold in an IRA, Roth or otherwise, you almost have to use a storage facility. The law requires the the owner of the IRA MAY NOT have control and custody of the assets, so you can’t set up an IRA, buy the gold and then hold onto it yourself.

Also the list of coins and products that are “Acceptable” to place into an IRA are specified by the IRS, and “numismatic items” are not allowed, nor are certified coins.

On taxes, you need to consult an accountant, but my understanding is that regular IRA distributions are taxable at the time of withdrawal because you can deduct the value of the items from your income, up to specific limits, for the year in which you make the contribution.

Roth IRA contributions are made with “after Tax” contributions and I think these are indeed tax fee upon withdrawal, but I may be wrong.

By: Brian

Brian — Fri, 25 Feb 2011 15:52:44 +0000

One other comment after reading through this – the article states “Make sure the coins you purchase are “Qualified” to be included in an IRA”. Now wouldn’t that be part of the administrators job? They should be directing you on which coins qualify under the IRS rules, shouldn’t they?