By Tim Grant for Pittsburgh Post-Gazette

It used to be that an IRA could be funded with only cash, stocks or bonds, but Congress has expanded the rules governing individual retirement accounts to include gold and silver bars and coins.

And more investors who are concerned about turbulence in the U.S. and global economies are taking advantage of that option.

“When you get into very volatile markets and people are afraid of stocks and bonds, they look for safe havens, and gold has always been a safe haven,” said Nadav Baum, managing director of investments at BPU Investment Group in Pittsburgh.

Transactions for precious metals IRAs have increased 523 percent in the past eight months at GoldStar Trust Co., a leading custodian for self-directed IRA accounts, based in Canyon, Texas, said Trey Hightower, a precious metals specialist.

GoldStar’s IRAs allow investments in gold, silver, platinum and palladium bullion bars and coins. Its precious metal assets under management were valued at $312 million as of last Dec. 31.   “The economy and the weak dollar is driving a lot of people into precious metals,” Hightower said.

Traditional and Roth IRAs that contain precious metals operate under the same rules as conventional retirement accounts. The metals cannot be withdrawn from the account without penalty until the investor reaches 59 1/2 years old and withdrawals are required starting at age 70 1/2.

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