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<![CDATA[Silver Investor Community Discussion Forums - SilverSeek.com - Silver Bullion & Coins]]> http://forums.silverseek.com/ en Mon, 18 Feb 2019 06:51:27 GMT vBulletin 60 http://forums.silverseek.com/images/misc/rss.png <![CDATA[Silver Investor Community Discussion Forums - SilverSeek.com - Silver Bullion & Coins]]> http://forums.silverseek.com/ What Silver items can be stored in an IRA savings account? http://forums.silverseek.com/showthread.php?69399-What-Silver-items-can-be-stored-in-an-IRA-savings-account&goto=newpost Wed, 13 Feb 2019 08:54:59 GMT *Any and everything that is .999 fine or better depending on the storage facility that is handling your items. Some will only accept certain types... Any and everything that is .999 fine or better depending on the storage facility that is handling your items.

Some will only accept certain types of items such as one ounce rounds and bars, others only accept 1000 ounce bars, while all are allowed to accept any size round or bar as long as it's .999 fine or better.

Many if not most dealers play games when it comes to listing items that can be placed in an IRA account by stating an item is IRA eligible, when in fact all their items should be IRA eligible.

The only time an item a dealer sells would not be is if he is directing it to his own specific storage facility or storing it themselves, which should be a red flag and they only allow certain items to be stored in that facility.

If your using an independent IRA broker which should be the safest as they do not store your items themselves or if they do I would suggest you find a different one to protect yourself.

It's obvious the games dealers play by stating an expensive government round is IRA eligible or one of their own products they favor as it has a greater profit margin.

You do need to be careful when selecting the broker or storage type if they give you an option.

Some storage is cheaper than others as they do not separate your Silver from anyone else's. They only guarantee to return the same like kind of product as you sent them, as in 500 Buffalo rounds or 500 NWTM rounds, 40 10 oz Engelhard bars, 10 100 oz Engelhard bars.

The condition of the products you receive may be better than those sent to them or far worse condition.

In reality you will not even see what was sent to them yourself in most cases unless you happen to have your local coin shop sending them and you can actually see them packing the product.

You'll receive a receipt of what the storage facility received identifying your products, but not the condition.

The other type of storage is in a segregated location and is more expensive for obvious reasons. But you then get back exactly what you had paid for and they received.

This is not cheap for long term, but if you have a large volume of Silver and it needs to be stored for safe keeping, it is one way to do it.

There are numerous IRA brokers across the county today versus 20 years ago when there were basically two.

Do your homework and find out what their options are as far as storage options and annual store fees per ounce or however they do it.

Do not get sucked into a dealers come on, buy from us and we will store for less or even free and maybe they will never even buy your Silver to begin with as a number of dealers have done already and went belly up.

When dealing with a broker, they should only receive your money and handle the contract with your dealer and the storage facility, that is their middle man role.

They keep the records and never touch your metal.

How all this works to be compliant with IRS rules or as best that I can remember them.

You first set up an account with a IRA broker.

You then make a deal with any dealer that is willing to handle IRA transactions, not all will as it requires them to purchase Silver in advance and ship it to a storage facility and after it's received they will be paid.

Not all of them are willing or capable of dealing with these IRA accounts because of the amount of money needed to be tied up, especially small dealers.

You forward the contract between you and the dealer to the broker with your funds and once they verify your funds are good, they notify the dealer what items to ship and where.

Once the storage facility receives the items and notifies the broker, the broker will then pay the dealer.

The broker has a fee for each deal and an annual fee for handling your account which you need to understand what their fees are in addition to the storage fees. The brokers fees are not that much unless your doing a lot of transactions versus a few larger ones.

I'm not a fan of IRA accounts myself unless you already have something in one and you want to transfer your funds from one account into a broker for Silver storage.

Keep in mind you are never allowed to handle any funds yourself from an IRA account, as in remove it from one and then try and put it into another yourself.

The IRS looks at that as a withdrawal and will want to tax you and possibly with penalties. Always have your broker handle everything or have one broker transfer your funds to another which I believe is acceptable.

You can not add your own physical inventory into an IRA account, it has to be purchased with your funds one way or another.

What a lot of people don't know is the option of actually selling your silver and buying Gold or holding it off and buying back in later with those funds as long as the broker maintains the funds in your account in his possession.

Of course your always paying the broker for his extra services, but it's an option if your looking to cash out on a high and they buy back in because your betting the market is going to tumble later or your want to play the Gold and Silver ratio to your advantage.

Shhh, don't tell anyone, but you can do the same thing by trading shares of an ETF like SLV Silver in an IRA account much cheaper than dealing with these storage fees and broker fees. Simply open an IRA account with a low cost per trade broker and your all set, you can then buy and sell shares into and out of your account at will. Your only problem is your limited to IRS rules for withdrawals just like dealing with any other IRA account, except your doing the trading and only paying a tiny trading fee for using their services. Some people like IRA accounts because of the upfront tax advantages, but you end up paying later when you withdraw your funds.

I personally liked the ROTH IRA account which is funds after taxes and no taxes paid when you withdraw your funds possibly years later. But there is an annual limit as to how much you can put in each year and it's stuck for I believe it's a minimum of five years and age limitations for withdrawals. Of course that does not mean you have to leave your funds tied up in Silver or Gold if you cashed out on a high note as in 2011. You can simply leave your funds in your broker account forever until your able to remove it without penalty if that's to your benefit or you decided to take those funds and purchase three times as much Silver as you sold back in 2011 and hope it takes another wild ride. Your able to buy anything you want to invest in with those funds that the broker can trade in. Metals, general stock market, back and forth and at $4.95 per trade that is nothing compared to trying to move physical Silver with premiums and losses to market value.

Of course there has been all the talk about SLV taking a dive because no one believes JP Morgan really has all that Silver backing the SLV accounts like they report, but it's been in business for some 12 or 13 years now and not a single failure yet.

Yet JP Morgan is just the paid storage facility for SLV and responsible for all that Silver and they would have everything to lose if they were involved in a cover up for someone else's games being played, not to mention the audits they have to endure.

I can't recommend investing in SLV stocks versus physical Silver, that's a personal choice, but it is a far cheaper way to go if your planning on some kind of IRA account and doing any type of trading. Plus it's also cheaper in the long run as far as the cost to maintain your account with storage fees. Your only dealing with your cost to buy in and your cost when you sold at pennies an ounce. No hassle of trying to find a buyer, jut put your shares up for sale at market if you want and it's sold in no time flat without the usual spot minus a dollar or whatever you can get plus all the expense of shipping and handling.
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