Silver IRA ☛
Interested in a silver IRA? Great. But you probably have a few questions left unanswered, before you jump in, right? Perhaps one of these:
what are the best silver and gold IRA companies?
what are the silver IRA rules?
is a gold and silver IRA right for me?
is a physical silver IRA the way to go in 2020?
what is IRA eligible silver?
which are IRA approved silver bars?
Well, all of these questions and more are answered right on this page (or on other pages on this site that we’ve linked to for you!).
First, we recommend you check out this video that blows the lid off the silver price manipulation scam and reveals why there may be no better time than now to invest.
“Silver is their Kryptonite. If they lose control of silver, the game’s over! If the price of Silver takes out $18.50, its on its way to $100!”
GATA Chairman, Bill Murphy
What is an IRA?
We’ll talk about the precious metals IRA in a moment but first, let’s remind ourselves what a vanilla IRA is.
IRA is an acronym that stands for “individual retirement account”. Being one of the most important objectives of a successful investor, an IRA will help you in securing your future after retirement. In a basic IRA account you can only invest in paper currency or other “paper” investments such as bonds, stocks.
Why Should I Have Precious Metals in My IRA?
Investing in gold and silver in your IRA is the latest trend among investors to safeguard themselves from unseen future crises.
During periods of economic unrest, paper-based assets are unlikely to give you full security as paper currency becomes more and more devalued. In the current fragile economic climate, more and more investors are rushing to invest in precious metals.
Precious metals like gold and silver have have a track record of retaining -- and indeed increasing -- their value during economic crises. For example, after the 2008 global financial crisis, gold and silver went into an aggressive bull market that lasted three to five years.
So, investing in these metals can provide more security and assurance as compared to paper currency and investments. By adding physical silver to an IRA, you can be sure that you have created a hedge against long term inflation and other economic risks.
What’s a Silver IRA?
First off, let's clarify that a physical silver IRA is essentially just the same as a precious metals IRA, which is normally implemented as a "self-directed" IRA.
The main difference between a “normal” IRA and a silver or gold one is the difference between paper currency/investments and a physical, liquid asset (silver). In basic IRA you back your retirement portfolio with paper currency but in a precious metals IRA, you keep physical silver and gold in your portfolio.
If you don’t already have precious metals in your IRA, a basic plan can be converted to a precious metals IRA using what’s called a “rollover”.
Silver IRA Rules
The main silver IRA rules that you should know are given below:
The amount of silver contained in bullions or coin should be minimum .999. This is known as minimum fineness. Minimum fineness of .999 or 99.9% purity is required to be included in your IRA. Due to this, not every type of silver product can be allowed.
You cannot personally hold your silver. It should be held by your custodian.
Rollover of eligible funds from other retirement accounts is allowed.
Numismatic coins are not allowed.
New contributions to IRA each year are limited with the exception of rollover funds.
What is IRA Eligible Silver?
As mentioned already, an IRA which is at least partly based on the worth of silver offers more financial stability and reassurance to the investor. The following is a list of IRA eligible silver coins and bars that you can add to your IRA instead of bonds, stocks or any other form of paper investment:
Australian Silver Kookaburra coin
American Silver Eagle proof coin
Chinese Silver Panda coin
American Silver Eagle bullion coin
Canadian Silver Maple Leaf coin
Austrian Silver Philharmonic coin
Mexican Libertad coins
Austrian Silver Vienna Philharmonic coin
Silver Morgan Dollar
Australian Silver Horse
Silver Peace Dollar
Australian Silver Koala
Silver rounds or bars that meet minimum fineness standards that are made by the national government mint or a COMEX or NYMEX approved refinery.
What are IRA Approved Silver Bars?
The following is a list of IRA approved silver bars:
- Royal Canadian Mint Silver Bars
- A-Mark Silver Bars
- OPM Silver Bar
- PAMP Suisse Silver Bar
- Walking Liberty Silver Bars
- Johnson Matthey Silver Bars
- RCM Silver Bar
- 10 oz Sunshine Silver Bars
Note that the above lists are not exhaustive and is provided for illustration purposes only. Your IRA provider will be able to give you precise guidance in exactly what silver is eligible for your IRA.
What is Not Allowed in a Silver IRA?
No that you know what is allowed, it makes sense to briefly cover what is not allowed:
Rare coins or collectible coins
certified or graded coins.
How to Find the Best Silver IRA Companies?
When planning to invest in silver, always do your research and select a company that has great testimonials, high ratings and low (or zero, if possible) complaints registered against it. Such a company can offer you a wide range of silver product to choose from and add to your IRA.
Luckily, we've done the hard work and research for you and have assembled a list of the 10 top silver IRA companies out there.
So, in conclusion, we’ve seen that there are many financial, political and social factors that can have an impact on the global economy. Due to these factors, there is an uncertainty among investors, whether their investment will make their future or not.
With each passing day, inflation is increasing and value of paper currency is decreasing. Therefore, it may be wise to start or convert to a physical Silver IRA that includes at least a proportion of precious metals, in order to hedge against these dangers to your wealth.
John Wilson, Editor
eGoldAdvisor Editor is John Wilson. John is an accomplished online and offline businessman and investor. He has significant personal holdings of precious metals and also real estate.
Some time ago, John came to the painful realisation that the government does not have our best interests at heart; least of all our wealth. Read more...
Image credit: (Mick Baker) rooster
Image credit: Eric Golub