According to IRS rules, investors need to select a third party individual if they plan on taking advantage of a precious metals IRA custodian program. In theory, the IRS actually requires a custodian for all IRA investments. This includes precious metals as well as other types of investment products.
Ironically, though, a precious metals custodian won’t actually manage your investment or give your IRA advice. The main purpose of one is to provide you with regular updates on your IRA value and keep track of all of your transactions. This makes filing taxes much easier.
You’re required by law to select one that is authorized as a provider. That means you technically have a very limited pool of individuals and organizations to select from. Check a list of licensed providers before making any further moves. This can help you to drastically narrow down the number of people you’ll need to work with before you do anything else.
Once you have, check the track records of every potential IRA custodian. That should help you find one that’s perfect for your specific portfolio.
Keep in mind that you’ll only need one if you’re considering a precious metals IRA transfer or some kind of rollover investment. You’re still free to invest your own money by purchasing gold or silver bullion on the open market. While this doesn’t have the tax benefits of a traditional IRA package, it should prove to be significantly easier. For that matter, there’s no reason that you can’t take both routes simultaneously.
