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Has anyone opened an IRA in precious metals?

APMEX has been advertising the idea of opening IRAs invested in precious metals. My current IRA custodians can't invest directly in PMs. APMEX has some recommended custodians who do. One told me that the metals are purchased from the PM dealer (like APMEX) and sent to a vault in Delaware for storage. Not having the metals in my possession makes me a little nervous, but I guess it has to work that way so people don't secretly spend their IRA money early. And I've worked with AMPEX for years and I trust them to actually send the bullion to the vault on my behalf.

Any experiences that others can share on this PM IRA idea? It's got to be better than gambling the money in the stock market, or making 2-3% on money markets.



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Annoying Paperwork

Well, there's some annoying paperwork to do, but other than that, it's easy to open an IRA or Roth IRA you can self-direct.

I have an extra one open because the precious metals I wanted to invest in couldn't be handled by the one I opened for the purpose (it can hold physical metals, baseball cards, season tickets, real estate, however).

You can roll your funds from one to the other. I have a self-directed IRA and a Roth IRA with Wells Fargo. Because my account was already there, that one was EASY to open. They did not need a DNA sample because my identity was already established.

The other custodians needed all the Homeland (barf) Security ID (notarized) prior to funding, but they'll walk you through it.

Read more here: http://www.entrustadministration.com/

I opened a different one here: http://www.sterling-trust.com/ in order to invest here http://www.europacmetals.com/

I wanted my metals in a Roth so I wouldn't pay a premium in taxes.

What do you think? http://consequeries.com/

Topic deserves it's own thread

Wrong placement. This was supposed to have been a reply to Bugman and Velveeta Underground about the farm for profit IRA.

Go here and call Jeffery

Go here and call Jeffery Bennett.

http://www.goldenira.net/About_Us.html

http://www.goldenira.net/

“It does not require a majority to prevail, but rather an irate, tireless minority keen to set brush fires in people's minds”
-Sam Adams

No, but I I took my IRA from Morgan Stanley

took the cash, and created a BugMan IRA LLC. With that I invested in a "farm", which has planted pines and lots of acreage and wildlife. Doing this I could take my savings out of the stock market, control it myself, and not pay any penalties or distribution fees.

Managing your own IRA is legal, but you must be careful to follow the rules, i.e. you must find an investment firm willing to help you with this and report annually to the government. If you sell pines, for example, the profits must stay in the IRA, else you'll have to take a distribution and pay taxes on that.

I've been planting food that will grow for a long time... asparagus, blueberries, pomegranates, citrus, peaches, plum, and still going. If/when the SHTF, I'll have a place to bug out and survive with my family.

'Cause there's a monster on the loose

Your post deserves more

Your post deserves more detail. I'd like A LOT more detail on this. Any recommended reading, or do you have the time or inclination to flesh out how anyone could do the same?

Velveeta...

http://www.dailypaul.com/137992/what-do-you-know-about-a-sel...

So as not to hijack this gold thread, I've updated my original post from way back and included some info on how this works.

Looking forward to your thoughts...

'Cause there's a monster on the loose

Velv...

I'd be more than happy to give you all the information I can... names, numbers, etc. I finalized it last summer and have not had any problems yet.

However... right now I have to pick up my bees. Got 2 hives and will take them out to the farm and get them established today.

I'll come back & post the details ASAP. Glad you're interested.

'Cause there's a monster on the loose

Commodities question

In the same way one can invest in metals, is there anything in existence that enables a person to pre-pay for, say, a year's worth of gas at today's prices, then use essentially a debit card to buy gas at your locked-in rate over time? If the airlines can do this, why not individuals? This is a serious question as gas is over $4.00+/gal. now.

IRA's and 401k's

They are not necessarily what they are cracked up to be. If you are investing in a tax-deferred IRA or a 401k, you could end up paying tax when it isn't very favorable to do so. Look at it this way, when you retire you probably won't have mortgage interest to write off, children to claim for income tax deductions, work-related expenses, etc. If you get your retirement investments right, you may be facing a 49% tax bracket when you retire since you have to treat disbursements as taxable income. 49% tax rate with no write-offs basically means you'll be giving half your nest egg to the government. They're going to get your money no matter what and these tax-deferred accounts are just a way to get your financial gains when you are most exposed to taxation.

Now, if you're like a lot of people, you have deductions, mortgage interest, and other things that put you at a lower tax rate right now. So, if you expect to be at a higher tax rate when you retire, it might make more sense to pay the taxes now so you can avoid taxation when you retire. Now, if you buy physical silver and gold and hang on to it with your regular income, you will have bought those commodities with post-tax dollars. You can then cash those coins in later as you need them. If you keep it under $10,000 at a time when you sell them, you can avoid a Cash Transaction Report. (IRS Form 8300).

________________________________________

Not a chance in ......

if I can't touch it, it doesn't exist. I don't want any part of their "benefits."

Those accounts are part of the system. My goal is to completely disentangle from this world (this system). Convenience breeds servitude. This is difficult. But freedom or sovereignty was never about easy. I have to keep reminding myself of this.

Phil. 4:13

I just opened an IRA today with

etrade. It is awesome you can do whatever you want with it and NO FEES and they give you 100 trades for free. This saves you a ton. I had to open one today per my tax ad-visor. Etrade...simple to use and you can guide it to whatever you want. Bought VXX today on the super low, and I am about to pull the trigger on SLV...but man I can't at these prices ramping up so fast. I am researching some Super small miner stocks. I want one of those stocks that you buy in for 4 cents and it goes to $6 LOL

you know

SLV is not silver, right?

Of course I do

I still have to play by the rules to get my Fiat dollars back to invest in physical. I do earn FRN's and have to invest those correctly to keep more of them.

I no longer trust IRAs (Roth or otherwise)

I have a feeling that once the government "needs" it, they will simply confiscate American's savings in IRAs to help pay for the gigantic burden the aging Baby Boomer population represents.

My advice? Look at what people with "real" money are doing and copy them.

Who is the Government?

Do you really think the American People would sit still for this?

The politicians are so afraid of us that they won't even touch Social Security despite the obvious math.

I can see a long drawn out marketing campaign to sell us on the idea of taking away future tax exemptions from "rich" people, but I don't see any chance of them committing political suicide.

What do you think? http://consequeries.com/

I am using

Sterling Trust in Waco, Texas. Just rolled over a couple of IRA's into metals and storing in Delaware. Cost is $125/year for the warehousing and a small management fee from Sterling.

Give us clear vision, that we may know where to stand and what to stand for - because unless we stand for something, we shall fall for anything.
~ Peter Marshall, US Senate Chaplain 1947

I am currently rolling over

an old 401K, and if anyone can give advice on my concern of not having physical possession. I am leaning toward rolling over 1/2 to gold/silver and just paying the penaltys and taxes on the other half and getting physical possession...

Paper Metals....

...the begining of the banksters fraud. What happens to your (paper) metals backed IRA when the company that you have loaned your metals to for storage goes under due to fractional reserve (paper) metal leasing??? You get wiped out, just like any other bank run. You want to save for your retirement in precious metals..I think that's a great idea! Now get yourself a hidden floor safe and keep your mouth shut about whats in it! If you are uncomfortable w/ having the metal at your house (which I understand has risk), You can spread the risk by getting a saftey deposit box at your closest bank. Then set yourself up a "Google" email alert of said Bank. Any whiff of trouble at that Bank..run to the deposit box and remove all your metals to be stored in your floor safe until another safe place can be located and established. Above all else, keep your mouth shut about what you have and purchase small amounts in cash when possible. The last thing you need to do is make yourself a known target by bragging publicly or by making large purchases w/ a paper trail (credit card).Good luck!

YES YOU CAN!!!

invest in PM's and hold the bullion in your IRA's. Your broker will give you every sad reason why you can't and tell you of the added expenses and booo hooo. Why? Because their commissions go down the drain. I am 100% invested in American Eagles through Merrill Lynch. It used to be Bank of American investments. They now will not do any transactions for less than 25k.
Get in touch with Ed Wehrman at Blanchard and Company.
ebwehrman@blanchard.com and see what they can do.

Dr. Mike Vasovski
South Carolina Campaign Chairman, Ron Paul 2012
The SINGLE vote in the SC delegation for RP, GOP Convention, Tampa, FL
2010 Candidate, US Congress SC-03
Past Chairman, Aiken, SC County Tea Party

wondering...

How do you know ML has the eagles? Are you sure it is not just a paper entry?

Does the ML balance sheet list a gazillion physical eagles? Does ML list those as an asset of ML?

YES YOU CAN!!!

invest in PM's and hold the bullion in your IRA's. Your broker will give you every sad reason why you can't and tell you of the added expenses and booo hooo. Why? Because their commissions go down the drain. I am 100% invested in American Eagles through Merrill Lynch. It used to be Bank of American investments. They now will not do any transactions for less than 25k.
Get in touch with Ed Wehrman at Blanchard and Company.
ebwehrman@blanchard.com and see what they can do.

Dr. Mike Vasovski
South Carolina Campaign Chairman, Ron Paul 2012
The SINGLE vote in the SC delegation for RP, GOP Convention, Tampa, FL
2010 Candidate, US Congress SC-03
Past Chairman, Aiken, SC County Tea Party

Thanks, I'll check it out.So

Thanks, I'll check it out.

So you just told Merrill Lynch what metals to purchase and they put it into the account? Who is holding the metal?