Has anyone opened an IRA in precious metals?Submitted by havaprayer on Fri, 04/15/2011 - 14:50
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.