Does anyone have any info on these "Gold IRA's" advertised on the DP?
Submitted by LastAmericanStanding on Tue, 02/24/2009 - 13:41It says gold IRA's are up 300% and they can show me how to take physical gold and silver when it's time to cash out.
Does anyone have any experience with this?
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American Gold IRA Report:
American Gold IRA Report: Huge Demand for India Gold — Investors Buying in the Dips ... But consumers haven't given up hopes of more dips,
Nexpider
Some words of warning...
Keep in mind:
1. A wide variety of investments can be kept in IRAs, including gold. This can be done at nearly any brokerage firm. There is nothing special about a "gold IRA." It is simply an IRA account with gold in it.
2. Nothing is free. There are charges for buying gold in IRAs no matter where you go. There is nearly always a very small, usually $10-50, fee for the account plus some markup on the gold (or a commission on buying a gold ETF, or trail commission in gold mutual funds). If they tell you its free, don't buy it.
3. Gold is a commodity. It should be bought in the most convenient and cost effective form that fits your situation. Shysters often try to paint other formats of gold investment as ripoffs in order to hawk their own. When you run into this, you should question the credibility of the salesperson.
Thanks.
Philip Blumel, CFP
www.philipblumel.com
Incredible
Setting up a Gold and Silver IRA Setting up your precious metal-backed, this makes Gold an excellent diversifier for a portfolio made up of stocks and/or bonds.
Watch a free video on Gold IRA.
http://www.gold101.com/
Gold and Precious Metals in an IRA
Bill Humphrey, Entrust New Direction IRA, NewDirectionIRA.com
There is no "Gold backed IRA", but there are Self Directed IRAs which purchase gold as an investment. Gold dealer's like to promote the idea as a Gold IRA. Basically, the IRA custodian/administrator is directed by you to make a purchase of the metal of your choice (off of the list of approved coins or bullion). The IRA sends the money, the dealer sends the metal to the IRA's depository.
It stays there until you direct the IRA to sell it. Our company provides self-directed IRAs which can invest in Gold. We have seen a huge increase in interest in Gold over the last year or so.
NOTE: Collectable Coins are NOT allowed.
Bill Humphrey, Entrust New Direction IRA, NewDirectionIRA.com
As I understand, anything can be 'invested' in a...
...self-directed IRA.
Again, they are no value to you as you can not physically take possession of them until retirement, so any thoughts of guns, ammo, food, etc. are silly.
Thinking of this simply as a safety valve for assets that have already been allocated. I'm talking to my IRA company right now....
I may not know the truth, but I know when I'm being lied to...
I may not know the truth, but I know when I'm being lied to...
I just did a roll-over myself
I didn't have to pay any fees to a broker. It was easy !
YES, I have 2 links.
http://goldmoney.com/en/pension-plans.html
http://goldmoney.com/en/gold-ira-pension.html
This is an electronic Gold system,
I have used Goldmoney for almost 8 years and would be happy to answer any questions.
beesting
So if I understand correctly...
They purchase and store the gold for you, hold it till retirement age and then you get the gold (or cash value)? I guess it requires a good deal of trust in the company (as does any investment) and the gov't (confiscation is always a looming issue).
The Midas Group is claiming gold ira's are up 300%...but it doesn't say over how long. How does a gold IRA make it's money?
I may not know the truth, but I know when I'm being lied to...
I may not know the truth, but I know when I'm being lied to...
Gold IRA's
Years ago I worked for a large company that offered IRA type retirement plans, basic-ly this is how it worked:
The employees had a set amount deducted from his paycheck and in those days the company matched the amount to be invested.
However, the employee didn't have much choice on how the money was invested.
The deducted investment monies were added into the employees gross annual tax return at the end of the year, and then the employee could deduct the amount invested from his overall gross earned income amount on his annual tax form. Early withdrawal was discouraged. At retirement age the money could be drawn out with a much lesser tax liability, but still depending on gross income for taxation purposes.
During my working years { I'm now retired } I saved and invested in Gold/Silver, in stocks, physical metal, and Goldmoney.com.
During the stock market bubble this may have seemed like a poor retirement policy, however I sold most of my stock, some at a loss, in the early 2000's, and proceeded to re-invest some of the proceeds into Goldmoney.com.
I have been handsomely rewarded, and while many other retirees are struggle-ing financially in my area, I'm doing O.K.
Upon retirement you draw or spend enough to live on from your investment portfolio, but not so much that you would have to pay taxes on the total amount.
Just remember, unlike land, a home, dividends, or capital investment gains, you only pay taxes on your Gold investment when it returns a capital gain, in which case draw out a smaller annual amount.
Bottom line:
Try to retire debt FREE!
Disclaimer: This is not meant as investment advice, since any investment can rise and fall in value.
beesting
You are right...
What about the gold confiscation act of 1933 never having been abolished???
A GREAT deal of trust indeed would be required to invest in gold this way.
Only by holding your own can you really be sure.
And even then you have to buy it without the knowledege of our great uncle.
"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul
Gold Appreciation.
As the dollar depreciates it takes more of them to buy Gold.
Since 2001, when I bought Gold for under $300.00 it has risen to well over $900.00.
Here is a chart:
http://goldmoney.com/en/commentary/2009-01-02.html
16.4% annual average over the last 8 years.
The nice thing about a Goldmoney investment you can check your balance's worth at any time with a P/C.
The New Hampshire honest money Goldmoney bill, recommends Goldmoney.com in their plan.
beesting
Still looking for info from anyone who may know....
If anyone has done this or something similar, please post it so we can all learn. If the market continues to re-inflate and I make some of the money back in my 201K, I might be interested in rolling into a gold backed IRA.
What do'yall think?
I may not know the truth, but I know when I'm being lied to...
I may not know the truth, but I know when I'm being lied to...
Its easy
I don't believe you need to go thru these brokers. You lose about 8% for fees. Go to APMEX and read about establishing an IRA. There are only certain metals allowed in an IRA so it really cuts down on any confusiion as to what to put in it.
Self-directed IRA's
I haven't looked at the ads here, but I've been looking into self-directed IRA's which can be used to hold gold and silver, buy real estate, loan money to others secured by real estate (or not), and even to buy and sell season tickets.
The requirement is that none of the above pass through your hands directly. You need a third party to take posession in order to avoid triggering the tax. They arrange to store the metals, etc.
I'm not sure how it works when you cash out.
I'm planning to open one, soon. I'm considering this one: www.theentrustgroup.com
IMissLiberty
You can reach voters in California, here: http://consequeries.com/California-voter-guide.php
Interesting loophole, though...
As long as you don't take direct possession... interesting.
I may not know the truth, but I know when I'm being lied to...
I may not know the truth, but I know when I'm being lied to...
Just called and talked to someone
Very nice but they hadn't "done one" yet. Talked about people not wanting to do them because only Public gold could be put in IRAs ? Meaning it could be confiscated by the Government ?? I sure wasn't convinced after the call. Thinking more on pulling my money out from 401k and taking the penalty and buying some pre 1933 coins. Still not sure though.
Anyone...? Anyone...? Bueller?
I may not know the truth, but I know when I'm being lied to...
I may not know the truth, but I know when I'm being lied to...