Investing in precious metals is an excellent way to diversify a retirement portfolio and hedge against inflation, but there are a few rules you need to follow.
My first assumption was that any gold, silver, or platinum coins would do, but that is not the case. If you are planning to invest, you need to know the ins and outs of IRA-approved silver.
What is IRA silver, and how can you be sure you are investing in the right things?
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What is IRA Eligible Silver?
IRA-eligible silver is a physical commodity investment approved for purchase using funds from a precious metal IRA.
According to the rules set by the IRS, IRA-eligible silver bars, coins, and bullion coins must meet minimum fineness requirements of 0.999. This applies to all mint silver products- including certain foreign coins. If they don’t meet the fineness standards, they cannot be purchased for a precious metals IRA.
How Do You Know If a Product is Approved Silver?
One of my biggest worries when I first became interested in investing in silver bullion, coins, and bars was whether or not I would be able to tell if my products passed the fineness standards.
I quickly came to realize that the best way to know for sure that the precious metals you are buying qualify for IRA investments is to buy them through a trusted and reputable dealer. Most gold and silver IRA companies sell fine silver and gold coins that are approved for a precious metals individual retirement account.
These dealers often sell only IRA-approved silver products. If they do, they will make it clear that they are not meant for that purpose. They can also provide advice and confirmation that the silver coins or bars you are buying qualify.
Examples of IRA-Approved Silver Bars
- Royal Canadian Mint 10oz Silver Bar
- Johnson Matthey Silver Bars
- Sunshine Silver Bars
- SilverTowne Prospector Bar
Examples of IRA-Approved Silver Coins
- Austrian Silver Philharmonic Coins
- Canadian Silver Maple Leaf
- American Eagle Proof Coins
- American Eagle 1oz Silver Bullion Coins
- Australian Kookaburra Silver Coins
- Mexican Libertad Bullion Coins
What Silver Products Cannot Go Into a Silver IRA?
I was shocked to learn that as many as 90% of all national government-mint silver products are not IRA-approved. You can’t put any silver with lower than 0.99% purity into your silver IRA.
Any silver you already own cannot be moved into an IRA, and you cannot invest in silver bullion or coins that have been graded by an unauthorized service. Additionally, jewelry of any metal is not approved for silver IRA investments.
Silver and gold bullion, coins, and bars do not all qualify as IRA-approved precious metals, and it is important to know what you can and can’t buy with your IRA funds.
I found that the best way to find the right silver investments was by working directly with a reputable precious metals dealer that I trust.