So you have decided to invest in a precious metals IRA account. You may now be wondering whether or not you should also buy gold, silver or other precious metals with cash. We believe the simple answer is a resounding YES.
We believe that a gold or silver IRA should be one of the cornerstones of your overall investment strategy. These accounts allow you to possibly acquire large sums of gold, silver and other precious metals. They can have potential tax advantages and you can rest assured that your gold or silver is safe, sound and accounted for.
There is, however, one drawback to a precious metals IRA account:
What if you need your gold or silver RIGHT NOW?
While an IRA account is extremely secure, your access to your metals is limited in a way. You can take delivery of your precious metals any time you choose to do so, however, you may have tax consequences in doing so and you will have to wait for your precious metals to be delivered.
Now, while such a scenario may be unlikely, even extremely unlikely, ask yourself this question: “What if there were an economic or currency crises that made transacting in paper currencies limited or impossible? How could you possibly acquire necessities such as food, fuel or even shelter?
Gold, silver and other precious metals could be the only means of transacting…
If you need to buy food to eat today, waiting around for delivery of your gold and silver is not going to help much is it…
This is why having a small amount of physical gold or silver that is always accessible to you is not a bad idea…
And by accessible, we don’t mean in a safe deposit box down the street either. Safe deposit boxes may not be accessible if the bank is not open or having an issue.
We are talking about gold and silver that you keep in your own possession. Gold or silver that is there should you ever need it…
While we believe that having a small “stash” at home is wise, it does also come with some considerations. Some key points to think about include:
- Getting your gold or silver to your home safely and securely
- Where you will store your gold or silver
- Will you use a safe or other means of storage
- Who else might know about your gold or silver
Obviously, you will want to take care in who knows about your precious metals and how you store them. A secure safe, hidden in your home or property, may be a good way to keep some gold and silver accessible to you. You may want to make sure the safe is in a hidden location, is not easily removed and is fire and water proof.
While just how much gold or silver you keep at home or within reach is a matter of personal preference, we believe that the majority of your holdings should be held within your IRA account. Having a small amount on hand, however, can provide added peace of mind and could be used in the unlikely event that fiat currency could not be used.
For any questions about a gold or silver IRA, please reach out to one of our precious metals professionals. Our account executives will also be happy to assist you with acquiring physical gold or silver outside of your IRA account. Don’t wait for higher prices. Call us today at 1-800-341-8584.