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How To Put Gold In Your IRA

November 16, 2011 Company Profiles 1 Comment

Learning how to put gold in your IRA is not a difficult task, but it does take a little thought before you go down that path. There are a few things to consider that might have ramifications down the road. With that being said, let’s take a look at how to put gold in your IRA, while possibly explaining why you would want to.

We know that gold is real money, and that, in a “moment of weakness”, the government acknowledged it in 1997, when the “Tax Payer Relief Act” was passed into law, making it legal for gold and precious metals to be added to IRA accounts. I say in a “moment of weakness”, because it is not like our government to allow us to do something that would actually enable us to get out of the inflation trap that they have set for us. This government is not about empowering us, but rather about enslaving us!

“The Taxpayer Relief Act” allowed silver, platinum and gold, to be put in an IRA accounts in order for IRA holders to diversify their funds. Gold coins must be 99.5 percent pure gold to be IRS approved for depositing into an IRA accounts.

The gold, silver or platinum coins must also be classified as legal tender to qualify for deposit. The precious metal bullion coins that the U.S. Government is currently approving are the American Eagles, Perth Mint Lunar series, Kangaroo-Nuggets from Australia, the Canadian Maple Leafs and Austrian Philharmonic coins.

There are different IRA companies that will only accept gold American Eagles and gold proof American Eagles in gold IRA’s. This is still America, although I don’t know how long it will last under the current Marxist administration, but you should look around until you find an IRA administrator that will hold gold and other precious metals under the definition of the current law. I guess I have to say “under the definition of the current law” with tongue in cheek, considering that the current Attorney General, Eric Holder has no idea what “the rule of law ” means.

The U.S. Mint, with retirement accounts in mind, specifically designed gold proof American Eagles in order to (A) limit what you can hold and (B) make sure that if and when they seize it , they know exactly what they are getting. Proof gold is produced in limited quantities and by the very nature of their scarcity, they will likely outperform the generic American Eagles by 1 ½ to 2 times as gold continues its bull run.

The gold proofs are exempt from confiscation under the Executive Order of 1933, and if you believe that cannot be changed in 15 seconds, you should immediately go to iamanidiot.com. They will explain why you are an idiot and why they should be able to “occupy” your wallet.

Let’s cut to the chase. Assuming that the U.S. Government does not seize your gold or precious metals, and that is a big assumption considering the unqualified Marxist that we elected as the president, the current bull market affords you a great opportunity to let your gold appreciate in a tax free environment.

You also have the ability, after the age of 59 & 1/2, to withdraw your gold from your IRA at a lower tax rate than when you purchased it, because as you get ready to retire, you will most likely be earning less than when you were working full time. In essence you get to defer your taxes until you have to pay less for your withdrawals from your IRA because you are more likely to be in a lower tax bracket.

When gold is deposited in your IRA, it is repackaged after verification and stored separately. This ensures you will receive the exact same gold, or other precious metals that you deposited when you decide to sell, exchange, or take possession of your gold.

We live in dangerous times and yet I feel that IRA gold deposits are worthwhile because I am not ready to abandon America. We have the ability to remove the cancer that has overtaken us in the form of the Obama administration. America is better than this race bating, Marxist loser that has control of the government today. 2012 is going to be a defining moment in the history of America. We either regain control of our government, or we follow Europe into socialist hell, or worse.

I recommend that, as you reach 59 & 1/2, you start taking the physical gold out of your IRA as your income decreases. This way you can have an appreciating asset in your possession that you don’t have to pay much tax on, while you get the benefit of having it off the books as the government goes parabolic with the inflation card.

I am a firm believer that you need adequate amounts of silver in your portfolio in order to insure your liquidity. The more you can have “off the books” the better you are if there is a meltdown. If you are like most of us these day you need every advantage that you can get to stay ahead of the recession/depression that we are going through, thanks to “Hope and Change” president that America mindlessly elected. Hopefully, we will do the right thing in 2012.