CBMint is proud to offer our customers the ability to use precious metals to fund Individual Retirement Accounts, or IRAs. Many investors in the United States are not aware of it, but they can use physical gold, silver, platinum and palladium bullion to fund their IRA. Individual Retirement Accounts offer investors tremendous tax benefits, so funding your IRA with precious metals is a great way to buy gold, silver, platinum and palladium with significant cost breaks. As with any IRA, profits from investment sales are tax-deferred, as long as you transfer the proceeds to another IRA or retain the proceeds with your IRA custodian for reinvestment.
Facts about Precious Metal IRAs
Precious IRA Metals are self-directed IRAs, meaning that you, the investor, chooses the actual IRA-approved products which go into your account. What are IRA-eligible bullion products? A simple formula is used to determine what bullion products are IRA-eligible: gold, platinum and palladium products must be pure bullion with a fineness of .9995 or higher, and silver products must have a fineness of .999 or higher. A special exception is made for the American Gold Eagle, which, despite being struck from 22 karat gold, can still be used to fund a precious metals IRA. As you can easily see by looking over the CBMint Product Listings, almost all of our bullion products meet these IRA-mandated criteria.
Precious Metals IRAs do not involve any actual handling of the precious metals by the investors themselves. You simply fund your IRA account and authorize it to purchase products of your choice on your behalf. Those products are then paid for by your IRA provider, and the products are then shipped to a depository of your choice. The depository is responsible for storage and maintenance of the metal itself — the investor does not need to worry about storage and security. (Note: you always have the option to take physical delivery of your metals at ANY TIME. However, doing so will be treated as a distribution, and may be subject to the same penalties as any other IRA withdrawal if the distribution occurs before you reach age 59 1/2)
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Setting up a Precious Metals IRA in 3 Easy Steps
Ready to get started? CBMint has partnered with The Entrust Group, one of the most trusted IRA custodians in the United States. Starting a precious metals IRA through CBMint – An IRA Company is very simple and can be done in just a few quick steps.
Step 1 – Open and Fund a Self-Directed IRA
The first step is to open up and fund a self-directed IRA with The Entrust Group. One of the best providers of precious metals IRAs in the United States, The Entrust Group is known for tremendous customer service and very low IRA account fees. Entrust has been in business for over 30 years and currently administers nearly $4bn in client assets. It takes only a short time to fill out their online application.
Please visit http://www.entrustpmc.com/open-an-account to complete the process.
Or if you’d prefer, you may download the Paper Application here.
If you plan to transfer from an existing IRA, the Transfer Form can be found here.
Step 2 – Purchase Precious Metals to Fund your IRA
After The Entrust Group approves your account and has confirmed receipt of your funds, you are now ready to purchase any IRA-eligible precious metals from CBMint. Most of the available products on CBMint are IRA-eligible, so you have a wide-range of great bullion bars and coins from which to choose. When you have determined what products you would like to purchase, simply call CBMint toll-free at 214-597-1571 and inform us of the exact order you are making. Your products and product pricing are locked in at that moment.
After buying precious metals for your IRA, you need take no further steps. CBMint then contacts The Entrust Group, your IRA custodian, and sends an invoice for your order, which is then paid by that custodian out of your IRA account. The links below will lead you to lists of IRA-approved bullion products available on CBMint.
If you have any questions about this process, or about what products may be IRA-eligible, always feel free to call us at 214-597-1571.
Step 3 – CBMint Ships your Precious Metals Directly to a Depository
The IRS does not allow owners of precious metals IRAs to take physical possession of the metal. The precious metals must be held by an approved depository, which is fully responsible for storage, protection, and maintenance of all of your IRA-held precious metals products.
You have the choice of eight approved Precious Metals Depositories. All you must do is select an approved depository when you open your account. The IRA custodian will notify us at CBMint of the details, such as the depository name, address, and contact information. We then contact your depository of choice and make all the arrangements for shipping your precious metals for safekeeping. Your metals are fully insured during transit to the depository, after which they are securely stored in the depository vaults.
Continuing to Fund a Precious Metals IRA
Once you have completed the application process, funded your IRA account, and picked a depository, there is little left to do except periodically add funds to your IRA account. Any time you wish to add metals to your IRA you can call CBMint to buy precious metals to add to your IRA. Your IRA custodian handles payment, we handle shipping and insurance, and your depository handles storage and maintenance.
It is a worry-free experience for precious metals investors, and, with the tax deferments inherent with all IRAs, an excellent way to grow your investment portfolio. If you have any questions about starting your Precious Metals IRA, do not hesitate to Contact Us or call CBMint toll-free at 214-597-1571.