A New Service Proves You Don't Need "Proof" For Gold in Your IRA

When a retirement investor wants to buy gold or other precious metals through their IRA, metals dealers frequently sell "proof coins" noting that proof American Eagles are specifically allowed by the IRS. These "proof coins" are not required for a self-directed IRA, according to Bill Humphrey, CPA and Vice President of Entrust New Direction IRA, Inc, a self-directed IRA/401(k) administrator. First State Depository, a company which provides precious metal storage, working with Numismatic Guaranty Corporation (NGC), the industry leader in coin certification, is offering a new service which provides proof of the metal content and purity of the coin for much less than the cost of "Proof" Gold Eagles.

Lafayette, CO (PRWEB) May 14, 2009 -- When a retirement investor wants to buy gold or other precious metals through their IRA, metals dealers frequently sell "proof coins" noting that proof American Eagles are specifically allowed by the IRS. These "proof coins" usually cost an additional 20-25% beyond the value of the coin itself and are not required for a self-directed IRA, according to Bill Humphrey, CPA and Vice President of Entrust New Direction IRA, Inc, a self-directed IRA/401(k) administrator. The investor may be having their IRA pay for the wrong proof.

No longer will retirement investors need to pay 20-25% extra. First State Depository, which provides precious metal storage, is now working with Numismatic Guaranty Corporation (NGC), the industry leader in coin certification, to offer a new service which provides proof of the metal content and purity of the coin for much less than the cost of "Proof" Gold Eagles.

Humphrey said, "People who buy gold with their IRAs are often not given the option of non-proof coins." Often, the proof coin seems more valuable because of the description of a specialized minting process and the special mounting and special plastic capsule that the coin is shipped in. Humphrey explained, "Proof coins are not required for IRAs and often cost significantly more than the equivalent non-proof coin containing the exact same amount of metal. IRA owners investing in Gold coins with IRA funds should make sure they understand what they are buying."

According to Humphrey, clients wanting the guarantee of gold content of the coins may want to look at a new service offered by First State Depository, a company which provides precious metal storage. First State is working with Numismatic Guaranty Corporation (NGC), the industry leader in coin certification, to offer a service which provides proof of the metal content and purity of the coin for much less than the cost of Proof Gold Eagles.

"Our clients can see the fineness measurement, the weight, and the description of the coin, plus a sturdy encapsulation identical to that provided when NGC grades coins," said Humphrey. The coin is given a unique ID number which can be used to search for the coin on the NGC website. First State Depository provides a detail inventory of the coins held, including the ID number, to investors holding coins with them. Humphrey said, "The FSD/NGC program does not grade the coin, it just provides the investor proof that they got what they or their IRA paid for. But that proof may be all the IRA investor really needs." Fees for the certification service are minimal.

Humphrey clearly explained that Entrust New Direction IRA does not provide investment advice or recommend any precious metals dealer over another. "However," he said, "we want our clients' IRAs to buy investments they understand." Humphrey continued, "We are seeing a huge increase in our client's interest in Gold IRA investments. The self-directed gold IRA plans we offer leave the investment choice to the individual. I always encourage clients to do their homework about the investment details."

The encapsulation offers a bar code and ID number for easier insurance identification and cataloging, and the packaging provides protection for the coin. Humphrey mentioned that some clients appreciate that their coins are safely packaged, and that they can see the details of the actual coin on the NGC website.

For more information, go to http://gold.newdirectionira.com

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