We have been surprised to see continued interest in the self-directed IRA for precious metals in light of the weakening gold market
New York, NY (PRWEB) July 22, 2015
IRA Financial Group, the leading provider of “checkbook control” Self-Directed IRA LLC solutions continues to see strong demand form its Self-Directed IRA and Solo 401(k) plan clients for gold and other IRS approved precious metals in light of five year slide for the gold market. Gold prices continue to fall largely weighed down by the dollar’s relentless gains as the prospect of the first U.S. interest-rate increase in more than nine years loomed. In addition, as of July 20, 2015, silver prices sank to their lowest level since August 2009, and platinum closed below $1,000 a troy ounce for the first time in more than six years. “We have been surprised to see continued interest in the self-directed IRA for precious metals in light of the weakening gold market,” stated Jacky Ospina, a retirement specialist with the IRA Financial Group.
The IRS does not list the type of assets or investments that may be purchased with retirement funds, but does indicate which categories of assets or investments are not permitted. The categories of transactions that are not permitted to be purchased using a Self-Directed IRA LLC can be found in Internal Revenue Code Sections 408 & 4975.
When it comes to coins or metals, Internal revenue Code Section 408 is generally the provision that applies. In general, collectibles such as artworks, rugs, stamps, certain coins, beverages and antiques, etc. are not allowed within a Self-Directed IRA LLC, pursuant to Internal Revenue Code Section 408.
Internal Revenue Code Section 408 is specific as to what defines a collectible. Some notable exceptions are allowed for certain gold (such as American Eagle) and silver coins and any coins issued by a state. Legislation in 1997 further liberalized the rules for IRAs by making reference to specific definitions of acceptable coins in USCS, title 31; IRC sections 5112(a), (e) and (k); the Commodity Exchange Act; and IRC section 408(m)(3).
According to Ms. Ospina, “our Self-Directed gold and Solo 401(k) Plan clients still seem to have unwavering faith in the gold and silver market and believe that using retirement funds to but precious metals can potentially generate strong returns while also offering investment diversification and protection from a falling equity market or U.S. dollar.
The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.
IRA Financial Group is the market's leading “checkbook control Self Directed IRA and Solo 401(k) Plan provider. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate without custodian consent.
To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.