Precious Metals IRA

If you are thinking about setting up a Precious Metals IRA (Individual Retirement Account) there are many companies offering services to do this.

Some even tell you that you can take custody of the gold and silver you buy. This is NOT true, for a Precious Metals IRA to be valid in the eyes of the IRS a custodian must be nominated to hold your metals. You do not keep the metals yourself.

While Montana Rarities is not a custodian we work with firms that provide this service.

Custodians do not buy or sell your precious metals for you, a qualified dealer (like us) handles buying and delivery to or selling from a depository. The custodian handles the storage, record-keeping and financial aspects at your direction. They shouldn't recommend a dealer to use as it would be a conflict of interest.

We can help you with the process and act as your agent to purchase your metals for your Precious Metals IRA. We have dealt with (and are an approved dealer) with Strata Trust Company but you can use any custodian you wish to. We are not recommending Strata Trust, it is just that we are in their system already.

The process is fairly simple-

1) Establish an IRA with a Trustee/Custodian and designate Montana Rarities as your precious metals dealer.

2) Fund your account with the IRA Trustee/Custodian; once funds are available contact us to figure out what you want in your account.

3) After the trustee/custodian receives purchase details, the metals will be shipped and a payment will be made from the IRA.

Simple, right?

Like anything else it is up to you to select the best custodial company for your needs and understand the services and fees involved. Just as you buy from Montana Rarities because we offer excellent pricing and reliability, they need to be competitive and trustworthy.

You should also know that your IRA custodian is most likely going to be a separate entity from the storage facility. Firms that specialize in administering IRA plans are rarely the same as depositories (secure warehouses that provide metals storage for many clients and industries). Your point of contact will always be the IRA custodian, they will communicate with the depository as needed for receiving, storage and distribution issues.

If you want to learn more or are ready to get started Email us or phone 406.396.9468 (during business hours).

Please read the following FAQs as many of your questions may be answered here!

Are there IRA contribution limits?

The IRS sets limits each tax year based on income and other qualifiers (including whether or not you have other retirement options like a work based 401(k) or pension plan). You will need to consult with a tax accountant to learn how it affects you.

What can be held in a Precious Metals IRA?

To qualify as an IRA-approved product, precious metals must meet minimum fineness levels. The American Gold Eagle is the only exception to the following minimums:

Gold fineness: .995.
Silver fineness: .999.
Platinum fineness: .9995.
Palladium fineness: .9995.

Any products falling outside of these ranges (excluding American Gold Eagles) are not approved for IRA contributions. Examples of non-approved precious metals products include pre-1933 gold, gold Krugerrands, and 90% US silver coins. Generally speaking collectible graded coins will not be acceptable either.

Additionally some custodians won't allow mints that are not ISO 9000 Certified (Silvertowne, NTR and CNT to name a few). Others do, in the end it comes down to individual company policies.

Can I rollover or transfer an existing IRA to a self-directed precious metals IRA?

Yes. Speak with your existing IRA custodian or one of the many self-directed IRA custodians about the exact procedure.

How long after you ship my metals will they be in my account?

Montana Rarities will ship in-stock products within 2 business days and are typically delivered in a week or less. Products fulfilled by a wholesaler may take longer and estimated ship times may vary as Montana Rarities has no control over that process.

Are my metals insured at the depository?

Custodians and depositories provide insurance coverage for metals they are holding on your behalf.

Why a precious metals IRA instead of investing in an ETF like GLD?

We do not provide investment advice, but many of our clients prefer physical metals. You always have the option of taking possession (see the next FAQ for more info on that) but an ETF is a paper instrument with counterparty risks.

Can I take physical delivery of my metal?

You can liquidate or take possession of your metals at any time, however this is considered a distribution and is reported to the IRS as income. If you are not yet taking distributions due to age there may be penalties as well. Consult your CPA or a qualified financial advisor before making this decision.

What are typical custodian and storage fees?

Fees vary depending on the size of your account and the metal holdings in your depository. You will need to contact your IRA custodian to learn more about the fees that you will have to pay.

Do you have a minimum IRA purchase and how much is shipping?

There is no minimum but orders over $999 ship for free, orders under that are subject to our normal $29 shipping and handling surcharge.

Everything we ship (or arrange to be drop-shipped) is fully insured and will have tracking so you can monitor the progress of your purchases until they are delivered at the depository.

If you have other questions or want to get started Email us or phone 406.396.9468 (during business hours).