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IRA-Allowed Precious Metals: What You Need to Know About Them

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Long ago, you could only hold American Eagle gold and silver coins in your IRA. However, now, you can invest in different IRS-eligible precious metals.

IRA-allowed precious metals include gold, silver, platinum, and palladium. Based on the Taxpayer Relief Act of 1997, these products can be one or one-half, one-quarter, and one-tenth ounce. You can even acquire some foreign exemplars!

However, some rules apply. First, the bars and coins must be produced by an approved refinery or a national government mint. In addition, all the products you plan to hold in your self-directed IRA must meet certain fineness requirements.

Do you want to know more about IRA-allowed precious metals? You’ve landed at the right place. Here’s all the information you need!

IRA-Allowed Precious Metals

In this type of self-directed IRA, you can hold physical precious metals and related paper assets, including gold-related securities.

However, most precious metals IRA holders invest in gold, silver, platinum, or palladium bullion.

Precious metals are a favorite option among investors because they can provide a hedge against inflation, have intrinsic value that lasts over time, and don’t succumb to sudden market movements like stocks or mutual funds.

However, anyone who wants to hold physical precious metals in their silver or gold IRA must comply with some rules and requirements.

Understanding Precious Metal Rules for a Gold IRA Account

Precious Metal Rules

As mentioned, the coins, bars, and rounds that you can hold in your precious metals IRAs must be produced by a national government mint or the U.S Treasury Department. In addition, they must meet a specific finesse level.

Minimum Fineness Requirements

IRA Eligible Gold Bars

These are the requirements that gold, silver, palladium, and platinum bullion must meet to qualify as IRA-eligible:

  • Gold bars, coins, and rounds must be 99.5% pure

  • Silver bullion coins, bars, and rounds must be 99.9% pure

  • Platinum and palladium bars, coins, and rounds must be 99.95%

In addition, there are other requirements that precious metal coins, bars, and rounds must meet, including the following:

  • All must be produced by a refinery, manufacturer, or assayer accredited or certified by COMEX, NYMEX, LBMA, NYSE/Liffe, ISO 9000, TOCOM, LME, LPPM, or a national government mint

  • Bullion bars must be produced to specific weight specifications if they’re small, except for 400- and 100-ounce gold, 1000-ounce silver, 100-ounce palladium, and 50-ounce platinum bars

  • Proof coins must be in their authentic mint packaging and be in perfect condition

  • Proof coins must include a certificate of authenticity

  • Non-proof or bullion coins cannot be damaged and must be in excellent condition

Examples of Acceptable Gold Coins and Products

Acceptable Gold Coins and Products

If you plan to buy gold bullion coins and bars to hold in your precious metal IRA, here are some of the products you may want to consider:

  • American Eagle bullion or proof coins

  • Australian Lunar series coins

  • Australian Kangaroo/Nugget bullion coins

  • British Britannia, 2013 and newer editions

  • Canadian Maple Leaf coins

  • Austrian Philharmonic bullion coins

  • Chinese Panda coins

  • Credit Suisse – PAMP Suisse bars

  • U.S Buffalo bullion coins

  • Other products that meet the requirements

Examples of Acceptable Silver Coins and Products

Acceptable Silver Coins and Products

Other products that you can buy if you want to hold approved precious metals in your silver IRA are the following:

  • American Eagle bullion and proof coins

  • America the Beautiful coins

  • Canadian Maple Leaf coins

  • British Britannia, 2013 and newer editions

  • Australian Kookaburra coins

  • Chinese Panda coins

  • Mexican Libertad bullion coins

  • Other products that meet the requirements

Examples of Acceptable Platinum Coins and Products

Do you think platinum is a better option for your IRA? These are the products you can buy:

  • American Eagle bullion or proof coins

  • Canadian Maple Leaf bullion coins

  • Australian Koala bullion coins

  • Isle of Man Noble bullion coins

  • Other products that meet the requirements

Examples of Acceptable Palladium Coins and Products

If you find palladium a better alternative to gold bullion and silver bars, here are other products you can buy:

  • Canadian Maple Leaf coins

  • Other products that meet the fineness requirements

Examples of Unacceptable Precious Metals

If you plan to purchase precious metals to hold in your self-directed IRA, here are some of the products you shouldn’t consider:

  • Austrian Corona and Ducat

  • British Brittania, editions older than 2013

  • British Sovereign

  • Belgian French

  • Columbian Weight

  • Chilean Peso

  • French Franc

  • Italian Lira

  • Dutch Guilder

  • Swiss franc

  • German Mark

  • Hungarian Korona

  • Mexican Peso and Ounce

  • South African Krugerrand

  • Rare or collectible coins

Final Thoughts

Precious metals are excellent investment options. Also, you should only open a silver or gold IRA to hold them.

However, it’s essential to purchase products that meet IRS requirements to protect your investment!

FAQs

What Is IRA-allowed Gold?

Not all gold bars and coins qualify for a precious metals IRA. If you want to hold physical gold in your account, you must choose products from the list above and make sure each one has the proper hallmark from a certified refiner or assayer.

What Is IRA-allowed Silver?

As with gold bars and coins, not all silver bullion qualifies for an IRA account. Besides being listed above, the products you choose must have an appropriate hallmark from the assayer or refiner.

What Is a Precious Metal IRA?

A precious metals IRA is an individual retirement account where you can hold gold bullion, silver bars and coins, platinum, palladium, and more.

Overall, these accounts work like a traditional IRA or Roth IRA and can give you the same tax benefits. However, you can use your funds to use precious metal products.

How Can I Buy Precious Metals for My IRA?

If you want to buy gold, silver, platinum, and palladium to hold them in your IRA, you should find a reliable precious metals dealer.

Most companies can help you through the entire process and assist you in transferring or rolling over the funds from your existing IRA to a new account to purchase precious metals.

Can I Keep My Precious Metals at Home?

No, you can’t store precious metals at home. The physical assets you buy for your gold IRA must be held by a qualified custodian and stored in an IRA-approved depository.