Gold IRA Buyers Guide – Ultimate Retirement Plan
Should you turn your retirement nest egg into gold? The Gold IRA Buyers Guide will demonstrate whether changing cash to gold is the right move.
The Gold IRA Buyers Guide is a review whereby we evaluate the volatile world of currencies, the solidity of gold, and find the safest option for your investment retirement assets.
If you are visiting this page, it is likely that like many, you are unsure of the stability of the greenback. World politics, economies and governments are so unstable, that we are all afraid, that there is no safety for our hard earned cash.
There is no doubt that everyone, including banks and mogul investors, not to mention governments and the IMF itself, all have huge reserves of gold. A well-diversified portfolio is never complete without precious metals.
However, as an individual, you may be unsure of the benefits and advantages of holding precious metals as an investment.
For many the answer is very simple. Probably the safer way and also the more efficient option is to convert your retirement account (IRA) into one which is physically backed by gold.
The Stellar Rise of Gold in the past 10 years
Gold IRA Buyers Guide – Why Gold Makes Most Sense
We can start off with a very simple question. If you were going to hide something precious for your future, and lock it in a safe for ten years – never to be opened – would you lock gold or cash?
You might decide to lock diamonds. However, anyone who knows anything about paper-money and how it works, the answer would be a very simple one. Lock your GOLD!
Gold has withstood the test of time. Despite the fact that the price can be volatile on a daily basis, in terms of a long period of time, Gold has always appreciated in value. If we have a brief look at the price of gold over the past ten years, we can easily see that the value of gold has more than doubled.
If you are looking for the best way to beat inflation and the hedge against the increase in the cost of living.
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What is a Gold IRA?
We started off this Gold IRA Buyers Guide review for the simple reason that many people are investing part of their retirement portfolios in gold. Gold has risen past the $1300 per ounce mark in May 2016. This was the highest point it has reached since January 2015. As such many people started looking at the metal and adding a Gold IRA. Like the golden goose, literally speaking, people have been turning their retirement eggs into Gold.
What a gold IRA does, is that it allows the investor to own physical metals, such as gold, silver or even platinum and palladium. This replaces volatile and paper-based assets such a bonds, stocks and even cash. In 1997 Congress created the Gold IRA. At the time, the chief mint director for the United States, Edmund C. Moy, oversaw the biggest production of gold and silver coins that the world ever saw.
An IRA trustee and not an IRA owner must hold the actual and physical gold. This is to ensure that the metal itself meets the IRS fineness standards. This is the qualification for a Gold IRA. It also means that you do not need to hold gold ingots and bullion in your closet!
Should You Get a Gold IRA?
Naturally speaking, given the exponential growth of the price in gold over the past ten years, Gold IRAs have becoming very appealing. Consequently, we have seen many investors, who have added Gold IRAs to diversify their retirement portfolio.
The 2008 financial crisis resulted in a huge recession. Inflation was rife. As a result Gold IRAs have become more and more popular. The robust growth in IRAs with a base of precious metals has ensured “one-stop shops” for Gold IRAs were instantly surfacing.
In order to invest in a Gold IRA you will first need to find a trustee or a custodian with an approved depository. After that you need to buy the metal. This has to be certified and approved. The custodian will then account for it.
How to Find a Reliable Broker and Custodian
Before you can invest in a Gold IRA you will need to find a broker. The broker will buy the gold on your behalf. The broker does not necessarily hold the actual gold himself. He will in turn find a trustworthy custodian (usually a bank or a trust company). Approved custodians do not select your broker – that is your responsibility.
Investors have a myriad of possibilities when choosing a Gold IRA – hence our Gold IRA buying guide! Here are some extremely important points for consideration before you select your broker.
- Transparency – Make sure that you know your costs ahead of placing your investment. Do not expose yourself to any surprises. Hidden fees could spoil your confidence. Are you aware of ALL costs PRIOR to making your investment?
- Track Record – Forums are a good start into checking on the credibility of IRA brokers. Check what other investors are saying about the service they are receiving about your preferred broker. Other parties such as the Better Business Bureau (BBB) and The Business Consumer Alliance (BCA) have to say. Are there any customer complaints against the company of your choice?
- Flexibility – Make sure that when picking a company, you choose one that will have tailor-made packages suitable for your budget.
- Licensed – Does the company have the correct and appropriate license to operate? Do they have insurance and bonds? Will your investment be 100% protected? These are all the questions that you need to ask your portfolio manager before committing.
Will The Dollar Crash? Is Gold Supply Limited?
In our recent review on Strategic Intelligence, we have tapped into the possible decline of the United States Dollar.
According to James Rickards of Agora Financial, the demise is inevitable. Although, Rickards may sound extreme, the events which are about to occur on the 21st |April 2017 – the date for the next IMF Summit – may really see an erosion in value in the greenback.
If the recent decline of the dollar, which we watched slipping in the past days, stays true, then we could be looking only at another sharp increase in gold. Jim Rickards goes as far as saying that gold may hit the $3000 per ounce mark, once the chain of events predicted after the next IMF summit meeting will enfold.
Image Courtesy of Investing.com – This is how our currencies react to market sentiment
Gold IRA Buyers Guide – The Bottom Line
Gold IRAs have also been defined as “alternative investments”. One must not be blinded with the glitter of gold alone. Gold has a potential high return, however, selecting the best company to administer your Gold IRA is of quintessential importance. Since IRAs are not traded on the public exchange, it requires a very special expert to value your portfolio.
Getting advice on whether to buy into a Gold IRA at this point is also very important. Has the price already risen too much for profitable investment? Or does the instability in the world market, mean that the price of gold will be seeing new dizzying heights? Purchasing your Gold IRA should mean that you must consider your best entry price.
Get the best advice from experts. Planning your retirement is a serious business. One that you will want to ensure is safe for the time you need it best. You will want to maximize your savings. You will also want to be assured of retiring comfortably. If you want to stay informed, please subscribe to this blog for regular updates.
Thank you for taking time to read this Gold IRA Buyers Guide. You may also wish to head over and read our Related Articles.