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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
 Posted - 02/22/2009 : 09:08:41
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I'm considering opening a PMs IRA. I would have the PMs delivered to a "trustworthy" bank within walking distance. Any opinions?
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 02/22/2009 : 09:16:32
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| IF YOU CANT HOLD IT YOU DONT OWN IT!! Getting the PM's actually delivered is most likely going to be a big pain! |
Copper Penny Investing
www.portlandmint.com |
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keys
Penny Collector Member
383 Posts |
Posted - 02/22/2009 : 12:01:35
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Considering so many banks have been aquired by other banks and the old banks policies change with new management, I would be reluctant to open a PM IRA with any bank right now, or ever.
Can you be 100% certian there really is PM set aside for you somewhere and not some paper promise saying the metal will be delivered at a future point in time?
If the bank were stable and you were determined to open a PM IRA, see if they would allow you to open one for the minimum amount (say 1 ounce of gold) and don't add to the IRA again.
There is no law that states you have to have your IRA with only one bank. You can open several PM IRA in Safe Safe banks for the minimum. Still, a gold coin in hand is worth two promised next decade. |
I change with the times-
but like silver coins found in your change
I stay the same.
*****************
The United States of America started out as the new Republic of Rome.
Will The United States of America end up as the New Imperial Rome? |
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rodzm
Penny Pincher Member
USA
143 Posts |
 Posted - 02/22/2009 : 12:26:33
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| DON'T DO IT |
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novillero
Penny Sorter Member
USA
86 Posts |
Posted - 02/22/2009 : 13:57:48
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Apmex has some links. I have thought about it myself, taking a small IRA that I have and doing the same. But I would not be able to touch it until 59 1/2 years old - twenty years away for me. I don't know.
As for the theory, if you don't hold it, you don't own it: well, you aren't holding onto your IRA money right now. You are not holdihg onto any stock certificates. You are not holding onto the money in your savings account. Everything is based on a system of trust. I wonder if there is any backing behind PM IRAs (like FDIC) besides criminal charges or fines for violating their fiduciary duties. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 02/22/2009 : 15:00:20
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| I cashed out a lot of my IRA and put the $ into hold in my hands PMs. I took a beating on taxes and penalties (I'm not THAT old). I have already made up for most of that in silver's growth. If I had stayed in the mutual fund I was in I would be well into the hole. But that is not to say there still isn't a place for a PM IRA. Just consider that if things get any worse you might never see your PMs. In addition, you will be hit with taxes for sure when you decide to cash it in. Years from now that may be even worse than it is now. |
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Think positive. |
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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
Posted - 02/23/2009 : 09:49:15
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| Thank you. It seems physical holdings rule. Good thing for the second amendment! |
starwarsgeek171 |
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Nickelless
Administrator
USA
5580 Posts |
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aaron239
Penny Collector Member
USA
260 Posts |
Posted - 02/23/2009 : 11:17:46
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| Why do you say silver and lead? Is it so you can pile the silver under the lead and if the government ever decides to search our homes for silver you can tell them thats your stockpile of lead for fishin sinkers? |
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Nickelless
Administrator
USA
5580 Posts |
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PM IRA?
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