Since 1997 it has been possible to buy precious metals, including gold, for your IRA.
“The Taxpayer Relief Act of 1997 broadened the permissible types of investments allowed in IRAs, stating: “Your IRA can invest in one, one-half, one-quarter, or one-tenth ounce U.S. gold coins, or one-ounce silver coins minted by the Treasury Department. Beginning in 1998, your IRA can invest in certain platinum coins and certain gold, silver, palladium, and platinum bullion.”
You can buy gold bullion bars and gold bullion coins for your gold IRA.
Approved Gold IRA Bullion
Investopedia defines gold bullion as:
“Gold and silver that is officially recognized as being at least 99.5% pure and is in the form of bars or ingots rather than coins.”
Gold bars must be from a NYMEX or COMEX approved refinery or national government mint that meet the minimum fineness requirements.
Click here to visit our section about gold bullion.
Approved Gold Coins
Gold coins that are approved for a Gold IRA are made from gold bullion, must be 99.5% pure and cannot be legal tender.
Approved gold bullion coins for a Gold IRA include:
- American Eagle
- Australian Kangaroo / Nugget
- Austrian Philharmonic
- Canadian Maple Leaf
- Chinese Gold Panda
- Proof American Eagle
- American Buffalo
Gold you Cannot Place in Your Gold IRA
There is a specific class of gold coins that cannot be placed in your Gold IRA. In fact the IRS has made the rules very clear.
You CANNOT place numismatic, collector or historic coins in your Gold IRA.
These coins do not contain consistent amounts of gold within them and cannot therefore be reliably valued as bullion.
Their value comes from rarity, historical significance and current collector demand.
Do not accept any of this type of coin for your Gold IRA from a gold dealer.