How to Buy Precious Metals for Your IRA – Steps, Rules & Storage Options
Scottsdale Bullion & Coin has simplified the process of setting up a gold and silver individual retirement account (IRA) into six easy steps (Get these precious metals IRA steps in a printable image guide):
- Select Your IRA Plan
- Fund Your IRA
- Select Precious Metals
- Invest in Precious Metals
- Purchase and Payment of Precious Metals
- Precious Metals Now Part of Your IRA Account
Scottsdale Bullion & Coin offers two different options for storing your precious metals.
Option A: Local Storage Plan
Creating a local storage plan allows the precious metals to be sent directly to the manager of the IRA, so you (the IRA manager) may choose where to store the metals.
Option B: National Storage Plan
The second option is storing the precious metals in a national depository. Scottsdale Bullion and Coin works with the Delaware Depository Service Company (DDSC) and will help you establish your account with them. However, a national storage plan means the precious metals will be sent directly to the DDSC facility rather then being shipped to a local IRA manager.
To fund your IRA you must make contributions, transfers and/or rollovers from existing Retirement Plans. A minimum investment of $5,000 is mandatory to start your individual retirement account (IRA) and invest in precious metals through Scottsdale Bullion and Coin.
Scottsdale Bullion and Coin will facilitate your purchase of precious metals and be your designated precious metals dealer. Our Managing Brokers will educate you on the proper investment products and provide necessary advice before choosing IRA approved precious metals.
When buying precious metals through an IRA, there are restrictions on what metals are allowed in the IRA. Gold, silver, platinum and palladium are all allowable metals, but a minimum requirement on ﬁneness of the metal is stipulated. Scottsdale Bullion and Coin will provide imperative advice on which products are eligible for investment.
To purchase the precious metals that you and your Scottsdale Bullion and Coin advisor have chosen to best meet your IRA needs, the trust company will fund the purchase one of two ways.
A. The Local Storage Option
The Directed Trust Company will fund you (the IRA manager) and you will fund Scottsdale Bullion and Coin.
B. The National Storage Plan
The Directed Trust Company will fund Scottsdale Bullion and Coin once an invoice has been submitted to the trust company.
Precious Metals are now available for pick up and/or will be shipped from Scottsdale Bullion and Coin (if local storage plan was chosen), or will be shipped directly to the DDSC national storage facility (if national storage plan was chosen).
Have Questions or Ready to Set Up Your IRA?
Contact Scottsdale Bullion and Coin | Call Now Toll-Free: 1 (888) 812-9892