Holding Gold In Self-Directed IRA

Tulving.com reports about holding gold in self-directed IRA.

(emphasis mine) [my comment]

First State Depository announces relationship with New Direction, self-directed IRA administrator

The Tulving Co Now Sells Bullion For IRA's.
The Only Administrator We Currently Use Is

First State Depository Company, LLC, a private coin and precious metals depository company, announced that it has developed a relationship with Entrust New Direction IRA, a self-directed IRA administrator, to provide depository services for clients interested in holding gold and other precious metals in their self-directed IRA and other tax-sheltered plans.

First State and its owners have a long history of providing Secure Depository services for investors looking to take advantage of the long-term stability of precious metals investments. Entrust New Direction IRA, part of The Entrust Group, one of the nation's largest self-directed IRA providers, administers a variety of IRA, 401(k) and HSA accounts, which can purchase precious metal investments.

Both First State and New Direction stress quick processing and reporting of both purchases and delivery. Speed in processing transactions and fast payment for completed orders is one reason metals dealers have enjoyed working with both New Direction and First State. First State's standard procedures include sending confirmations of all metals received by 3:00 PM on the same day.

New Direction promises that orders will be funded within 48 hours of receipt of the delivery confirmation for outstanding orders. New Direction's policies also limit the ability of an IRA to make a purchase until it has the funds available to spend, thus ensuring that the IRA will always be able to pay for its purchase.

With First State and New Direction, customer service is key. Both organizations are aware of the vital importance of accurate and timely transactions and reporting. "Speed and accuracy are the name of the game", said Bill Humphrey, one of the principals of New Direction. "We keep our clients happy when they purchase precious metals so they'll stay with us for all their future investments."

First State and New Direction are aware that many financial and logistical issues can occur for both metal dealers and purchasers with any delay. New Direction has a history of processing transactions quickly and correctly.

Both companies value educating their clients. First State and New Direction have educational programs for providing investors an overview of the process and details about self-directing retirement and other funds into precious metals investments.

First State Depository Company is a professionally managed, private depository company offering a full range of specialized certified coin and precious metals custody, shipping and accounting services to commercial, tax sheltered plans (IRA) and individual participants in the precious metals markets. Contact: www.fsdepository.com

New Direction IRA provides administration and record-keeping for self-directed IRAs through its custodial bank. New Direction also provides self-directed plan options for Roth IRAs, SEP-IRAs, Health Savings Accounts (HSAs), 401k and other qualified and non-qualified plans. Contact: http://www.newdirectionira.com/, or by phone toll free at 877-742-1270.

My reaction: For those looking to hold gold in a self-directed IRA and other tax-sheltered plans, this news should be of interest. This seems to be the best (and only) way to invest directly in physical gold via a retirement account.

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13 Responses to Holding Gold In Self-Directed IRA

  1. Anonymous says:

    I like the idea, but the annual maintenance fees are too high unless you have a substantial amount of money to invest.

  2. Bowtie says:

    is there a way to possess gold/silver in a self directed ira in your own home?

  3. Keating Willcox says:

    To answer my own previous question about the price of gold...

    Put simply, in order for the gold price to go substantially higher, investment demand must offset declining jewelry demand and, in addition, absorb all the scrap supplies that are now hitting the market as individuals all over the world scramble for cash in a very, very bad economy.

  4. You may NOT have your Self Directed IRA's gold at your house. The IRS code requires that the gold be held by the IRA custodian. Most custodian's, like Entrust New Direction, engage a depository such as First State to provide safe keeping. The fees usually are not more than $250 per year depending on the custodian. That cost is about the same as having a depository hold your personal gold.

  5. Bowtie says:

    I should probably look this up myself, but how do I become a custodian, maybe ill start a new business.

  6. Anonymous says:

    Q: How much does this cost?

    A: To open an account the cost is $50 (one time).
    The acquisition cost is $95 (per asset).
    Yearly fees are $195 per property ($390 if leverage is used within the IRA).
    For a copy of our fee disclosure please contact us.

  7. Anonymous says:

    What about investing in Central Fund of Canada (CEF)?

  8. Jeff Burton says:

    CEF & GTU are considered "Passive Foreign Income Companies" and complicate your taxes. I had this same question about them in an IRA and some googling revealed...not much. This is an obscure U.S. tax law that not many people understand.

  9. To become a custodian, you could open a bank. Or start an IRS approved private trust company. But even if you did, you still couldn't hold your own IRA's gold. The rules for self directed IRAs are very much unknown. Gold, other precious metals, real estate, private lending are all options.

  10. Robert says:

    The average annual storage fee for a self directed IRA is as little as $100 per year and this is for allocated/segragated storage which means your precious metals is not mingled with everyone else. This is less than what most banks charge for a safety deposit box and there box does not include any insurance on its contents
    Robert Higgins
    First State Depository Co.

  11. Loren says:

    I just checked with Entrust New Direction and their fees have changed and are much more affordable now! Just an FYI for everyone.

    Still $50 for a new account

    $40 transaction fees

    $75 annual fee is you have less than $100,000.

  12. I would like to know how the customer knows that the gold that they purchased is maintained in such a way that it is not accessible by anyone else. That includes the company itself.

    Is there some type of two-key system in order to access the assets?

    I would not want the company to be "moving" my assetsaround for any reason.

  13. Another question while I'm asking...

    When you reach the age that you can start withdrawing, and you want to withdraw the gold - how is it done?

    Is it done in a lump sum or what? That's an area which I can't find an answer to.

    Is it d

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