The self directed IRA should be used by individuals that like being in control
. This is because the investor controls this IRA. The investor can do what they will with their portfolio.
The investors can choose to do risky or conservative investments. They can also make their portfolio more diverse, which is said to be more successful. They can even choose to invest in precious metals.
Investing in precious metals is a fairly new, but growing option in IRAs. They are fairly new because at one point the IRS did not consider precious metal coins an investment option in the IRA. It is now an investment option because Congress changed the ruling on the matter.
The ruling on the precious metals came with guidelines. Only certain metals qualify and there are specifications for these metals. Investors need to be aware of these guidelines to use their IRA options to the fullest.
Silver is one of these qualifying metals. The silver does not qualify as an investment in a self directed IRA just because it is rare or decorative. It will most likely qualify if it has a note of .999+.
Individuals must know that the metal is considered an investment in their IRA. This means that they cannot have the metal with them. The custodian or depository generally keeps the silver coin or bar on behalf of the investor.
This custodian is a person that manages the investor's self directed IRA. They manage it through filing paperwork for taxes and IRA regulations. Custodians can also give advice to the investors if they ask for it.
The custodians can even help the investors figure out if a piece of silver qualifies or not. Some silver that has been deemed as a worthy IRA investment are American Silver Eagles, Australian Kangaroo and Kookaburra Silver coins, Austrian Philharmonic Silver coins, Canadian Maple Leaf Silver coins, and Mexican Libertad Silver Coins. Individuals can usually count on a coin not qualifying if it was made for trade.