How to Convert an IRA to Gold & Silver
At a time of stock volatility, gold and silver can be bastions of relative stability, which is why some people may be interested in converting an IRA to gold or silver, or a mixture of the two. Whether this is the reason, or you simply are bullish on gold or silver, the conversion is relatively easy to accomplish, as there are a number of ways to put money into the precious metals market through an IRA.
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Instructions
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Identify an appropriate gold or silver investment. You can put the IRA into what's called a gold or silver fund, which is a sort of mutual fund that spreads the money out over several gold or silver related investments such as mining companies, producers who use the metals and the metals themselves. Or, you can invest in gold itself through exchange-traded gold (ETG) or gold and silver certificates, or ETFs.
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Call the broker or make the exchange through the brokerage website. Most brokerage firms have some sort of access to gold IRAs, though if there is a specific fund that interests you, such as Midas funds, which specializes in Gold IRAs, you might be better off communicating directly with that company and having them complete the transfer.
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Complete the transfer. This may require a simple click of a mouse button, or an instruction given to a broker. One thing you do want to be certain of at this step is that you are getting the "spot price," that is, the price at the moment of the purchase. Purchases often take several hours or even days to finalize, so it's important to guarantee that you are getting the gold or silver at the price at time-of-purchase and not finalization, as gold and silver both have a history of short-term volatility.
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Tips & Warnings
Do not close the IRA or pull all the money out, as you may be subject to fees and tax penalties. Consult a broker about making a transfer that will help you to avoid extra charges.
