IRA Eligible Metals

IRA Eligible Metals refer to specific types of precious metals that can be included in an Individual Retirement Account (IRA). These metals must meet certain criteria set by the Internal Revenue Service (IRS) to be considered acceptable for inclusion in an IRA.

Types of IRA Eligible Metals

1. Gold:

• Bars: Gold bars must meet minimum purity requirements of 99.5% (0.995 fineness). Commonly accepted gold bars are those produced by refineries approved by the Commodity Exchange (COMEX) or New York Mercantile Exchange (NYMEX).
• Coins: Acceptable gold coins must meet a minimum purity of 99.5%. Examples include American Gold Eagles, Canadian Gold Maple Leafs, and Austrian Gold Philharmonics. Gold coins that are classified as collector’s items or do not meet the purity standard are not eligible.

1. Silver:

• Bars: Silver bars must have a minimum purity of 99.9% (0.999 fineness). Similar to gold bars, they should be produced by refineries recognized by COMEX or NYMEX.
• Coins: Eligible silver coins also need a minimum purity of 99.9%. Examples include American Silver Eagles, Canadian Silver Maple Leafs, and Australian Silver Koalas. Like gold coins, silver coins must not be collector’s items.

1. Platinum:

• Bars: Platinum bars must have a minimum purity of 99.95% (0.9995 fineness). They must be produced by approved refiners.
• Coins: Eligible platinum coins must meet the same purity requirement of 99.95%. Examples include American Platinum Eagles and Canadian Platinum Maple Leafs.

1. Palladium:

• Bars: Palladium bars must meet a minimum purity of 99.95% (0.9995 fineness). They must be from refiners that are accepted by the COMEX or NYMEX.
• Coins: Acceptable palladium coins must also have a purity of 99.95%. An example is the Canadian Palladium Maple Leaf.

Related Post:

• Gold Ira Rollover

• Roth IRA

• Tax Benefits

Criteria for IRA Eligibility

To be eligible for inclusion in an IRA, metals must:

• Meet Purity Standards: Metals must have a purity level that meets or exceeds the standards set by the IRS. For gold, silver, platinum, and palladium, the purity requirements are 99.5%, 99.9%, and 99.95%, respectively.
• Be Produced by Approved Refineries: Bars must be manufactured by refineries recognized by COMEX or NYMEX. Coins must be issued by government mints with established reputations.
• Not Be Collector’s Items: Items considered collectible or numismatic are not eligible. Only bullion coins and bars that meet purity standards are allowed.

Conclusion

IRA Eligible Metals include gold, silver, platinum, and palladium that meet specific purity and production standards set by the IRS. These metals must be produced by recognized refineries and must not be collector’s items. By investing in eligible metals, individuals can diversify their retirement portfolios with physical assets that are recognized for inclusion in IRAs.