Gold Bullion in a Roth IRA
I would like to buy a little physical gold (American Gold Eagles, Canadian Maple Leafs, and/or Perth Mint 1 ounce bars) and hold them in a Roth IRA. Is this permissible? I no longer have earned income so I would have to fund the “gold” IRA with a conversion from my T-IRA and/or make a transfer from my current Roth IRA — both of which hold only cash and securities. Also, is my assumption correct that any gain in my Roth gold assets would be “tax free” upon distribution? Thank you.
Permalink Submitted by Alan - IRA critic on Thu, 2013-02-21 04:33
Yes, you can do it but there are special requirements to be observed as indicated in the following link. There will be storage and other fees to pay out of your IRA. If you choose a Roth IRA, it is combined with any other Roth IRAs you own with respect to requirements for qualification (5 years and age 59.5) when any gains will be tax free.http://www.zacks.com/commentary/10121/how-to-put-gold-into-your-ira