IRA’s invested in US gold eagle coins
With respect to an IRA at a FDIC-insured bank, if that IRA owns US gold eagle coins which are kept in the vault of said bank as custodian for the IRA, and that bank is subsequently taken over by the FDIC, is the owner of the IRA then permitted to pick up all the gold coins owned by the IRA without regard to whether or not the gold coins are worth more than $250,000?
Permalink Submitted by Alan Spross on Fri, 2011-02-18 23:23
Better call the FDIC on that question. Unless there is a special provision, if the gold is worth more than 250k when receivership is declared, the FDIC limit would apply, ie the gold coins would be treated as if it were cash of the same value. The disclosures that the bank must issue at the time of deposit should also include such details. I could not find any special provisions about this on the FDIC website.
And of course, any safe deposit box holdings are not covered at all.