The Negatives of Precious Metals IRAs
It has been a while since I reviewed the aspects of using a precious metals Individual Retirement Account (IRA) as a means of acquiring gold, silver, platinum or palladium. In recent weeks I have heard so many radio commercials from different vendors promoting the use of a precious metals IRA that it is time to again list reasons why most people would be better off purchasing the physical precious metals in their own name instead.
There are circumstances where the use of a precious metals IRA may be appropriate for some people. However, before taking this step, consider these points:
• The ownership of a precious metals IRA is reported annually to the IRS. One desirable feature of directly owning physical precious metals is maximum financial privacy, where your ownership of such items is not reported to the federal government. If you use a precious metals IRA, however, the trustee sends a form to the Internal Revenue Service at the end of each year to
