Congratulations!!! If you are reading this you have taken the first step towards doing what thousands of other people have done: work with the dedicated IRA experts at Midas Gold Group to open your gold IRA and put the stability of the world’s oldest lasting currency to work in your retirement plan.
This could be the most meaningful financial decision of your lifetime! We are here to help you. Call us today to find out why we are America’s Most Trusted Gold IRA Company.
Thanks to the passage of the Taxpayer Relief Act of 1997, American citizens are allowed to own admissible gold inside of their IRA or other qualified retirement plans. This created what is commonly referred to as the Gold IRA, Silver IRA, Platinum IRA, Palladium IRA, Precious Metals IRA, or Physical Gold IRA.
The term Gold IRA is commonly and loosely used to refer to a retirement plan owning physical gold or other precious metals. However, Midas Gold Group works with clients who hold a number of different retirement plans that can be directly used to own gold or can be rolled into a precious metals IRA. These plans include:
A Gold IRA is no different than any other IRA. You can make your annual contributions (which can be used to purchase more gold). You can sell your gold and move funds to another custodian. You can take distributions the same way. Distributions can be taken in-kind, meaning you can actually take the real gold out of your Physical Gold IRA account, or you can sell the gold and take the funds out in cash. When you convert your IRA to physical gold, you will find it still functions like a traditional paper IRA you may be familiar with.
There are many Gold IRA companies in the country. However, when dealing with your nest egg, you should only deal with the best. At Midas, we pride ourselves on being America’s most trusted Gold IRA company.
We don’t hire commissioned salespeople to push products that are best for the salesperson. At Midas Gold Group, our experts know how to put the client’s needs first.
The numbers don’t lie! Gold was first used as currency around 700 BC and has held value ever since. While gold has maintained value, thousands of currencies and financial systems large and small have collapsed.
There is a good reason why some of the world’s oldest and wealthiest organizations hold large portions of their wealth in gold: The British Royal Family, the Catholic Church, every Royal Dynasty, Central Banks all over the globe, and virtually every sovereign nation.
Longstanding institutions understand that currencies and financial systems crumble over time but gold preserves and grows wealth over time. Why should your retirement and wealth be treated differently? You deserve the ultimate ‘store of value’ in gold!
Wise investors understand that markets are cyclical and periods of economic expansion are always followed by market crashes and bear markets. Opening a gold IRA with Midas Gold Group offers a unique level of diversification against events such as stock market crashes, credit contraction, war/geopolitical tensions, and real estate market corrections.
As stock market crashes have inevitably always occurred and will always occur, the wisest investors have always seen gold as a wise place to store profits made during periods of stock market growth. Why ride the peaks and valleys of the stock market again?
Few people understand that the US abandoned the gold standard in 1971.
Since that time, $100 invested in bank savings at the normal compounded interest rate would be worth approximately $1,200 today, an increase of 1,200%.
However, $100 dollars invested in gold in 1971 would be worth approximately $5,474, an increase of 5,374%.
With banks now paying historically low interest rates and the growth of money and debt at an all-time high, gold is a sound and wise alternative to cash and traditional assets in your IRA.
Over the long term, gold in your hand has always been and will always be better than excess cash at a financial institution.
During stock market crashes, periods of rampant inflation, credit crises, and war, gold tends to outperform all other assets. Wise investors who understand that one or more of these events is not only possible but likely to occur, allocate a portion of their retirement funds to gold.
Further, with gold being an indispensable conduit in electronic devices, its industrial consumption has never been higher. As distribution of smartphones grows globally, Apple estimates that there will be more than 7 billion smartphone users by the year 2021. With growing demand and shrinking supply, the price of gold is bound to grow on industrial demand alone.
Just a few minutes on the phone with one of the Gold IRA Experts at Midas Gold Group can have you well on your way to adding owning real physical gold to your IRA.
Have a look at our Retirement Plans page to see if your retirement plan qualifies.
When you chose Midas Gold Group as your precious metals IRA company, you are dealing with America’s #1 veteran-owned Gold IRA Company. You will receive a level of service and expertise that is unmatched in the industry.
We understand that precious metals is not a one-size fits all investment. You should ask you such questions as:
The answers to all these questions depend on you and are dictated by such factors as your account size, your expected holding term before retirement, your risk tolerance, and overall goals. The IRA experts at Midas Gold Group help you answer these and other important questions so you can feel confident and satisfied with your Gold IRA.
Make sure you also read the Precious Metals IRA FAQ section of our website to see what common questions investors such as yourself have about opening their Gold IRA.
While Internal Revenue Code (IRC) 26 U.S. Code § 408 specifically allows physical gold, silver, platinum, and palladium to be owned inside of an IRA, 31 U.S. Code § 5112 makes very specific limitations on the types of coins and bars that can be owned.
Essentially the IRS established two types of coins and bars that meet the requirement for an IRA:
Featuring the iconic walking liberty design of Augustus Saint-Gaudens, the Gold American Eagle is the preferred government-issued bullion gold coin of American investors.
The American Gold Eagle proof coin is a continuation of a nearly 200 year tradition of the US Mint to produce limited mintage spectacular coins with special dyes and strikes.
The American Gold Buffalo coin in brilliant uncirculated condition, first introduced in 2006, is the first .9999 pure coin produced by the US Mint available to investors.
Struck in .9999 fine gold, the Canadian Maple Leaf from the prestigious Royal Canadian Mint boasts the title of the most popular bullion coin in the world.
The Austrian Philharmonic or Vienna Philharmonic gold bullion coin was the most popular gold coin in the 1990’s and is still among the world’s best sellers.
The Australian Kangaroo Gold coin series is produced by the Perth Mint in Australia dating back to 1987 and is a popular .9999 pure gold coin among investors.
The Mexican Gold Libertad coins is an extremely low-mintage .999 pure government issued coin that bears no monetary value but is legal tender and IRA eligible.
Big Five Elephant Gold 1 oz is the first in a new successful series of bullion coins from the South African Mint. The Big Five series is highly regarded worldwide and are 24-karat gold.
Chinese Panda Gold coins, a globally revered bullion product, are produced in .999 fine gold by PRC mints in Beijing, Shenzhen, Shanghai, and Shenyang.
The Gold Britannia, minted in .9999 fine gold, was first introduced by the British Royal Mint in 1987 and was Europe’s first gold bullion investment coin.
The Australian Gold Swan is an extremely low mintage .9999 pure gold bullion coin produced by the Perth Mint in Australia; only 5,000 coins are minted annually.
The consequences for violations of IRA rules are harsh and include being subject to taxes and penalties. The experts at Midas Gold Group have established thousands of Gold IRA accounts. Our expertise will give you the peace of mind of knowing that an experienced team is there to ensure and stand by the legality of all of your Gold IRA investments.
Plus with the Midas Authenticity Guarantee, you know that you get exactly what you pay for with a guarantee of the mint mark, weight, and purity of each and every gold or silver coin and bar in your physical Gold IRA.
In addition to having a reputable and trusted gold dealer for your Gold IRA such as Midas Gold Group, you must also have an IRA custodian.
The IRA custodian is a licensed, bonded and insured trust company that reports the assets in your retirement account. All IRAs have custodians with some of the larger being Charles Schwab, Fidelity, T Rowe Price, TD Ameritrade, etc.
These custodians generally hold IRAs invested in paper assets such as stocks, bonds, mutual funds, and annuities. Most traditional custodians do not offer investments in tangible assets such as gold. However, the role of the custodian for your gold IRA is no different and their surety bonds make your investment just as secure. Your Gold IRA Custodian will:
The IRA experts at Midas Gold Group have spent decades working with the major Gold IRA Custodians and will be your liaison to set up and fund your account. As your dealer of record with the custodian, we will always be a resource for any dealings you need to have with your custodian including sales of assets, future rollovers, and distributions.
Equity Trust Company (Equity Institutional) is an Ohio-based chartered trust company. As an industry-leading custodian of alternative assets in tax-advantaged accounts with over $25 billion in assets under custody and administration, Equity’s 45-year track record of excellence is unmatched in the industry. Equity is regulated as a South Dakota trust company and complies with all statutes and regulations mandated by the South Dakota Division of Banking.
Kingdom Trust Company is a chartered trustee in South Dakota with headquarters in Kentucky. Kingdom Trust was founded in 2010 and has already grown to over $15 billion in assets under management with more than 100,000 accounts.
STRATA Trust Company (STRATA) is a wholly-owned subsidiary of Horizon Bank SSB and is regulated by the Texas Department of Banking. STRATA was founded in 2008 and has more than $1.8 billion in assets under custody.
New Direction Trust Company is based in Colorado and was founded in 2003. New Direction is a chartered trustee that manages over $2 billion in assets.
As of Q4 2019, Precious Metals IRA holders at New Direction Trust Company will be dealing with a new policy. For any dealer transaction including a buy, sell, or trade of precious metals, the client must sign Buy Direction Letter or Sell Direction Letter. However, no New Direction IRA holder is assigned to a specific dealer, regardless of which dealer assisted the client in the establishment of the IRA account. For each and every transaction, the client will now fill out an Interested Party Designation. This designation is only applicable for a single transaction and will need to be filled out again when the client executes a new transaction.
This is a new policy and appears to be unique in the industry. However, it should remind clients that they are free to seek a competent dealer for every IRA transaction that they execute. Clients should shop for the most competent advice on every transaction as well as the best value. Midas Gold Group is happy to assist any New Direction IRA account holder with any transaction they may need to execute, including buying, selling, trading, or distributions.
GoldStar Trust Company is a $2 billion division of Happy State Bank based in Texas. GoldStar Trust Company was founded in 1989 and is the oldest of the major Gold IRA custodians. They act as custodian for more than 37,500 IRAs, a majority of which are Gold IRAs.
| Account Setup | Asset Purchase Fee | Outgoing Wire Fee | Annual Fee | Annual Precious Metals Storage | Precious Metals Trade/Swap | Other Possible Annual Fees | Other Possible One-Time Fees | Account Termination Fee | Example Accounts | LLC (Self-Storage) IRA Option | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Online: $50 | $0 | $30 | $80 |
| $0 | N/A |
| $225 |
| No | ||||||||||||
| Account Setup | Asset Purchase Fee | Outgoing Wire Fee | Annual Fee | Annual Precious Metals Storage | Precious Metals Trade/Swap | Other Possible Annual Fees | Other Possible One-Time Fees | Account Termination Fee | Example Accounts | LLC (Self-Storage) IRA Option | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Online: $25 Paper: $50 | $75 | $35 | $225 |
| $75 | Holding Fee: .25% of account value (Example, $80,000 account: $80,000 × .0025 = $200) |
| $100 |
| Yes | ||||||||||||||||||||
| Account Setup | Asset Purchase Fee | Outgoing Wire Fee | Annual Fee | Annual Precious Metals Storage | Precious Metals Trade/Swap | Other Possible Annual Fees | Other Possible One-Time Fees | Account Termination Fee | Example Accounts | LLC (Self-Storage) IRA Option | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Online: $25 Paper: $50 | $40 | $25 | $95 |
| $40 | N/A |
| $250 |
| No | ||||||||
| Account Setup | Asset Purchase Fee | Outgoing Wire Fee | Annual Fee | Annual Precious Metals Storage | Precious Metals Trade/Swap | Other Possible Annual Fees | Other Possible One-Time Fees | Account Termination Fee | Example Accounts | LLC (Self-Storage) IRA Option | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $50 | $40 | $25 |
|
| $40 | N/A |
| 0.5% of value (min $25, max $95) |
| Yes | ||||||||||||||||||||||||
| Account Setup | Asset Purchase Fee | Outgoing Wire Fee | Annual Fee | Annual Precious Metals Storage | Precious Metals Trade/Swap | Other Possible Annual Fees | Other Possible One-Time Fees | Account Termination Fee | Example Accounts | LLC (Self-Storage) IRA Option | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Online: $50 | $0 | $25 |
|
| $0 | N/A |
| $100 |
| No |
You may be already holding physical gold in an IRA account. However, many clients have found our free evaluation services offered by the Gold IRA experts at Midas Gold Group to be invaluable. We have found that too many gold dealers setup Gold IRA accounts without considering the needs of the individual client. We have found that many dealers:
If you already have a Gold IRA, we offer free consultations to make sure that your IRA is most cost-effective, most secure, and tailored to your individual needs and goals as an investor.
We are happy to offer second opinions on your gold and precious metals IRA assets as well as make sure you are not overpaying for Gold IRA storage costs and fees. Contact us today to schedule your free consultation.
How would you like to be able to store your physical IRA Gold yourself rather than have it stored at a third party depository? Would you prefer to have your tangible retirement wealth in your own hands?
May investors would, and that’s why many precious metals IRA investors chose to hold their physical IRA gold at home in a “Home Storage Gold IRA” or “Self Storage Gold IRA”.
This structure does not come without some degree of risk. The Home Storage Gold IRA has not been approved or formally recognized by the IRS — formally or in a no-action letter. After years of evaluation, we have determined that while the Home Storage Gold IRA has become popular among many Gold IRA investors and is widely adopted, this structure presents a material financial risk to the IRA owner as the IRS may deem the Home Storage Gold IRA arrangement a “distribution” from the IRA, subjecting the IRA owner to loss of the IRA status as well as taxes and potential penalties.
The Home Storage Gold IRA uses a structure that the IRS now refers to as a “Checkbook Control IRA” or “LLC IRA”. This is an IRA structure whereby an IRA owner directs the investment of his IRA funds into a self-managed Limited Liability Company (LLC). The LLC may then invest in certain assets over which the IRA owner exercises direct control. A series of tax court rulings and IRS letter memorandums have validated the Checkbook IRA structure but a definitive ruling on physical gold in a Checkbook IRA has never been made.
If you are considering a Home Storage Gold IRA, we highly recommend you first consult with your tax professional and make a proper evaluation of the risks we believe are associated with this structure.
The experts at Midas Gold Group fully understand the Home Storage Gold IRA. Our principals were among the first to raise the idea of this structure among Gold IRA Companies in the country.
If you do decide this structure is appropriate for you, provided you sign a waiver, we will help you set up the Home Storage Gold IRA at cost as a courtesy to our clients. Our Home Storage IRA assistance and guidance saves clients thousands of dollars setting up a complex legal structure.
As of November 2021, new case law indicates that owning precious metals inside of an IRA LLC is no longer a viable legal structure. In the case of McNulty v. Comm’r of Internal Revenue, a judge ruled that when an IRA holder ordered their single member LLC to purchase gold coins and the IRA holder took possession of them, it equated to a distribution of the IRA.
While, the ruling did not overturn case law permitting an IRA to invest in a single-member LLC, it did establish the unfettered control of IRA assets in the form of gold and silver, do constitute a distribution.
While we will continue to monitor rulings related to precious metals IRA structures, based on the ruling, Midas Gold Group will no longer assist with or support the establishment of a precious metals IRA using an LLC structure.
If you already have an IRA LLC structure established to own precious metals, we recommend that you seek advice from a tax professional on your best options. You might also consider moving your assets to a conventional storage IRA.
We will provide additional updates to the section shortly.
