The Transfer Process

Unfortunately, you cannot place precious metals that you already own into a new Precious Metals IRA account. All of the precious metals you want to include in your IRA must be purchased through a bank transfer or a rollover IRA account.

The transfer process is very simple. Once you've made the decision to invest in gold or silver and add it to your IRA and have familiarized yourself with the restrictions that apply to precious metals, you are ready to start the transfer process. First you must open a new Self-Directed IRA account. Luckily, this is as simple as opening a debit or savings account at your local bank branch. Simply fill out the proper forms and you are ready to continue.

Next you must think about funding your new IRA. Investors who are just starting their IRA can simply write a check and submit their annual contribution. However, it is expected that most people ready to take the step in investing into precious metals already have an IRA and want to redirect some of their assets into their Self Directed account. Depending on your specific situation, and what IRA provider you have, it could take one step or a few. Normally you will fill out a form provided by your current provider and send it to them. Once your request is processed, you're ready to buy precious metals.

Once your account is funded by your transfer, you can buy gold and silver bullion from a dealer. Once you choose a dealer, the kind of bullion you would like to invest in, and in what quantities, you can place an order and receive an invoice. Next, you authorize the invoice to be paid by your custodian. That's all you have to do! Next, your particular trust company will verify the invoice they receive from the dealer. If the invoice matches your requests and instructions, the transaction will be completed and the gold or silver bullion you have chosen will be bought and paid for through the funds you allocated in your precious metals account.Generally, you can choose which depository you would like your gold and silver to be shipped to and stored in. The dealer will process your order and ship the exact amount in troy ounces of the gold and silver bullion you requested to the depository.

Your trust company will notify you the minute your order reaches the depository and once again confirm the gold/silver bullion received by the depository and then provide you with an account summary. Later on, your provider will continue to update you on the status of your Self Directed account and their updates will reflect the value of your investment.

Keep in mind that you do not have to transfer all of your Roth or Traditional IRA into your precious metals IRA. It is entirely up to you how much of your IRA you want invested in precious metals.