With any type of account setup, it is ideal for us to want to cut out the middle-man and just handle everything ourselves. For one, we’d be able to save money on fees associated with the middle person, and two, we’d be able to save our precious time. It is just a whole event to have to contact someone, then make your demands, and then wait for whole process to be finished.
With an IRA fund, you can choose to invest in gold and put it into your account, which is something that more and more investors are choosing to do. This is because of the ever-increasing price in gold; when you decide you liquefy it, you will receive more than what you originally spent. This makes up for the fact that gold does not gain interest like cash assets while it is in the IRA account.
During the creation of your gold-backed IRA account, there is a custodian involved in the process.This is why you should be looking for the best gold ira company to handle your business. This person is in charge of handling your gold and placing into an institution for safe-keeping. You confer with this person when you decide to liquefy the gold for money, and also if you want to purchase any more gold. Wouldn’t it be nice to get rid of this “middle-man” and handle the account yourself?
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Yes, it would be very nice, in a theoretical and perfect world. Unfortunately, you can’t get rid of the custodian completely. There are regulations from the IRS that prevent you from being able to personally handle gold in your IRA. The trouble with custodians is that they require a fee, and we all know how irritating fees are.
Even with a self-directed IRA (which allows you to have more control over your retirement fund), there is still that custodian or broker that you have to go through in order to make any investments or changes to your account. You must realize that brokers and custodians are the only ones who are legally allowed to handle your assets, which is why these types of firms exist.
As much as we all like to be our own boss and not answer to anyone, the truth with IRA’s is that you do have to answer to somebody else. Although, you are technically the boss of your custodian (you are paying him for his services, after all), which should sort of balance things out. However, they are the only ones who are legally allowed to handle your gold-backed IRA fund. Just be sure to pick a reliable, credible, and trustworthy custodian who handles gold assets, and be sure to complete a thorough research on top custodians in your area. Just don’t hold off on it for too long; gold will be cheaper now than in the future.