Silver is in high demand, making it a great choice for investors, since it’s an essential element in jewelry, medical equipment, industrial tools and energy technology. It’s proven itself as one of the safest long-term assets, when faced with market instability – with many investors buying into silver to hedge against inflation.
We, at Gold Alliance, advise our clients to make silver a component of their retirement portfolios. In order to do this, however, it’s vital that precious metal IRA owners make sure their silver assets meet IRS regulations. Let us make your life easier by explaining which precious metal products can be placed in your IRA. Speak with a Gold Alliance IRA Expert at 888-567-6689 and we’ll show you just how easy it is to take control of your financial security by opening a silver IRA or investing in other physical coins.
Which Silver IRA–Approved coins should I be investing in?
To be eligible for inclusion in a Precious Metals IRA, the silver must:
- have a fineness of .999 or 99.9 purity and
- be in the safekeeping of your custodian at a secure depository (because of IRS regulations, we strongly advise against home storage).
It’s important to note that any silver you may already have in your possession cannot be added to your silver IRA.
How to avoid counterfeit silver
Thankfully, IRA-approved silver bars and silver coins are easy to spot…which also makes it easy to spot fakes. Checking for authenticity shouldn’t be necessary if you have a good silver dealer. But, you can never be too careful with your retirement savings, so checking the authenticity might save you a lot of stress in the long term. You can check the purity and see if you have genuine IRA-approved silver coins by carrying out non-damaging magnet, ice-cube, bleach, dimension, and visual tests.