How To Buy Gold: What to Ask Before You Own It
The metal is simple. The transaction has a few decisions in it. Here they are, in the order you will meet them.
1. Retirement money or cash?
If the money is in an IRA or an old 401(k), you are looking at a Gold IRA: a custodian, a depository, and a transfer or rollover. If it is cash, you are looking at direct ownership: buy it, and either take delivery or arrange storage. Both are fine. They are different processes.
2. Coins or bars?
Coins are recognisable and divisible. Bars cost less per ounce to make. Decide based on how you expect to sell or pass it on later, not on how it looks.
3. What are you paying, and to whom?
You pay for the metal, and you pay the dealer for its work. Ask for the dealer's fee in writing before you decide, and ask what the dealer earns if you choose one product over another. If the answer is vague, that is your answer.
4. Where will it be, and who holds it?
Delivered to you means you are responsible for keeping it safe and insured. Storage means a depository holds it in your name and you pay for that. IRA metal always sits with the custodian's depository.
5. Who do you call afterwards?
The purchase is the start. Ask who will answer the phone when you want to add, sell, or take a distribution, and whether they will still know who you are.
Speak with a specialist, or get the free guide.
This article is educational. It is not a recommendation to buy or sell anything, and it does not consider your circumstances. Prices can move in either direction.