Welcome to Chicago! We, New Direction IRA, have just landed and headed straight to the Central States Numismatic Society Convention. This year marks the 74th year anniversary of this show. People have been interested in coins for thousands of years, of course, it’s the oldest form of currency, and everyone is interested in money in some form. The reason we’re here is to talk to the dealers who buy and sell bullion and bullion coins because a lot of our clients are diversifying their retirement accounts with gold. As a self directed IRA administrator, New Direction IRA likes to keep up with the trends and learn about alternative investments to better help clients with their IRA investments.
It is a little known part of IRA law that your IRA can invest in precious metals. There are purity standards that you must comply with in order to purchase them with your IRA/Retirement plan. Collectible coins, which I am currently surrounded with here on the convention bourse floor, are not allowed in IRAs, unfortunately. That is probably disappointing to a lot of the guys buying and selling collectible coins. Self directed IRAs are all about investing in what you know. To most of these attendees “what they know” is making money trading collectible coins and to the dealers attending it is buying and selling precious metals as well.
We get the question “why would I purchase precious metals in an IRA or retirement account?” The number one reason we here for doing this is wealth preservation and diversification. There have been a number of large retirement plan trustees who have expressed and interest in including precious metals as part of the 401K portfolios they manage just for that reason.
Next month we will be travelling to New Orleans for another big coin show, the ANA National Money Show. For now we are meeting with precious metals dealers. Later we will be touring the Frank Lloyd Wright -designed Robie Residence, a walking tour of other FLW residences and on Saturday the Diana Krall concert. If you get a chance, look into the options for putting precious metals in your retirement account on the New Direction IRA website.
