Los Angeles CA, August 15 (Tangible Investments) - by James O’Dell - Gold traded flat on Thursday, edging slightly higher to close at $1,312.75 an ounce, as Gold prices continue to trade in their narrowest weekly range since August 2007, but still on pace for a second straight weekly gain. Silver added $0.07 or 0.35 percent to close at $19.88 an ounce, while the Gold/Silver ratio fell to 66.03.
Tangible Investments has seen a recent increase in inquiries from several of our GOLD IRA customers questioning whether they can “Store the Gold themselves in their IRA. To possibly store their physical Gold or Silver in their basement, at their bank, or offshore but still have it be a part of their IRA?” The question becomes: Can you “be your own custodian” when you already hold the assets? There is no title to Precious Metals like there is to Real Estate and all other paper asset classes for that matter.
The question has yet to be answered with a ruling by the IRS, and typically, the IRS doesn't rule on a matter for many years down the road. We've all seen high earning recording artists, or sports legends whose CPA firms took millions of dollars in deductions for investments that were later deemed “not deductible” by the IRS. Many of those legends ended up in bankruptcy court.
So when you see ads for Checkbook IRAs or GOLD IRA LLCs, be aware that the IRS knows exactly what is going on, and while it may be slow to react, someday down the road it will challenge those schemes.
Nobody wants that scenario for their own Retirement IRA assets and that is why at Tangible Investments we use Self-Directed IRA Services for their impeccable accounting and reporting. Additionally, Self-Directed IRA Services’ use of Delaware Depository, the largest precious metals depository outside of New York City, offers state of the art protection with all-risk $1 Billion insurance coverage by Lloyds of London.
Preserve your wealth and secure your retirement by making a tangible investment in physical Gold and Silver in 2014. Call Toll Free 1.800.741.5014 and allow the friendly staff at Tangible Investments (learn about us here), owned and operated by world-renowned coin expert Silvano DiGenova, to assist you in your next purchase or sale. We hope you will share our site with your friends on Twitter and Facebook, but whatever you do, don't leave the site before claiming your Free Coin.