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April 22, 2022
This is Alex Silvia with NuView Trust Company, coming to you today with another discussion of “Ask An IRA Specialist”.
Our question for today comes from Tammy T:
The process, just like other alternative investments, is not so different from the one you would follow to make the investment personally. The only difference now is that your IRA is going to be the owner, or the purchaser.
Meaning: instead of your name being listed on the invoice or purchase contract, it would then be your NuView IRA’s name. This technical name could be something like “NuView Trust Company, FBO, your name, and IRA account number”.
So when it comes to investing in precious metals using your NuView self-directed IRA, not much changes except the registered name on the paper. This affects who’s going to be signing off to actually release the funds to go and buy the precious metals from your dealer of choice.
Now, one thing with the precious metals market that we want all our investors to know is that there are a lot of scams out there when it comes to this industry. Just like we say, for all our other alternative investment types, this is one specific asset class – precious metals – that you want to make sure you do excess due diligence on.
There have been too many times where we have had clients that didn’t look too closely into the precious metals dealer from whom they were looking to buy their metals and they ended up actually losing some of their IRA funds. We at NuView Trust don’t want that happening to you.
So please do your due diligence on the precious metals dealer you’re looking to work with.
Once you find one that is reputable, and that you feel comfortable with, the number one thing you will want to do is make sure you have your NuView Self-Directed IRA set up right.
Then, you are going to fill out a precious metals purchase authorization form. This is where you will list the metal type that you want to invest in, whether it’s gold, silver, palladium, platinum, etc. There are so many options here: bullion, coin, Silver Eagles, all different types of forms that the precious metals might come in.
On that purchase form, you will need to fill out all those details about the dealer that you would like to purchase the metals from. Then submit that to NuView along with the invoice(s) from the precious metals dealer themselves.
You’ll need to work with the precious metals dealer and draw up a purchase invoice in the name of your NuView self-directed IRA and submit that with the purchase authorization form.
Once we here at NuView have both of those, we’ll be able to facilitate that transaction. We usually take around just one to three business days to process investments, and then you’ll be on your way to owning precious metals in your IRA.
There is one important thing to note: the precious metals are not physically held at NuView or one of NuView’s locations. We actually work with depositories that are going to hold those precious metals for you.
One of them is in Delaware and another one is up in the Northeastern states as well. If you want details on those depositories, please reach out to us and we’ll give you those details.
Precious metals need a depository, and our facility here at NuView is not properly built for it. So we have a couple partnerships of depositories that we work with and send our clients to.
If you have any questions about the process, please feel free to reach out to us.
And stay tuned to NuView Trust Company for more continuing education about self-directed IRAs.
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