“certified Gold IRA however so you don’t get taken advantage of conmen. There are strict rules surrounding Gold IRAs and typically your gold and silver are stored at a depository.”
It you can’t touch it you don’t own it.
(Personally I don’t have any gold—but “safe” and “certified” depositories would give me zero comfort.)
Remember, this is an IRA so if you take possession of it, it becomes a distribution and you will need to pay the taxes (or penalties if you are under 59 1/2).
It works the same with any IRA. Even if you have a million dollars in a standard IRA, you can't stick it in your own bank account without first taking a distribution.
I’m with you on this topic. Without claiming I know everything about them, I don’t see the functionality of gold IRAs.
As I understand it, the only thing that can go in or out of an IRA is cash money. So if you have 5 gold eagles, let’s say, you can’t place them into your gold IRA. You have to buy new (to you) ones. Likewise, if you wish to withdraw from your IRA, you have to have your custodian sell some metal and you get the proceeds in cash/check/wire. Given that metals transaction have fearsome frictional costs about $60-$100 on the current $2000-$2050, both on the buy and the sell side, I consider this punitive. This applies to inside or outside an IRA. Trading physical gold is very friction-prone.
Secondly, owning metals has a strong aspect of anonymity to it. No, you cannot sell $200K worth of gold to your local coin shop, but yes, you can buy and/or sell a few ounces pretty much ad lib. Cash, non-reportable < $9999. A DAY.
Thirdly, given the above, why would you want the gov’t to know you hold gold? Doesn’t that in and of itself make you a terrorist?
Lastly, on these IRAs that hold physical, isn’t there a storage fee? Couple percent a year, minimum?