According to the US Inland Revenue Service (IRS):
"Your IRA can invest in one, one-half, one-quarter, or one-tenth ounce U.S. gold coins, or: one-ounce silver coins minted by the Treasury Department."The pre 1965 US 90 percent silver coins, it should be noted here, are not eligible for IRAs investments. They would come under "collectibles" and would possibly incur the 10% additional tax on early distributions.
"It can also invest in certain platinum coins, or certain gold, silver, palladium, and platinum bullion."
IRA accounts of course should be designed for the long term and silver bullion is an ideal candidate for an retirement investment. Many IRAs now accept gold and silver bullion coins and gold and silver bullion coins can lay a solid foundation for Individual Retirement Accounts (IRAs), which should be designed for the long-term.
This change was particularly advantageous to investors who preferred silver. All IRA accounts should contain an amount of silver as part of its portfolio. Particularly in view of the healthy rise in the price of silver in the long term.
The only silver coins specifically approved for IRAs is the American Silver Eagle. But silver eagles carry a high premium and are not a very suitable investment unless it is very long term where the high premium can be recouped. In addition the could actually shrink in a rising market. Far better is silver rounds or silver bullion bars where the premium is much lower.
Probably the best silver bullion bars for IRA investment is the one-thousand ounce and one-hundred ounce 999 fine silver bars, sell at a much less premiums to spot. Silver eagles can have a premium of $1.60 or more per ounce.
In fact, one hundred ounce silver bars have become popular for IRAs. They are easy to buy and an IRA investor can purchase them on a regular basis without breaking the bank.
But for a large IRA silver investments, the larger bar you can buy the better and this means the one thousand ounce silver bars with a minimal mark up over the spot price.
Nowadays one can use GoldMoney for a silver IRA investment. Some advantrages include it being an overseas investment, the silver being deposited in Switzerland and London UK and the premium is very low.
Opening an account at GoldMoney is free, there is no minimum balance required and you can always sell your gold and silver back to GoldMoney anytime at the Current Spot Rate with no exchange fee required. You can also swap or exchange between precious metals with no additional fees.
You can open an account 24 hours a day seven days a week at GoldMoney.com.
Probably a mix of silver, gold, property, share and stocks is a good idea for a IRA portfolio. One would need to consult ones financial adviser to work out the best mix for ones own IRA fund or account.