There are a few good reasons why you should invest in a silver IRA. Over the past few years, the industrial usage of silver has grown significantly. This has increased the demand for the precious metal, and the declining supply of the metal has helped to boost its price. Since silver IRAs are not coordinated to the stock market performance, they can help you spread your risk. While silver can be a little volatile, it is generally considered a safe haven for investors. Again, Goldco ensures that all its silver coins and bullion have a minimum fineness requirement of .999. Some of the coins you can purchase through the company are the Silver American Eagle, the Silver American Eagle Proof, Silver American Bald Eagle, and the Silver Maple Leaf.

There are a few good reasons why you should invest in a silver IRA. Over the past few years, the industrial usage of silver has grown significantly. This has increased the demand for the precious metal, and the declining supply of the metal has helped to boost its price. Since silver IRAs are not coordinated to the stock market performance, they can help you spread your risk. While silver can be a little volatile, it is generally considered a safe haven for investors. Again, Goldco ensures that all its silver coins and bullion have a minimum fineness requirement of .999. Some of the coins you can purchase through the company are the Silver American Eagle, the Silver American Eagle Proof, Silver American Bald Eagle, and the Silver Maple Leaf.

In order to invest in gold or silver IRAs via Goldco, you will need to have a minimum capital of $25,000. The pricing of the service is not posted on their website, but on contacting the customer service team, we were able to learn that clients have to pay a $260 fee for the first year. After that, the annual fee will be $80, and in addition, you will have to pay a storage fee. Usually, this brings the total to between $175 and $180. You should check with the customer service team to see if you can qualify for a bonus. These offers are usually available to new customers. You should also note that the fees will increase when your investment reaches $100,000. At this point, you will have to pay an annual fee of $225.

Like all other investments, gold and silver IRAs have an element of risk. The prices can fluctuate depending on certain factors. However, in the long run, the prices of silver and gold generally go up. Here are some factors which can affect the price of gold:

• • • Inflation- Inflation lowers the value of a currency, and this is why people flock to gold and other precious metals when the inflation rate is high. The increased demand will raise the price of these metals.
    • Interest rates- The price of gold will also rise when interest rates drop. With lower interest rates, people don’t get good returns on their deposits, and this will increase the demand for gold. This eventually leads to an increase in the price of gold.
    • Central bank reserves- Since the US dropped the gold standard in 1971, central banks have been accumulating gold reserves. As these banks purchase more gold, the price of the precious metal rises.
    • The value of the USD- In international markets, gold is traded with the USD, so any fluctuations in the value of the currency will affect the price of gold. A stronger USD will usually keep the price of gold low and stable.

Other factors that determine the price of gold are the industrial demand, the performance of the jewellery market, and the worldwide production of gold.

Since you will not take physical possession of the coins, there is no risk of theft. You also don’t need to go through the hassle of finding storage space for the metals since this will be done by Goldco. Also, the company guarantees the purity level of the coins, and it works with some of the best mints in the world.

Are there Penalties for Moving Assets from My Retirement Account to a Gold IRA?

No, you will not be penalized for moving assets from your retirement account to a gold IRA. You will also not pay any more taxes for the transaction. However, you should be careful to complete the transfer in the right way. You can consider getting tax and legal advice before rolling over the funds. These specialists will also be able to let you know how long the transfer will take. In most cases, you will be able to transfer the funds within two weeks, but the exact period will depend on several factors.

The most popular precious metals are gold and silver, but these are not the only options offered at Goldco. You can also invest in platinum and palladium. Here are some reasons why you should consider buying platinum:

• • •  Platinum has been selling at a premium to gold, and this trend has been sustained over the past decades. Even in cases where platinum fell below gold, its price has recovered quite fast.
    •  This precious metal offers very low risk to investors as its price is quite stable.
    •  Its price is not coordinated with the performance of traditional assets, so it can help you diversify your investments.
    •  It performs very well in periods of economic recovery.
    •  Historically, platinum has performed well in the long run, so it can work as a hedge against inflation.

There are also great reasons for investing in palladium, and these include the following:

• • •  Environmental protection laws in recent years have led to an increase in the use of palladium in catalytic converters.
    •  Palladium is extremely scarce, and this has helped to drive its price up.
    •  Palladium moves inversely to the price of the USD, so it can work as a hedge against inflation

You should remember that there are no guarantees on the prices of these precious metals. They may rise or fall depending on different factors. However, if you go by historical trends, the risk with these metals is extremely low.