After I purchase precious metals, because I’m not allowed to hold them for myself, does this custodian keep them safe for me?
When you put away funds for retirement, the IRS states that you have to hire a custodian who essentially holds your money until you need it—kind of like a hired iron piggy bank. In the case of a self-directed IRA, the custodian is just in charge of watching your money and making sure taxes get paid correctly.
While your money is sitting in this account, you have the option to use it to invest with. Because 7k offers an IRA that is self-directed, you are completely in charge of how you want to use your funds to invest! Because 7k is a precious metals company, we’re only going to talk about how to invest in precious metals.
When you choose to invest in precious metals, you need to find your own retailer—someone to buy from. Then, you need to find your own depository—someone to store your gold and silver, because again the IRS states that you cannot personally store your own IRA precious metal investments.
7k acts as both a retailer where you can purchase your gold and silver from and a depository where you can safely store them. We correspond quickly and safely with a trusted custodian to provide you with as easy an experience as possible when using your self-directed IRA to invest in precious metals.
While your money is sitting in this account, you have the option to use it to invest with. Because 7k offers an IRA that is self-directed, you are completely in charge of how you want to use your funds to invest! Because 7k is a precious metals company, we’re only going to talk about how to invest in precious metals.
When you choose to invest in precious metals, you need to find your own retailer—someone to buy from. Then, you need to find your own depository—someone to store your gold and silver, because again the IRS states that you cannot personally store your own IRA precious metal investments.
7k acts as both a retailer where you can purchase your gold and silver from and a depository where you can safely store them. We correspond quickly and safely with a trusted custodian to provide you with as easy an experience as possible when using your self-directed IRA to invest in precious metals.
Updated on: 16/05/2024
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