WEBVTT 00:00:00.000 --> 00:00:03.060 Welcome to the Deep Dive. Today, we're tackling 00:00:03.060 --> 00:00:05.820 something a lot of you have asked about, investing 00:00:05.820 --> 00:00:08.599 in silver through an IRA. Specifically, what 00:00:08.599 --> 00:00:10.439 kind of silver can you actually put in there? 00:00:10.599 --> 00:00:12.019 Yeah, it's a great question. You've sent in some 00:00:12.019 --> 00:00:14.419 good sources exploring this. And well, our job 00:00:14.419 --> 00:00:16.820 today is to really unpack the IRS rules. Right, 00:00:16.920 --> 00:00:18.960 cut through the confusion. We want to understand 00:00:18.960 --> 00:00:21.399 the specific types of silver that are eligible, 00:00:21.539 --> 00:00:23.960 what the pitfalls might be, basically help you 00:00:23.960 --> 00:00:26.379 figure out the options. Exactly. We'll look at. 00:00:26.859 --> 00:00:28.960 purity requirements, certifications, all that 00:00:28.960 --> 00:00:31.620 key stuff, plus specific examples of coins and 00:00:31.620 --> 00:00:33.740 bars that work, and importantly, what doesn't. 00:00:34.000 --> 00:00:36.600 OK, let's dive in. So the absolute basics first. 00:00:37.079 --> 00:00:39.920 What makes silver IRA eligible, according to 00:00:39.920 --> 00:00:42.119 the IRS? Your sources mentioned purity right 00:00:42.119 --> 00:00:44.000 off the bat. Yep. Purity is number one. It has 00:00:44.000 --> 00:00:49.299 to be a minimum of 99 .9 % pure silver. Wow, 00:00:49.520 --> 00:00:52.679 99 .9%. That's pretty high. Why such a strict 00:00:52.679 --> 00:00:55.200 standard? Well, it seems the IRS wants to ensure 00:00:55.200 --> 00:00:57.299 the investment is really about the metal's intrinsic 00:00:57.299 --> 00:00:59.780 value, you know, not diluted by other stuff. 00:01:00.000 --> 00:01:02.439 It keeps the focus on the core asset for retirement 00:01:02.439 --> 00:01:04.840 savings. Okay, that makes sense. Pure value. 00:01:05.159 --> 00:01:07.420 But it's not just purity, is it? Certification 00:01:07.420 --> 00:01:09.439 keeps coming up, too. Oh yeah, absolutely critical. 00:01:09.980 --> 00:01:12.219 The silver needs to be certified, or rather, 00:01:12.519 --> 00:01:15.920 produced by a recognized mint or manufacturer. 00:01:16.140 --> 00:01:19.019 Like the big ones, Royal Canadian Mint, maybe? 00:01:19.159 --> 00:01:21.379 Exactly. Royal Canadian Mint, the Austrian Mint, 00:01:21.900 --> 00:01:24.280 those kinds of status names. And your sources 00:01:24.280 --> 00:01:27.439 also mentioned accrediting bodies like CumEx, 00:01:27.980 --> 00:01:32.900 NYMEX, LMBA, LME. Ah, the big exchanges and associations. 00:01:33.239 --> 00:01:35.180 Right. Their accreditation basically means the 00:01:35.180 --> 00:01:37.079 silver meets international trading standards. 00:01:37.480 --> 00:01:40.939 It's about authenticity, quality assurance, building 00:01:40.939 --> 00:01:43.549 trust. So it's like a stamp of approval ensuring 00:01:43.549 --> 00:01:46.290 it's legit. Got it. And there was one other condition 00:01:46.290 --> 00:01:47.689 mentioned, something about the physical state. 00:01:47.790 --> 00:01:49.709 Uh -huh. Condition. It needs to be in good condition, 00:01:49.849 --> 00:01:52.329 not like heavily damaged or excessively worn. 00:01:52.530 --> 00:01:54.930 Doesn't need to be perfect collector grade, but 00:01:54.930 --> 00:01:57.810 sound. Exactly. Its physical integrity impacts 00:01:57.810 --> 00:01:59.769 its market value, so it needs to be reasonably 00:01:59.769 --> 00:02:03.730 well -preserved. OK. Purity, certification, good 00:02:03.730 --> 00:02:06.469 condition, those are the ground rules. Now let's 00:02:06.469 --> 00:02:09.169 talk specifics. Coins seem really popular for 00:02:09.169 --> 00:02:11.840 silver IRAs. Why do you think that is? Well, 00:02:11.939 --> 00:02:14.259 a few things stand out from the sources. They 00:02:14.259 --> 00:02:17.180 often have legal tender status, which makes them 00:02:17.180 --> 00:02:19.960 easily recognizable. Plus, they come in smaller 00:02:19.960 --> 00:02:22.639 sizes, usually, offering a bit more flexibility, 00:02:22.740 --> 00:02:26.180 maybe. And, well, holding a coin just feels tangible, 00:02:26.819 --> 00:02:29.199 like real currency. Yeah, I get that. And the 00:02:29.199 --> 00:02:31.080 sources you sent highlight some famous ones. 00:02:31.580 --> 00:02:33.719 Let's start with maybe the most well -known, 00:02:34.439 --> 00:02:37.189 the American Silver Eagle. Definitely a cornerstone. 00:02:37.310 --> 00:02:40.349 It's 99 .9 % pure. Backed by the U .S. government, 00:02:40.409 --> 00:02:42.650 that's a huge confidence booster. Right. And 00:02:42.650 --> 00:02:45.370 that iconic design, everyone recognizes it. Makes 00:02:45.370 --> 00:02:47.969 it very liquid, easy to trade, though sometimes 00:02:47.969 --> 00:02:49.610 the premium might be a little higher because 00:02:49.610 --> 00:02:51.689 of that backing and demand. Premium being the 00:02:51.689 --> 00:02:54.330 cost over the actual silver spot price. Exactly. 00:02:54.550 --> 00:02:56.710 Factors like minting, demand, government backing 00:02:56.710 --> 00:02:58.750 can influence that. And there's a proof version 00:02:58.750 --> 00:03:00.729 too, the proof Silver American Eagle. Is that 00:03:00.729 --> 00:03:03.539 different for IRA purposes? Eligibility -wise, 00:03:03.960 --> 00:03:06.919 it's typically the same, still 99 .9 % pure. 00:03:07.759 --> 00:03:10.199 The proof just means it has that special mirror 00:03:10.199 --> 00:03:12.280 -like finish from a different minting process. 00:03:12.439 --> 00:03:14.539 Ah, more for collectors, maybe? Often, yeah. 00:03:14.680 --> 00:03:16.479 It usually comes with a certificate and can carry 00:03:16.479 --> 00:03:18.419 a higher premium because collectors like that 00:03:18.419 --> 00:03:21.060 finish. But the core silver value is what matters 00:03:21.060 --> 00:03:24.860 for the IRA. OK. Moving north. Canada's silver 00:03:24.860 --> 00:03:27.000 maple leaf. Your source mentioned it's super 00:03:27.000 --> 00:03:30.259 pure. It really is. It's actually 99 .99 % pure 00:03:30.259 --> 00:03:32.500 silver four nines, one of the purest government 00:03:32.500 --> 00:03:34.979 coins out there. And you've got the distinctive 00:03:34.979 --> 00:03:37.379 maple leaf design, the royal Canadian mint backing, 00:03:37.919 --> 00:03:40.379 very secure, very trusted option. Then across 00:03:40.379 --> 00:03:43.159 the pond, the silver Vienna philharmonic adds 00:03:43.159 --> 00:03:45.419 a bit of culture. It does. It blends the investment 00:03:45.419 --> 00:03:48.379 side with Austria's musical heritage. It's 99 00:03:48.379 --> 00:03:51.370 .9 % pure, legal tender there. Interesting. Does 00:03:51.370 --> 00:03:54.129 the legal tender status matter much for the IRA 00:03:54.129 --> 00:03:57.789 itself? For the IRA rules. Not directly. The 00:03:57.789 --> 00:04:00.729 purity and origin are key. But legal tender status 00:04:00.729 --> 00:04:03.210 makes it widely recognized, potentially easier 00:04:03.210 --> 00:04:05.569 to trade down the line. As a bit of geographical 00:04:05.569 --> 00:04:08.050 diversity, too, maybe. Makes sense. And what 00:04:08.050 --> 00:04:10.849 about the Chinese silver panda? I hear the design 00:04:10.849 --> 00:04:12.930 changes. Yeah, that's its main calling card. 00:04:13.189 --> 00:04:15.550 The panda design changes every year. It's still 00:04:15.550 --> 00:04:18.829 99 .9 % pure, but that changing design gives 00:04:18.829 --> 00:04:21.430 it a collectible angle. So maybe some extra value 00:04:21.430 --> 00:04:24.329 potential beyond just the silver? Potentially, 00:04:24.649 --> 00:04:26.670 for some investors. But again, for the IRA, it's 00:04:26.670 --> 00:04:29.269 that silver content that primarily qualifies 00:04:29.269 --> 00:04:32.290 it. Now, the British silver Britannia. There's 00:04:32.290 --> 00:04:34.610 a note about the year. Right at a crucial point, 00:04:34.790 --> 00:04:38.389 yeah. Only Britannias from 2013 onwards qualify. 00:04:38.589 --> 00:04:40.930 Why is that? They increase the purity then to 00:04:40.930 --> 00:04:44.990 99 .9%. Earlier ones were less pure. So if you're 00:04:44.990 --> 00:04:46.449 looking at Britannias, you have to check the 00:04:46.449 --> 00:04:48.350 date. They're backed by the British government. 00:04:48.629 --> 00:04:50.889 Feature that classic Britannia image. Good to 00:04:50.889 --> 00:04:53.170 know. OK, this next one from a source was interesting. 00:04:53.410 --> 00:04:56.050 The silver Morgan and Peace dollars. Classic 00:04:56.050 --> 00:04:59.189 US coins, but mostly not eligible. That's generally 00:04:59.189 --> 00:05:01.970 true. Historically, their purity was lower, usually 00:05:01.970 --> 00:05:05.009 90%. Ah. However, the source correctly notes 00:05:05.009 --> 00:05:07.410 that some specific examples, maybe modern re 00:05:07.410 --> 00:05:09.870 -strikes or special issues, that do meet the 00:05:09.870 --> 00:05:13.389 99 .9 % purity standard can be included. So you'd 00:05:13.389 --> 00:05:15.209 have to be incredibly careful verifying those. 00:05:15.430 --> 00:05:18.069 Absolutely. Verify, verify, verify. The history 00:05:18.069 --> 00:05:21.589 is cool, but for the IRA, purity rules. Understood. 00:05:22.189 --> 00:05:25.300 And finally, for coins, the Australians... The 00:05:25.300 --> 00:05:27.660 silver koala and silver lunar series. Right. 00:05:27.819 --> 00:05:30.259 Both from the highly respected Perth Mint. Both 00:05:30.259 --> 00:05:33.920 99 .9 % pure. And they also have changing designs. 00:05:34.360 --> 00:05:36.980 The koala features the koala, naturally, and 00:05:36.980 --> 00:05:39.199 the lunar series cycles through the Chinese zodiac 00:05:39.199 --> 00:05:41.959 animals each year. Again, adds collector appeal 00:05:41.959 --> 00:05:45.000 for some, on top of the reliable bullion content. 00:05:45.199 --> 00:05:47.660 OK, that's a solid list of coins. But what if 00:05:47.660 --> 00:05:49.620 someone's looking to invest, you know, a bit 00:05:49.620 --> 00:05:51.819 more heavily? Bars are often mentioned then. 00:05:51.959 --> 00:05:54.569 Exactly. Bars are usually the way to go for larger 00:05:54.569 --> 00:05:56.470 quantities. They tend to be more cost -effective 00:05:56.470 --> 00:05:59.170 per ounce compared to coins. Lower premiums, 00:05:59.170 --> 00:06:01.629 generally. Often, yes. And their uniform shape 00:06:01.629 --> 00:06:03.689 makes them easier to stack and store securely 00:06:03.689 --> 00:06:06.069 in those approved vaults. Makes sense for bulk. 00:06:06.649 --> 00:06:09.069 And your sources listed some reputable barmakers. 00:06:09.529 --> 00:06:12.189 Johnson Matthew. Yep, Johnson Matthew. Huge name, 00:06:12.310 --> 00:06:15.069 long history and precious metals. Their 99 .9 00:06:15.069 --> 00:06:17.949 % pure bars are really well regarded for quality. 00:06:18.089 --> 00:06:21.509 A very standard trusted choice. Okay, and PMP 00:06:21.509 --> 00:06:23.509 Seuss. I think I've seen those, sometimes with 00:06:23.509 --> 00:06:26.509 the lady design. Lady Fortuna, yeah. PMP Seuss 00:06:26.509 --> 00:06:29.449 is another top tier global refiner. Their 99 00:06:29.449 --> 00:06:33.009 .9 % bars are recognized everywhere. Very liquid, 00:06:33.029 --> 00:06:36.889 easy to trade, high quality. Good options. Then 00:06:36.889 --> 00:06:40.500 the 10 ounce Sunshine Silver bar. Mentioned for 00:06:40.500 --> 00:06:42.899 security features. Right. Sunshine Minting puts 00:06:42.899 --> 00:06:45.579 anti -counterfeiting tech into their bars, like 00:06:45.579 --> 00:06:48.180 their MintMark SI feature. You can use a special 00:06:48.180 --> 00:06:50.720 decoder lens to verify it. Oh, wow. That adds 00:06:50.720 --> 00:06:52.879 some peace of mind. Definitely. Extra security 00:06:52.879 --> 00:06:55.480 is always good. What about Amark Silver bars? 00:06:55.959 --> 00:06:57.860 The notes said they're known for value. Yeah, 00:06:57.920 --> 00:07:00.660 Amark is a solid, respected producer. Their 99 00:07:00.660 --> 00:07:03.720 .9 % bars come in various sizes and are often 00:07:03.720 --> 00:07:05.819 seen as a good balance of quality and affordability. 00:07:06.220 --> 00:07:08.040 Nice. And even bars with the Walking Liberty 00:07:08.040 --> 00:07:10.540 design, like the old coin. Yep. Kind of cool, 00:07:10.680 --> 00:07:12.740 right? You get that iconic American design, that 00:07:12.740 --> 00:07:15.759 connection to history. But in a 99 .9 % pure 00:07:15.759 --> 00:07:18.019 bar format, suitable for IRA investment. That 00:07:18.019 --> 00:07:20.819 is neat. Then there were OPM bars. Something 00:07:20.819 --> 00:07:23.959 about being green. Uh -huh. OPM, Ohio Precious 00:07:23.959 --> 00:07:26.500 Metals, they make a point of using recycled silver 00:07:26.500 --> 00:07:30.480 in their 99 .9 % bars. So that appeals to investors 00:07:30.480 --> 00:07:32.959 who prioritize sustainability. Interesting angle. 00:07:33.600 --> 00:07:38.050 And lastly, RCM Silver Bars. Royal Canadian Mint 00:07:38.050 --> 00:07:40.389 again. That's right. Just like their Maple Leaf 00:07:40.389 --> 00:07:43.029 coins, the RCM bars have a great reputation. 00:07:43.509 --> 00:07:46.069 They also often include advanced security features 00:07:46.069 --> 00:07:48.389 like unique serial numbers or special finishes, 00:07:49.129 --> 00:07:51.170 quality and security. Okay, so that covers a 00:07:51.170 --> 00:07:53.410 lot of what is allowed, but maybe just as important 00:07:53.410 --> 00:07:55.910 as knowing what isn't, right? To avoid trouble. 00:07:56.230 --> 00:07:57.850 Absolutely crucial. You don't want to make a 00:07:57.850 --> 00:08:00.250 mistake here. The sources clearly flag a couple 00:08:00.250 --> 00:08:03.060 of big no -nos. First off, Collectible coins 00:08:03.060 --> 00:08:05.180 so even if they're silver if their main value 00:08:05.180 --> 00:08:07.500 comes from rarity or historical significance 00:08:07.500 --> 00:08:09.740 Exactly like those older Morgan dollars we talked 00:08:09.740 --> 00:08:13.120 about or truly rare new ismatic pieces They often 00:08:13.120 --> 00:08:14.879 don't meet the ninety nine point nine percent 00:08:14.879 --> 00:08:17.240 purity rule anyway, and the IRS sees them differently 00:08:17.240 --> 00:08:19.360 Yeah, they're viewed more as collectibles than 00:08:19.360 --> 00:08:22.779 as bullion for IRA purposes The focus has to 00:08:22.779 --> 00:08:24.980 be on that investment grade metal content got 00:08:24.980 --> 00:08:27.139 it and the other category seems obvious silver 00:08:27.139 --> 00:08:30.629 jewelry plated stuff Right, definitely not eligible. 00:08:31.110 --> 00:08:33.610 They don't meet purity standards, clearly fall 00:08:33.610 --> 00:08:36.330 under personal items or collectibles. not IRA 00:08:36.330 --> 00:08:39.490 assets. OK. So what if someone does put the wrong 00:08:39.490 --> 00:08:41.629 thing in? Like they accidentally include some 00:08:41.629 --> 00:08:44.610 old coins or maybe even jewelry. What happens? 00:08:44.769 --> 00:08:46.710 Well, the consequences can be pretty serious, 00:08:46.970 --> 00:08:49.490 according to your sources. You could face penalties 00:08:49.490 --> 00:08:52.750 from the IRS. Like fines? Potentially, yes. And 00:08:52.750 --> 00:08:55.470 even worse, it could potentially lead to the 00:08:55.470 --> 00:08:58.450 disqualification of the entire IRA. Wow. The 00:08:58.450 --> 00:09:01.350 whole account. It's possible. The IRS rules are 00:09:01.350 --> 00:09:04.429 specific for a reason and messing up can really 00:09:04.429 --> 00:09:06.309 jeopardize your retirement savings strategy. 00:09:06.690 --> 00:09:08.730 Definitely something to avoid. Okay, yeah, definitely. 00:09:08.889 --> 00:09:11.049 So the takeaway is, work with people who know 00:09:11.049 --> 00:09:13.350 what they're doing. Precisely. The sources all 00:09:13.350 --> 00:09:15.309 stress the importance of working with knowledgeable 00:09:15.309 --> 00:09:18.350 silver IRA companies and custodians. They're 00:09:18.350 --> 00:09:20.690 the experts who can guide you. Make sure everything 00:09:20.690 --> 00:09:23.370 purchased meets the IRS standards. That makes 00:09:23.370 --> 00:09:26.049 a lot of sense. Now, we've been focused heavily 00:09:26.049 --> 00:09:29.350 on silver, but it's not the only option for a 00:09:29.350 --> 00:09:32.450 precious metals IRA, right? Correct. Support 00:09:32.450 --> 00:09:35.750 and context. Gold, platinum, and palladium can 00:09:35.750 --> 00:09:38.350 also be held in an IRA. If they meet their own 00:09:38.350 --> 00:09:40.830 rules, presumably. Exactly. They each have specific 00:09:40.830 --> 00:09:43.350 purity and certification requirements, just like 00:09:43.350 --> 00:09:46.250 silver. Diversifying across metals is something 00:09:46.250 --> 00:09:48.750 many people consider. And the sources give examples 00:09:48.750 --> 00:09:51.909 there, too, for gold, similar coins, American 00:09:51.909 --> 00:09:55.639 eagles, maple leafs. Uh -huh. Australian kangaroos, 00:09:55.940 --> 00:09:59.779 Austrian philharmonics, gold pandas, US buffaloes, 00:09:59.860 --> 00:10:02.779 generally needing .999 purity or higher for coins. 00:10:03.139 --> 00:10:05.820 And bars too, like Credit Suisse or Pampi Suisse 00:10:05.820 --> 00:10:08.720 again? Yes, gold bars from accredited refiners, 00:10:08.899 --> 00:10:12.379 also needing high purity, usually .999 plus Junito. 00:10:12.659 --> 00:10:14.779 And there was an interesting point in one source 00:10:14.779 --> 00:10:17.840 about slabbed coins, the graded ones, in plastic 00:10:17.840 --> 00:10:20.720 cases. Currently not allowed. Yeah, that's a 00:10:20.720 --> 00:10:23.159 specific detail worth noting. It seems the IRS 00:10:23.159 --> 00:10:25.639 currently wants the raw billion or standard government 00:10:25.639 --> 00:10:28.200 -issued coins, not ones graded and sealed by 00:10:28.200 --> 00:10:30.720 third parties for IRA purposes. Interesting distinction. 00:10:30.960 --> 00:10:33.139 What about platinum and palladium? Similar story. 00:10:33.379 --> 00:10:35.120 Eligible platinum coins like American Eagles, 00:10:35.419 --> 00:10:37.700 Canadian Maple Leafs, Australian Koalas, and 00:10:37.700 --> 00:10:41.860 bars needing at least .9995 purity. Palladium 00:10:41.860 --> 00:10:44.759 is similar. Bars and rounds need that 0 .9995 00:10:44.759 --> 00:10:48.639 minimum fineness. And for all bars, gold, platinum, 00:10:48.980 --> 00:10:51.259 palladium, they need to come from those accredited 00:10:51.259 --> 00:10:53.919 manufacturers. Yes, that's consistent. The sources 00:10:53.919 --> 00:10:58.840 mention NYMEX COMEX, LME, LBMA, NYSEALIFT PseudoDOT, 00:10:59.139 --> 00:11:02.440 Ising 9000 approved refiners, or a national mint. 00:11:03.000 --> 00:11:05.460 It reinforces that need for recognized quality 00:11:05.460 --> 00:11:07.679 control. Okay, this is super helpful context 00:11:07.679 --> 00:11:10.080 on the broader precious metals picture. The source 00:11:10.080 --> 00:11:12.639 has also tackled some FAQs people often have, 00:11:13.259 --> 00:11:15.200 like coins versus bars. What are the pros and 00:11:15.200 --> 00:11:17.080 cons again? Right. It's a common decision point. 00:11:17.340 --> 00:11:19.639 Coins, as we said, might be easier to sell small 00:11:19.639 --> 00:11:22.000 amounts, more recognizable, maybe have that slight 00:11:22.000 --> 00:11:23.759 collector potential sometimes. Sell stability. 00:11:24.320 --> 00:11:26.200 Yeah. Bars are typically better value for buying 00:11:26.200 --> 00:11:29.100 larger amounts, lower premiums usually, and built 00:11:29.100 --> 00:11:31.320 for efficient storage, more straightforward bulk 00:11:31.320 --> 00:11:33.220 investment. Okay. And this one's huge. Can I 00:11:33.220 --> 00:11:34.759 just take the silver I already have, maybe some 00:11:34.759 --> 00:11:36.840 bars I bought you? ago and put them in my new 00:11:36.840 --> 00:11:39.559 IRA? Yeah, that's a definite no, unfortunately. 00:11:39.580 --> 00:11:42.519 Well, why not? IRS rules. All the precious metals 00:11:42.519 --> 00:11:44.759 for your IRA have to be purchased through the 00:11:44.759 --> 00:11:47.899 IRA structure using an approved dealer or custodian. 00:11:48.100 --> 00:11:50.320 So you can't just contribute metal you already 00:11:50.320 --> 00:11:53.379 own. Nope. It's about ensuring the chain of custody, 00:11:53.740 --> 00:11:55.480 verifying the standards are met from the get 00:11:55.480 --> 00:11:58.279 -go, and having it all properly documented and 00:11:58.279 --> 00:12:01.100 stored in an approved depository. Okay. Important 00:12:01.100 --> 00:12:04.159 rule to know. Another question. Why silver instead 00:12:04.159 --> 00:12:07.019 of gold? What are the arguments? Well, affordability 00:12:07.019 --> 00:12:09.419 is a big one. Silver is much cheaper per ounce, 00:12:09.720 --> 00:12:11.620 so you can buy more metal for the same amount 00:12:11.620 --> 00:12:14.580 of money. Get more ounces? Right. Plus, silver 00:12:14.580 --> 00:12:17.159 has a lot of industrial uses, electronics, solar 00:12:17.159 --> 00:12:20.279 panels, etc. That industrial demand can be a 00:12:20.279 --> 00:12:22.850 price driver. separate from just investment demand. 00:12:22.929 --> 00:12:25.509 Interesting. And historically, silver's price 00:12:25.509 --> 00:12:28.009 can be more volatile than gold's. That means 00:12:28.009 --> 00:12:31.490 more risk, yes, but also potentially higher percentage 00:12:31.490 --> 00:12:34.850 gains if the price moves favorably. OK. Affordability, 00:12:35.289 --> 00:12:38.529 industrial use, volatility potential. Got it. 00:12:38.889 --> 00:12:40.909 Now maybe a slightly confusing question. Can 00:12:40.909 --> 00:12:44.750 you hold gold in a silver IRA? Huh. Yeah, the 00:12:44.750 --> 00:12:47.669 name can be misleading. Silver IRA usually just 00:12:47.669 --> 00:12:49.769 means a precious metals IRA where someone chooses 00:12:49.769 --> 00:12:53.269 to focus on silver. But yes, you absolutely can 00:12:53.269 --> 00:12:56.169 hold gold, platinum, and palladium in that same 00:12:56.169 --> 00:12:58.549 self -directed IRA. As long as they meet their 00:12:58.549 --> 00:13:01.450 own eligibility rules. Exactly. It's often recommended 00:13:01.450 --> 00:13:04.570 for diversification. Holding a mix can potentially 00:13:04.570 --> 00:13:06.870 balance risk and growth. Okay, that clears that 00:13:06.870 --> 00:13:11.610 up. So, final practical question. Someone's listened 00:13:11.610 --> 00:13:14.299 to all this. They're intrigued. What are the 00:13:14.299 --> 00:13:16.720 first steps to actually setting up a silver IRA? 00:13:17.179 --> 00:13:19.240 Your sources lay it out pretty clearly. Step 00:13:19.240 --> 00:13:22.899 one is research. Find reputable silver IRA companies 00:13:22.899 --> 00:13:25.580 and custodians. Really check them out. Do diligence. 00:13:25.720 --> 00:13:28.220 Definitely. Then you open a self -directed IRA 00:13:28.220 --> 00:13:30.379 account, specifically one that allows precious 00:13:30.379 --> 00:13:33.059 metals. You'll need to fund it, often by rolling 00:13:33.059 --> 00:13:36.220 over funds from an existing 401k or IRA. Okay. 00:13:36.559 --> 00:13:38.720 Then comes the fun part, maybe selecting the 00:13:38.720 --> 00:13:41.000 actual eligible silver coins or bars you want 00:13:41.000 --> 00:13:43.039 to invest in. based on everything we've discussed. 00:13:43.179 --> 00:13:45.159 Right, choosing from the approved list. Yep. 00:13:45.759 --> 00:13:48.059 And finally, you work with your chosen silver 00:13:48.059 --> 00:13:50.600 IRA company to make the purchase and they coordinate 00:13:50.600 --> 00:13:52.779 with the custodian to get your silver safely 00:13:52.779 --> 00:13:55.639 stored in an IRS approved depository. You don't 00:13:55.639 --> 00:13:57.639 take physical possession yourself for an IRA. 00:13:57.840 --> 00:14:00.539 So it's a process, needs professional help. It 00:14:00.539 --> 00:14:03.000 really is. You need partners who understand all 00:14:03.000 --> 00:14:05.019 these IRS regulations to make sure it's done 00:14:05.019 --> 00:14:07.990 right. Okay. Well, this has been incredibly thorough, 00:14:08.490 --> 00:14:11.350 a real deep dive into the nitty gritty of silver 00:14:11.350 --> 00:14:13.730 in an IRA. I think the main takeaway has to be 00:14:13.730 --> 00:14:16.850 you really need to pay attention to the IRS rules. 00:14:17.289 --> 00:14:20.450 Purity, certification, specific coins and bars. 00:14:21.409 --> 00:14:23.490 It all matters. That's the bottom line. You can't 00:14:23.490 --> 00:14:25.629 just wing it. Sticking to IRS approved silver 00:14:25.629 --> 00:14:27.809 is absolutely fundamental to protecting your 00:14:27.809 --> 00:14:29.990 retirement savings in this kind of account and 00:14:29.990 --> 00:14:31.929 avoiding any nasty surprises like penalties. 00:14:32.159 --> 00:14:35.000 Couldn't agree more. So maybe a final thought 00:14:35.000 --> 00:14:37.059 for everyone listening to Mollover. We've talked 00:14:37.059 --> 00:14:39.059 about all these eligible silver options, the 00:14:39.059 --> 00:14:42.200 eagles, the maples, various bars. Beyond just 00:14:42.200 --> 00:14:44.940 meeting the basic IRS rules, what other factors 00:14:44.940 --> 00:14:46.860 might you find compelling? Maybe it's the history 00:14:46.860 --> 00:14:48.980 behind a coin like the Philharmonic or the security 00:14:48.980 --> 00:14:51.279 features on a sunshine bar, or maybe even just 00:14:51.279 --> 00:14:54.100 the changing design of the panda or koala. What 00:14:54.100 --> 00:14:56.960 criteria beyond eligibility might influence your 00:14:56.960 --> 00:14:59.340 personal choices if you were building a silver 00:14:59.340 --> 00:15:01.850 IRA? Something to think about. Of course, if 00:15:01.850 --> 00:15:04.690 you are seriously considering this, doing that 00:15:04.690 --> 00:15:06.750 research into reputable silver IRA companies 00:15:06.750 --> 00:15:09.129 is the logical next step. Thanks for joining 00:15:09.129 --> 00:15:10.110 us for this deep dive.