Welcome to the Deep Dive. Today, we're tackling
something a lot of you have asked about, investing
in silver through an IRA. Specifically, what
kind of silver can you actually put in there?
Yeah, it's a great question. You've sent in some
good sources exploring this. And well, our job
today is to really unpack the IRS rules. Right,
cut through the confusion. We want to understand
the specific types of silver that are eligible,
what the pitfalls might be, basically help you
figure out the options. Exactly. We'll look at.
purity requirements, certifications, all that
key stuff, plus specific examples of coins and
bars that work, and importantly, what doesn't.
OK, let's dive in. So the absolute basics first.
What makes silver IRA eligible, according to
the IRS? Your sources mentioned purity right
off the bat. Yep. Purity is number one. It has
to be a minimum of 99 .9 % pure silver. Wow,
99 .9%. That's pretty high. Why such a strict
standard? Well, it seems the IRS wants to ensure
the investment is really about the metal's intrinsic
value, you know, not diluted by other stuff.
It keeps the focus on the core asset for retirement
savings. Okay, that makes sense. Pure value.
But it's not just purity, is it? Certification
keeps coming up, too. Oh yeah, absolutely critical.
The silver needs to be certified, or rather,
produced by a recognized mint or manufacturer.
Like the big ones, Royal Canadian Mint, maybe?
Exactly. Royal Canadian Mint, the Austrian Mint,
those kinds of status names. And your sources
also mentioned accrediting bodies like CumEx,
NYMEX, LMBA, LME. Ah, the big exchanges and associations.
Right. Their accreditation basically means the
silver meets international trading standards.
It's about authenticity, quality assurance, building
trust. So it's like a stamp of approval ensuring
it's legit. Got it. And there was one other condition
mentioned, something about the physical state.
Uh -huh. Condition. It needs to be in good condition,
not like heavily damaged or excessively worn.
Doesn't need to be perfect collector grade, but
sound. Exactly. Its physical integrity impacts
its market value, so it needs to be reasonably
well -preserved. OK. Purity, certification, good
condition, those are the ground rules. Now let's
talk specifics. Coins seem really popular for
silver IRAs. Why do you think that is? Well,
a few things stand out from the sources. They
often have legal tender status, which makes them
easily recognizable. Plus, they come in smaller
sizes, usually, offering a bit more flexibility,
maybe. And, well, holding a coin just feels tangible,
like real currency. Yeah, I get that. And the
sources you sent highlight some famous ones.
Let's start with maybe the most well -known,
the American Silver Eagle. Definitely a cornerstone.
It's 99 .9 % pure. Backed by the U .S. government,
that's a huge confidence booster. Right. And
that iconic design, everyone recognizes it. Makes
it very liquid, easy to trade, though sometimes
the premium might be a little higher because
of that backing and demand. Premium being the
cost over the actual silver spot price. Exactly.
Factors like minting, demand, government backing
can influence that. And there's a proof version
too, the proof Silver American Eagle. Is that
different for IRA purposes? Eligibility -wise,
it's typically the same, still 99 .9 % pure.
The proof just means it has that special mirror
-like finish from a different minting process.
Ah, more for collectors, maybe? Often, yeah.
It usually comes with a certificate and can carry
a higher premium because collectors like that
finish. But the core silver value is what matters
for the IRA. OK. Moving north. Canada's silver
maple leaf. Your source mentioned it's super
pure. It really is. It's actually 99 .99 % pure
silver four nines, one of the purest government
coins out there. And you've got the distinctive
maple leaf design, the royal Canadian mint backing,
very secure, very trusted option. Then across
the pond, the silver Vienna philharmonic adds
a bit of culture. It does. It blends the investment
side with Austria's musical heritage. It's 99
.9 % pure, legal tender there. Interesting. Does
the legal tender status matter much for the IRA
itself? For the IRA rules. Not directly. The
purity and origin are key. But legal tender status
makes it widely recognized, potentially easier
to trade down the line. As a bit of geographical
diversity, too, maybe. Makes sense. And what
about the Chinese silver panda? I hear the design
changes. Yeah, that's its main calling card.
The panda design changes every year. It's still
99 .9 % pure, but that changing design gives
it a collectible angle. So maybe some extra value
potential beyond just the silver? Potentially,
for some investors. But again, for the IRA, it's
that silver content that primarily qualifies
it. Now, the British silver Britannia. There's
a note about the year. Right at a crucial point,
yeah. Only Britannias from 2013 onwards qualify.
Why is that? They increase the purity then to
99 .9%. Earlier ones were less pure. So if you're
looking at Britannias, you have to check the
date. They're backed by the British government.
Feature that classic Britannia image. Good to
know. OK, this next one from a source was interesting.
The silver Morgan and Peace dollars. Classic
US coins, but mostly not eligible. That's generally
true. Historically, their purity was lower, usually
90%. Ah. However, the source correctly notes
that some specific examples, maybe modern re
-strikes or special issues, that do meet the
99 .9 % purity standard can be included. So you'd
have to be incredibly careful verifying those.
Absolutely. Verify, verify, verify. The history
is cool, but for the IRA, purity rules. Understood.
And finally, for coins, the Australians... The
silver koala and silver lunar series. Right.
Both from the highly respected Perth Mint. Both
99 .9 % pure. And they also have changing designs.
The koala features the koala, naturally, and
the lunar series cycles through the Chinese zodiac
animals each year. Again, adds collector appeal
for some, on top of the reliable bullion content.
OK, that's a solid list of coins. But what if
someone's looking to invest, you know, a bit
more heavily? Bars are often mentioned then.
Exactly. Bars are usually the way to go for larger
quantities. They tend to be more cost -effective
per ounce compared to coins. Lower premiums,
generally. Often, yes. And their uniform shape
makes them easier to stack and store securely
in those approved vaults. Makes sense for bulk.
And your sources listed some reputable barmakers.
Johnson Matthew. Yep, Johnson Matthew. Huge name,
long history and precious metals. Their 99 .9
% pure bars are really well regarded for quality.
A very standard trusted choice. Okay, and PMP
Seuss. I think I've seen those, sometimes with
the lady design. Lady Fortuna, yeah. PMP Seuss
is another top tier global refiner. Their 99
.9 % bars are recognized everywhere. Very liquid,
easy to trade, high quality. Good options. Then
the 10 ounce Sunshine Silver bar. Mentioned for
security features. Right. Sunshine Minting puts
anti -counterfeiting tech into their bars, like
their MintMark SI feature. You can use a special
decoder lens to verify it. Oh, wow. That adds
some peace of mind. Definitely. Extra security
is always good. What about Amark Silver bars?
The notes said they're known for value. Yeah,
Amark is a solid, respected producer. Their 99
.9 % bars come in various sizes and are often
seen as a good balance of quality and affordability.
Nice. And even bars with the Walking Liberty
design, like the old coin. Yep. Kind of cool,
right? You get that iconic American design, that
connection to history. But in a 99 .9 % pure
bar format, suitable for IRA investment. That
is neat. Then there were OPM bars. Something
about being green. Uh -huh. OPM, Ohio Precious
Metals, they make a point of using recycled silver
in their 99 .9 % bars. So that appeals to investors
who prioritize sustainability. Interesting angle.
And lastly, RCM Silver Bars. Royal Canadian Mint
again. That's right. Just like their Maple Leaf
coins, the RCM bars have a great reputation.
They also often include advanced security features
like unique serial numbers or special finishes,
quality and security. Okay, so that covers a
lot of what is allowed, but maybe just as important
as knowing what isn't, right? To avoid trouble.
Absolutely crucial. You don't want to make a
mistake here. The sources clearly flag a couple
of big no -nos. First off, Collectible coins
so even if they're silver if their main value
comes from rarity or historical significance
Exactly like those older Morgan dollars we talked
about or truly rare new ismatic pieces They often
don't meet the ninety nine point nine percent
purity rule anyway, and the IRS sees them differently
Yeah, they're viewed more as collectibles than
as bullion for IRA purposes The focus has to
be on that investment grade metal content got
it and the other category seems obvious silver
jewelry plated stuff Right, definitely not eligible.
They don't meet purity standards, clearly fall
under personal items or collectibles. not IRA
assets. OK. So what if someone does put the wrong
thing in? Like they accidentally include some
old coins or maybe even jewelry. What happens?
Well, the consequences can be pretty serious,
according to your sources. You could face penalties
from the IRS. Like fines? Potentially, yes. And
even worse, it could potentially lead to the
disqualification of the entire IRA. Wow. The
whole account. It's possible. The IRS rules are
specific for a reason and messing up can really
jeopardize your retirement savings strategy.
Definitely something to avoid. Okay, yeah, definitely.
So the takeaway is, work with people who know
what they're doing. Precisely. The sources all
stress the importance of working with knowledgeable
silver IRA companies and custodians. They're
the experts who can guide you. Make sure everything
purchased meets the IRS standards. That makes
a lot of sense. Now, we've been focused heavily
on silver, but it's not the only option for a
precious metals IRA, right? Correct. Support
and context. Gold, platinum, and palladium can
also be held in an IRA. If they meet their own
rules, presumably. Exactly. They each have specific
purity and certification requirements, just like
silver. Diversifying across metals is something
many people consider. And the sources give examples
there, too, for gold, similar coins, American
eagles, maple leafs. Uh -huh. Australian kangaroos,
Austrian philharmonics, gold pandas, US buffaloes,
generally needing .999 purity or higher for coins.
And bars too, like Credit Suisse or Pampi Suisse
again? Yes, gold bars from accredited refiners,
also needing high purity, usually .999 plus Junito.
And there was an interesting point in one source
about slabbed coins, the graded ones, in plastic
cases. Currently not allowed. Yeah, that's a
specific detail worth noting. It seems the IRS
currently wants the raw billion or standard government
-issued coins, not ones graded and sealed by
third parties for IRA purposes. Interesting distinction.
What about platinum and palladium? Similar story.
Eligible platinum coins like American Eagles,
Canadian Maple Leafs, Australian Koalas, and
bars needing at least .9995 purity. Palladium
is similar. Bars and rounds need that 0 .9995
minimum fineness. And for all bars, gold, platinum,
palladium, they need to come from those accredited
manufacturers. Yes, that's consistent. The sources
mention NYMEX COMEX, LME, LBMA, NYSEALIFT PseudoDOT,
Ising 9000 approved refiners, or a national mint.
It reinforces that need for recognized quality
control. Okay, this is super helpful context
on the broader precious metals picture. The source
has also tackled some FAQs people often have,
like coins versus bars. What are the pros and
cons again? Right. It's a common decision point.
Coins, as we said, might be easier to sell small
amounts, more recognizable, maybe have that slight
collector potential sometimes. Sell stability.
Yeah. Bars are typically better value for buying
larger amounts, lower premiums usually, and built
for efficient storage, more straightforward bulk
investment. Okay. And this one's huge. Can I
just take the silver I already have, maybe some
bars I bought you? ago and put them in my new
IRA? Yeah, that's a definite no, unfortunately.
Well, why not? IRS rules. All the precious metals
for your IRA have to be purchased through the
IRA structure using an approved dealer or custodian.
So you can't just contribute metal you already
own. Nope. It's about ensuring the chain of custody,
verifying the standards are met from the get
-go, and having it all properly documented and
stored in an approved depository. Okay. Important
rule to know. Another question. Why silver instead
of gold? What are the arguments? Well, affordability
is a big one. Silver is much cheaper per ounce,
so you can buy more metal for the same amount
of money. Get more ounces? Right. Plus, silver
has a lot of industrial uses, electronics, solar
panels, etc. That industrial demand can be a
price driver. separate from just investment demand.
Interesting. And historically, silver's price
can be more volatile than gold's. That means
more risk, yes, but also potentially higher percentage
gains if the price moves favorably. OK. Affordability,
industrial use, volatility potential. Got it.
Now maybe a slightly confusing question. Can
you hold gold in a silver IRA? Huh. Yeah, the
name can be misleading. Silver IRA usually just
means a precious metals IRA where someone chooses
to focus on silver. But yes, you absolutely can
hold gold, platinum, and palladium in that same
self -directed IRA. As long as they meet their
own eligibility rules. Exactly. It's often recommended
for diversification. Holding a mix can potentially
balance risk and growth. Okay, that clears that
up. So, final practical question. Someone's listened
to all this. They're intrigued. What are the
first steps to actually setting up a silver IRA?
Your sources lay it out pretty clearly. Step
one is research. Find reputable silver IRA companies
and custodians. Really check them out. Do diligence.
Definitely. Then you open a self -directed IRA
account, specifically one that allows precious
metals. You'll need to fund it, often by rolling
over funds from an existing 401k or IRA. Okay.
Then comes the fun part, maybe selecting the
actual eligible silver coins or bars you want
to invest in. based on everything we've discussed.
Right, choosing from the approved list. Yep.
And finally, you work with your chosen silver
IRA company to make the purchase and they coordinate
with the custodian to get your silver safely
stored in an IRS approved depository. You don't
take physical possession yourself for an IRA.
So it's a process, needs professional help. It
really is. You need partners who understand all
these IRS regulations to make sure it's done
right. Okay. Well, this has been incredibly thorough,
a real deep dive into the nitty gritty of silver
in an IRA. I think the main takeaway has to be
you really need to pay attention to the IRS rules.
Purity, certification, specific coins and bars.
It all matters. That's the bottom line. You can't
just wing it. Sticking to IRS approved silver
is absolutely fundamental to protecting your
retirement savings in this kind of account and
avoiding any nasty surprises like penalties.
Couldn't agree more. So maybe a final thought
for everyone listening to Mollover. We've talked
about all these eligible silver options, the
eagles, the maples, various bars. Beyond just
meeting the basic IRS rules, what other factors
might you find compelling? Maybe it's the history
behind a coin like the Philharmonic or the security
features on a sunshine bar, or maybe even just
the changing design of the panda or koala. What
criteria beyond eligibility might influence your
personal choices if you were building a silver
IRA? Something to think about. Of course, if
you are seriously considering this, doing that
research into reputable silver IRA companies
is the logical next step. Thanks for joining
us for this deep dive.