WEBVTT 00:00:00.000 --> 00:00:03.080 You know, we spend so much time analyzing market 00:00:03.080 --> 00:00:07.099 trends, looking at ETFs, debating crypto versus 00:00:07.099 --> 00:00:09.679 bonds. All the time. But there's always this 00:00:09.679 --> 00:00:11.660 one asset class that kind of sits in the back 00:00:11.660 --> 00:00:14.900 of everyone's mind. It's the in case of emergency, 00:00:15.160 --> 00:00:17.940 break glass asset. The ultimate hedge. Exactly. 00:00:18.140 --> 00:00:20.359 Gold. But we're not talking about just buying 00:00:20.359 --> 00:00:23.260 a few coins to bury in the backyard today. We're 00:00:23.260 --> 00:00:26.239 looking at a much more specific and frankly, 00:00:26.359 --> 00:00:30.260 bureaucratic beast. The gold IRA. Which is a 00:00:30.260 --> 00:00:31.859 completely different animal than just owning 00:00:31.859 --> 00:00:34.979 bullion. Right. And to navigate this, we're doing 00:00:34.979 --> 00:00:38.000 a deep dive into a guide by Doug Young titled, 00:00:38.460 --> 00:00:41.840 Steps to Launch a Gold IRA. And honestly, looking 00:00:41.840 --> 00:00:44.280 at this guy's bio, he seems like the person you'd 00:00:44.280 --> 00:00:46.479 want to talk to. He really is. I mean, Doug Young 00:00:46.479 --> 00:00:49.060 has over 20 years in financial markets. Wow. 00:00:49.219 --> 00:00:51.579 But more importantly, he spent 15 of those years 00:00:51.579 --> 00:00:54.079 specifically dissecting gold IRAs. He's written 00:00:54.079 --> 00:00:56.759 over 500 articles, and this is the key part. 00:00:56.920 --> 00:00:59.600 He's conducted over 80 evaluations of gold IRA 00:00:59.600 --> 00:01:01.880 companies. That last part is what caught my eye. 00:01:02.159 --> 00:01:04.700 80 evaluations. Yeah. That suggests the industry 00:01:04.700 --> 00:01:07.420 is a bit of a minefield. It absolutely is. It's 00:01:07.420 --> 00:01:10.000 an industry with some incredibly reputable players 00:01:10.000 --> 00:01:13.280 and some, let's just say, aggressive marketing 00:01:13.280 --> 00:01:16.299 tactics. Doug Young's guide is essentially a 00:01:16.299 --> 00:01:18.760 map to get you through the process without stepping 00:01:18.760 --> 00:01:20.879 on a landmine. So let's start with the premise. 00:01:21.439 --> 00:01:23.819 I think most savvy investors get the case for 00:01:23.819 --> 00:01:25.760 gold diversification, inflation, hedge, all that. 00:01:26.040 --> 00:01:29.900 We get it. But why wrap it in an IRA? Why not 00:01:29.900 --> 00:01:32.799 just buy an ETF like GLD and call it a day? That 00:01:32.799 --> 00:01:35.480 is the million dollar question. If you buy a 00:01:35.480 --> 00:01:37.540 gold ETF, you're buying exposure to the price 00:01:37.540 --> 00:01:40.000 of gold, but you're still holding a paper asset. 00:01:40.079 --> 00:01:42.780 A contract. You're holding a contract. A gold 00:01:42.780 --> 00:01:46.200 IRA is for the investor who wants physical ownership, 00:01:46.739 --> 00:01:49.859 actual bars and coins, but wants the tax advantages 00:01:49.859 --> 00:01:52.519 of a retirement account. Okay, but physically 00:01:52.519 --> 00:01:54.939 holding gold in a retirement account, that just 00:01:54.939 --> 00:01:57.660 seems like a logistical nightmare. brokerage, 00:01:57.660 --> 00:02:00.000 fidelity, Vanguard, whoever, they don't want 00:02:00.000 --> 00:02:01.719 to deal with shipping me gold bars. And they 00:02:01.719 --> 00:02:03.680 won't. That's the first hurdle Doug Young clears 00:02:03.680 --> 00:02:06.500 up. A gold IRA is technically a self -directed 00:02:06.500 --> 00:02:09.180 IRA. Right. The big brokerages generally don't 00:02:09.180 --> 00:02:11.599 offer these because the administrative burden 00:02:11.599 --> 00:02:15.000 of holding physical assets is just too high for 00:02:15.000 --> 00:02:17.120 their business model. So this is a niche product. 00:02:17.500 --> 00:02:19.659 It is. You have to go off the beaten path to 00:02:19.659 --> 00:02:22.039 set this up. And that is where the complexity 00:02:22.039 --> 00:02:24.659 begins. Before we get into the how, let's push 00:02:24.659 --> 00:02:28.039 back on the why for a second. Gold doesn't pay 00:02:28.039 --> 00:02:31.599 dividends. It has no yield. If I put it in an 00:02:31.599 --> 00:02:34.000 IRA, aren't I kind of wasting that tax -deferred 00:02:34.000 --> 00:02:36.159 space? That's a classic argument, and it's a 00:02:36.159 --> 00:02:38.500 valid one. If you're a yield -chasing investor, 00:02:38.780 --> 00:02:42.199 a gold IRA might not make sense. But Doug Young 00:02:42.199 --> 00:02:44.780 frames this differently. He looks at it as insurance. 00:02:45.400 --> 00:02:47.919 If you're nearing retirement and you are terrified 00:02:47.919 --> 00:02:51.439 of a 2008 -style crash wiping out 40 % of your 00:02:51.439 --> 00:02:53.219 portfolio... You're not looking for yield. You 00:02:53.219 --> 00:02:54.840 are not looking for yield. You're looking for 00:02:54.840 --> 00:02:57.460 preservation. The teeter -totter effect. Exactly. 00:02:57.840 --> 00:03:00.620 When the S &P 500 tanks, gold has historically 00:03:00.620 --> 00:03:04.000 rallied. By holding it in an IRA, you can rebalance 00:03:04.000 --> 00:03:06.419 your portfolio without triggering immediate capital 00:03:06.419 --> 00:03:09.000 gains taxes. You're shielding the appreciation, 00:03:09.080 --> 00:03:11.409 not the yield. Okay, that makes sense. So if 00:03:11.409 --> 00:03:13.189 we accept that we want this insurance policy, 00:03:13.270 --> 00:03:15.990 we have to pick the vehicle. The guide outlines 00:03:15.990 --> 00:03:20.009 three types. Traditional, Roth, and SEP. And 00:03:20.009 --> 00:03:22.509 this choice is critical. It dictates your tax 00:03:22.509 --> 00:03:25.889 liability for potentially decades. Most of us 00:03:25.889 --> 00:03:28.289 know the drill. Traditional is pre -tax, Roth 00:03:28.289 --> 00:03:31.409 is post -tax. But is there a specific strategy 00:03:31.409 --> 00:03:34.750 for gold here? There's a really nuanced argument 00:03:34.750 --> 00:03:37.729 for the Roth -Gold IRA. Think about it. Gold 00:03:37.729 --> 00:03:40.810 is a long -term store of value. If you believe 00:03:40.810 --> 00:03:43.110 the dollar is going to devalue significantly 00:03:43.110 --> 00:03:45.770 over the next 20 years, the nominal price of 00:03:45.770 --> 00:03:48.250 gold could. Well, it could skyrocket. So you'd 00:03:48.250 --> 00:03:50.789 have a massive capital gain. A huge one. And 00:03:50.789 --> 00:03:53.550 if that gold is in a traditional IRA, you're 00:03:53.550 --> 00:03:55.750 paying income tax on that massive gain when you 00:03:55.750 --> 00:03:58.669 withdraw it. But in a Roth? In a Roth, that appreciation 00:03:58.669 --> 00:04:00.949 is entirely tax free. You've locked in your tax 00:04:00.949 --> 00:04:02.509 rate today. That's interesting. So if you're 00:04:02.509 --> 00:04:05.030 really bullish on gold, the Roth might actually 00:04:05.030 --> 00:04:07.550 do the mathematically superior play. even without 00:04:07.550 --> 00:04:09.849 dividends. Precisely. And for the self -employed 00:04:09.849 --> 00:04:12.370 listeners, consultants, small business owners, 00:04:12.530 --> 00:04:15.889 Young highlights the SEP IRA. The supersized 00:04:15.889 --> 00:04:18.370 IRA. Essentially, the contribution limits are 00:04:18.370 --> 00:04:20.350 significantly higher. If you're having a great 00:04:20.350 --> 00:04:22.490 year in your business and you want to stash away 00:04:22.490 --> 00:04:25.589 a large chunk of cash into hard assets, the SE 00:04:25.589 --> 00:04:27.550 is the way to do it. All right, let's get into 00:04:27.550 --> 00:04:30.629 the mechanics, because this is where the guide 00:04:30.629 --> 00:04:33.509 suggests people get ripped off. It is. We established 00:04:33.509 --> 00:04:36.350 you can't use a normal broker, so you need a 00:04:36.350 --> 00:04:38.620 team. Who are the players? You need to understand 00:04:38.620 --> 00:04:41.779 the distinction between two entities. The gold 00:04:41.779 --> 00:04:45.620 IRA company, which is the dealer, and the custodian. 00:04:45.699 --> 00:04:48.759 Ah. Mixing these up is a rookie mistake. Break 00:04:48.759 --> 00:04:51.399 it down for us. Who does what? The gold IRA company 00:04:51.399 --> 00:04:53.540 is the general contractor. They are the ones 00:04:53.540 --> 00:04:55.759 marketing to you. They sell you the metal. They 00:04:55.759 --> 00:04:59.040 are a dealer. Their primary incentive is to move 00:04:59.040 --> 00:05:01.610 product. and the custodian. The custodian is 00:05:01.610 --> 00:05:04.689 the compliance officer. They're a regulated financial 00:05:04.689 --> 00:05:06.810 institution. They don't care if you buy gold, 00:05:06.850 --> 00:05:09.730 silver, or crypto. Their job is strictly to make 00:05:09.730 --> 00:05:12.470 sure the account adheres to IRS rules, handle 00:05:12.470 --> 00:05:15.430 the reporting, and collect the annual fees. Hmm. 00:05:15.790 --> 00:05:17.370 That sounds like a conflict of interest waiting 00:05:17.370 --> 00:05:20.110 to happen. The dealer wants to sell me specific 00:05:20.110 --> 00:05:22.209 metals, probably at markup. Right. Now you're 00:05:22.209 --> 00:05:24.769 hitting on the most important part of Doug Young's 00:05:24.769 --> 00:05:27.670 analysis. The spread. The spread. This is the 00:05:27.670 --> 00:05:29.410 difference between the wholesale price of gold 00:05:29.410 --> 00:05:32.089 and what I actually pay. Yes. And in the gold 00:05:32.089 --> 00:05:35.529 IRA world, this can be incredibly opaque. When 00:05:35.529 --> 00:05:37.769 you buy a stock, you see the commission or the 00:05:37.769 --> 00:05:40.670 spread immediately. It's tiny. Right. In the 00:05:40.670 --> 00:05:42.550 physical metals market, the spread can range 00:05:42.550 --> 00:05:45.790 from 1 % to, well, much, much higher. How much 00:05:45.790 --> 00:05:47.720 higher are we talking? It depends on the metal. 00:05:47.959 --> 00:05:50.060 And this is where the scam warning comes in. 00:05:50.379 --> 00:05:53.459 Young warns about companies pushing exclusive 00:05:53.459 --> 00:05:56.319 or numismatic coins. Or collectibles. Right. 00:05:56.620 --> 00:05:59.079 A dealer might say, don't buy a standard gold 00:05:59.079 --> 00:06:02.660 bar. Buy this limited edition proof coin from 00:06:02.660 --> 00:06:05.199 the mint of wherever. It has higher appreciation 00:06:05.199 --> 00:06:08.040 potential. I guess it also has a higher markup 00:06:08.040 --> 00:06:10.709 for the dealer. Massive. We're talking spreads 00:06:10.709 --> 00:06:13.949 that can be 30 % or more. 30%. If you pay a 30 00:06:13.949 --> 00:06:17.050 % premium, the price of gold has to rise 30 % 00:06:17.050 --> 00:06:19.610 just for you to break even. Ouch. So you start 00:06:19.610 --> 00:06:22.170 the race 30 yards behind the starting line? Exactly. 00:06:22.350 --> 00:06:24.370 The custodian doesn't care. They just hold the 00:06:24.370 --> 00:06:26.990 asset. But the dealer has a massive financial 00:06:26.990 --> 00:06:29.970 incentive to upsell you on these semi -numismatic 00:06:29.970 --> 00:06:33.670 coins. Young's advice is strict. Stick to standard 00:06:33.670 --> 00:06:37.329 bullion. R is in common coins. The spread is 00:06:37.329 --> 00:06:40.620 lower. The liquidity is higher. That is a crucial 00:06:40.620 --> 00:06:43.920 takeaway. If a salesperson is pushing a rare 00:06:43.920 --> 00:06:47.459 coin for your IRA, hang up. Hang up immediately. 00:06:48.139 --> 00:06:51.259 So, assuming we find a reputable dealer, and 00:06:51.259 --> 00:06:53.600 Young mentions checking the Better Business Bureau 00:06:53.600 --> 00:06:56.040 and the Business Consumer Alliance, we have to 00:06:56.040 --> 00:06:58.160 fund this thing. Yes. And the source mentions 00:06:58.160 --> 00:07:00.879 a danger zone here regarding transfers. This 00:07:00.879 --> 00:07:03.379 is the 60 -day rule, and it traps smart people 00:07:03.379 --> 00:07:05.699 all the time. Walk us through it. Okay, there 00:07:05.699 --> 00:07:07.879 are two ways to move money from your old 401k 00:07:07.879 --> 00:07:10.899 to this new gold IRA. The first is a direct transfer, 00:07:11.420 --> 00:07:13.459 or trustee to trustee. The money never touches 00:07:13.459 --> 00:07:15.839 your hands. Correct. Old custodian sends the 00:07:15.839 --> 00:07:18.680 funds directly to the new custodian. Done. Zero 00:07:18.680 --> 00:07:21.139 tax reporting, zero risk. And the risky way. 00:07:21.379 --> 00:07:23.040 The indirect transfer. This is where the old 00:07:23.040 --> 00:07:24.939 custodian cuts a check made out to you. To me. 00:07:25.060 --> 00:07:27.399 They mail it to your house. You cash it. Why 00:07:27.399 --> 00:07:29.519 does the IRS even allow that? It's allowed, but 00:07:29.519 --> 00:07:32.439 it starts a clock. You have exactly 60 days from 00:07:32.439 --> 00:07:34.579 the moment you receive that distribution to deposit 00:07:34.579 --> 00:07:36.920 it into the new IRA. And if I deposit it on day 00:07:36.920 --> 00:07:40.810 61? Game over. The IRS treats that entire amount 00:07:40.810 --> 00:07:43.149 as a withdrawal. It's added to your taxable income 00:07:43.149 --> 00:07:45.889 for the year. And if you're under 59 and a half, 00:07:46.250 --> 00:07:49.389 add a 10 % penalty on top. Wait, so you could 00:07:49.389 --> 00:07:51.689 lose 40 % or more of your retirement savings 00:07:51.689 --> 00:07:54.110 just because of a mail delay or a clerical error? 00:07:54.230 --> 00:07:56.889 It's insane. That seems like an insane risk to 00:07:56.889 --> 00:07:59.069 take. Is there any benefit to the indirect transfer? 00:07:59.310 --> 00:08:01.899 Almost none. Doug Young is emphatic. Do the direct 00:08:01.899 --> 00:08:03.980 transfer. Do not let them send you a check. Okay, 00:08:04.199 --> 00:08:06.259 loud and clear. So the money is safe. It's with 00:08:06.259 --> 00:08:08.540 the custodian. Now we go shopping. We talked 00:08:08.540 --> 00:08:11.959 about avoiding rare coins, but what can we buy? 00:08:12.480 --> 00:08:14.879 The IRS is pretty picky here. Very picky. They 00:08:14.879 --> 00:08:17.180 have fineness standards. For gold, the metal 00:08:17.180 --> 00:08:20.639 must be 99 .5 % pure. So my 14 -carat necklace 00:08:20.639 --> 00:08:24.319 is out. Completely. Even some popular coins, 00:08:24.540 --> 00:08:27.079 like the South African Krugerrand, were historically 00:08:27.079 --> 00:08:29.759 problematic for IRAs because they are an alloy. 00:08:29.959 --> 00:08:32.480 They aren't pure enough. Generally, you're looking 00:08:32.480 --> 00:08:35.500 at Canadian maple leafs, American eagle -specific, 00:08:36.059 --> 00:08:38.440 government -minted bullion. And it's not just 00:08:38.440 --> 00:08:40.820 gold, right? We could diversify within the metals. 00:08:41.059 --> 00:08:44.899 Yes. Gold, silver, platinum, and palladium are 00:08:44.899 --> 00:08:47.460 all on the menu. I feel like silver gets overlooked. 00:08:47.559 --> 00:08:49.730 It's always the little brother. Well, silver 00:08:49.730 --> 00:08:52.129 is fascinating because its price drivers are 00:08:52.129 --> 00:08:54.649 different. Gold is a fear gauge. It moves on 00:08:54.649 --> 00:08:56.909 currency to basement and geopolitical panic. 00:08:57.230 --> 00:08:59.590 Sure. Silver has that too. But it's also an industrial 00:08:59.590 --> 00:09:02.370 metal. It's in solar panels, electronics, batteries. 00:09:02.509 --> 00:09:05.409 So it tracks economic growth too. Exactly. If 00:09:05.409 --> 00:09:07.750 the economy booms, silver demand goes up for 00:09:07.750 --> 00:09:10.049 manufacturing. If the economy crashes, silver 00:09:10.049 --> 00:09:12.129 demand goes up for safe haven status. It's a 00:09:12.129 --> 00:09:14.909 dual threat asset. Young suggests that mixing 00:09:14.909 --> 00:09:17.309 metals can smooth out the volatility. But platinum 00:09:17.309 --> 00:09:19.980 and palladium. Yeah. That feels like deep cuts. 00:09:20.340 --> 00:09:23.899 Those are heavily tied to the auto industry catalytic 00:09:23.899 --> 00:09:26.039 converters. They're much more volatile. Unless 00:09:26.039 --> 00:09:28.879 you really know that market, most investors stick 00:09:28.879 --> 00:09:31.879 to a gold and silver split. OK. We bought the 00:09:31.879 --> 00:09:36.460 metal. We have the bars. Now, where do we put 00:09:36.460 --> 00:09:38.360 them? And I know this is a favorite topic for 00:09:38.360 --> 00:09:41.899 the internet conspiracy theorists. Home storage. 00:09:42.100 --> 00:09:44.600 The home storage gold IRA. It sounds perfect, 00:09:44.759 --> 00:09:47.340 doesn't it? It does. You form an LLC. You buy 00:09:47.340 --> 00:09:49.639 the gold. You put it in a safe in your basement. 00:09:50.080 --> 00:09:52.120 You control it. And you still get the tax break. 00:09:52.279 --> 00:09:54.799 That's the pitch. But Doug Young is waving a 00:09:54.799 --> 00:09:57.379 massive red flag here. Is it illegal? It's an 00:09:57.379 --> 00:09:59.860 extremely aggressive interpretation of the tax 00:09:59.860 --> 00:10:02.639 code. And the IRS has been cracking down hard. 00:10:03.080 --> 00:10:05.629 There is a famous case, the McNulty case, where 00:10:05.629 --> 00:10:08.070 a couple did this. They stored the gold at home. 00:10:08.409 --> 00:10:10.789 The court ruled against them. They had to pay 00:10:10.789 --> 00:10:13.730 taxes on all of it, plus massive penalties. The 00:10:13.730 --> 00:10:15.590 court essentially said, if you have physical 00:10:15.590 --> 00:10:18.769 possession, you have unfettered control. And 00:10:18.769 --> 00:10:21.350 unfettered control creates a taxable distribution. 00:10:21.730 --> 00:10:23.809 So the tax shelter relies on you not being able 00:10:23.809 --> 00:10:26.230 to touch it. Correct. Separation of church and 00:10:26.230 --> 00:10:28.990 state. you need a third -party depository. So 00:10:28.990 --> 00:10:30.750 let's talk about these depositories. This isn't 00:10:30.750 --> 00:10:32.789 a self -storage unit down the street. No, no. 00:10:33.070 --> 00:10:35.470 These are places like the Delaware Depository 00:10:35.470 --> 00:10:39.789 or Brinks. Military -grade security. And there's 00:10:39.789 --> 00:10:41.490 an interesting choice you have to make here too. 00:10:42.210 --> 00:10:45.330 Segregated versus commingled storage. Commingled 00:10:45.330 --> 00:10:49.549 sounds messy, like a community pool. In commingled 00:10:49.549 --> 00:10:52.149 storage, your gold bars are mixed in with everyone 00:10:52.149 --> 00:10:55.019 else's. When you want to withdraw, you get back 00:10:55.019 --> 00:10:58.120 the same type of gold, say, 10 one ounce eagle 00:10:58.120 --> 00:11:01.200 coins, but not the exact specific coins you put 00:11:01.200 --> 00:11:03.440 in. And segregated. Your assets are in a separate 00:11:03.440 --> 00:11:05.759 shelf or locker. You get back the exact serial 00:11:05.759 --> 00:11:08.360 numbers you deposited. I assume segregated costs 00:11:08.360 --> 00:11:10.519 more. It does. And you have to ask yourself, 00:11:10.679 --> 00:11:13.899 do I care? For bullion, gold is gold. Commingled 00:11:13.899 --> 00:11:16.500 is usually cheaper and just fine. But for some 00:11:16.500 --> 00:11:18.519 people, knowing they have their specific bars 00:11:18.519 --> 00:11:20.830 matters. Let's circle back to the costs again. 00:11:21.049 --> 00:11:22.809 We mentioned the dealer spread. Now we have storage 00:11:22.809 --> 00:11:24.929 fees. We have custodian fees. Does the math actually 00:11:24.929 --> 00:11:26.769 work out? This is where you have to be cynical. 00:11:27.590 --> 00:11:31.190 You have a setup fee, maybe $50. An annual custodian 00:11:31.190 --> 00:11:34.690 fee, maybe $100 to $300. Storage fees, another 00:11:34.690 --> 00:11:37.850 $150 or so, plus the spread you paid to get in. 00:11:38.049 --> 00:11:40.279 That's a lot of drag on the portfolio. It is. 00:11:40.379 --> 00:11:43.120 If you only have, say, ten thousand dollars to 00:11:43.120 --> 00:11:45.700 invest, a cold IRA is a terrible idea. Really? 00:11:46.039 --> 00:11:48.559 The fees will eat up three five percent of your 00:11:48.559 --> 00:11:51.799 account every single year. You need gold to rally 00:11:51.799 --> 00:11:54.240 five percent just to stand still. So there's 00:11:54.240 --> 00:11:56.460 a minimum threshold where this makes sense. Doug 00:11:56.460 --> 00:11:58.980 Young suggests you really need a decent chunk 00:11:58.980 --> 00:12:01.279 of capital. Twenty five thousand dollars, fifty 00:12:01.279 --> 00:12:03.940 thousand dollars or more to make the flat fees 00:12:03.940 --> 00:12:06.860 a negligible percentage of the assets. If you're 00:12:06.860 --> 00:12:08.919 just starting out by a silver coin and put it 00:12:08.919 --> 00:12:11.230 in. in your pocket, don't open an IRA. That's 00:12:11.230 --> 00:12:13.190 refreshing honesty. It's not for everyone. No. 00:12:13.509 --> 00:12:15.529 And there's one more risk we need to cover, the 00:12:15.529 --> 00:12:18.210 exit strategy. Get it out. You're retired. You're 00:12:18.210 --> 00:12:20.889 72. You need to take a required minimum distribution. 00:12:21.009 --> 00:12:23.350 You can't just click Sell on an app. Right. You 00:12:23.350 --> 00:12:25.629 have physical metal sitting in a vault in Delaware. 00:12:25.730 --> 00:12:28.009 Who do you sell it to? Usually the same dealer 00:12:28.009 --> 00:12:30.590 you bought it from. This is why the buyback policy 00:12:30.590 --> 00:12:33.169 is crucial. Before you sign anything, you need 00:12:33.169 --> 00:12:36.299 to know, will they buy it back? And at what price? 00:12:36.500 --> 00:12:38.659 And if they sold it to you at a premium, do they 00:12:38.659 --> 00:12:41.259 buy it back at the spot price? Usually, yes. 00:12:41.360 --> 00:12:43.700 So you lose that spread on the way out, too. 00:12:44.159 --> 00:12:46.279 A reputable company will be transparent about 00:12:46.279 --> 00:12:48.960 their buyback spread. A shady company will be 00:12:48.960 --> 00:12:51.779 vague. If you don't have a guaranteed exit route, 00:12:51.980 --> 00:12:55.220 you are holding an illiquid rock. OK, so to recap 00:12:55.220 --> 00:12:58.059 the deep dive checklist here. First, vet the 00:12:58.059 --> 00:13:02.570 dealer. Check the BBB, BCA. TrustLink. Second, 00:13:03.110 --> 00:13:06.009 verify the fees. Ask specifically about the spread 00:13:06.009 --> 00:13:08.509 and the buyback policy. Third, choose the right 00:13:08.509 --> 00:13:11.029 tax structure for your future income Roth versus 00:13:11.029 --> 00:13:14.210 traditional. Fourth, stick to bullion. No numismatic 00:13:14.210 --> 00:13:17.269 rare coins. Fifth, use a direct transfer. Avoid 00:13:17.269 --> 00:13:20.090 that 60 -day tax trap. And finally, use an approved 00:13:20.090 --> 00:13:22.490 depository. Do not try to be a cowboy and store 00:13:22.490 --> 00:13:24.950 it at home. It seems like a lot of hoops, but 00:13:24.950 --> 00:13:26.549 I suppose that's the price you pay for owning 00:13:26.549 --> 00:13:29.340 the real thing inside a tax shelter. It is. And 00:13:29.340 --> 00:13:31.399 you know, there's a philosophical angle here 00:13:31.399 --> 00:13:33.659 that Doug Young alludes to. We talk about the 00:13:33.659 --> 00:13:35.980 math, the inflation hedging, the diversification. 00:13:36.600 --> 00:13:39.419 But a gold IRA is often a psychological purchase. 00:13:39.500 --> 00:13:42.580 How so? Well, we live in a world of digital abstraction. 00:13:42.919 --> 00:13:45.559 Your bank account is a number on a server. Your 00:13:45.559 --> 00:13:48.860 stocks are electronic entries. Even your house 00:13:48.860 --> 00:13:51.759 deed is just a record in a county database. Gold 00:13:51.759 --> 00:13:54.799 is tangible. That's element 79 on the periodic 00:13:54.799 --> 00:13:57.840 table. It can't be hacked. Exactly. But here's 00:13:57.840 --> 00:14:01.720 the irony. To get the tax benefit, the IRS forces 00:14:01.720 --> 00:14:03.940 you to separate yourself from that tangibility. 00:14:04.039 --> 00:14:06.659 You own it, but you can't hold it. You have to 00:14:06.659 --> 00:14:09.200 trust a custodian and a depository to hold it 00:14:09.200 --> 00:14:11.220 for you. So you're trading one form of trust, 00:14:11.399 --> 00:14:13.820 trust in the banking system, for another form 00:14:13.820 --> 00:14:16.440 of trust, trust in the vault system. Yes. You 00:14:16.440 --> 00:14:18.600 never truly escape the need for trust in the 00:14:18.600 --> 00:14:20.899 financial system, even when you buy the ultimate 00:14:20.899 --> 00:14:23.639 anti -system asset. That's a heavy thought to 00:14:23.639 --> 00:14:25.740 end on. Yeah. You can own the gold, but you can't 00:14:25.740 --> 00:14:27.379 cuddle the gold. Not if you want to keep the 00:14:27.379 --> 00:14:30.059 IRS happy. Well, I think I'll stick to my paper 00:14:30.059 --> 00:14:31.799 assets for now, but maybe I'll look into that 00:14:31.799 --> 00:14:34.200 silver industrial play. Seems like a smart middle 00:14:34.200 --> 00:14:36.399 ground. Just check the fees first. Always check 00:14:36.399 --> 00:14:39.200 the fees. Thanks for listening to this deep dive 00:14:39.200 --> 00:14:41.759 on gold IRAs. We'll see you next time. Goodbye.