Hi Frens,
I have a small IRA from transitioning between two companies that were divesting.
Not really actively managing it so I thought maybe it would be useful to use to get into precious metals investing. I understand there are self-directed IRAs that let you invest in silver.
Anyone do this and could recommend an investment company? I'm only dealing with about $1k here - while it would sting, I could afford to lose it.
Paper silver is not silver. Fake. Get the real thing. In fact today is a great time to buy since it dipped hard last night.
If you have a way to buy real silver with an IRA, I'm all ears.
There is NO IRA PM solution where YOU hold the metal IN HAND at your designated location. NONE - by design.
This is where you have to pick a lane.
You're either gonna just do a traditional/Roth IRA and play the game of "deferred tax" bs - whether that's metal or whatever that some other asshole controls in your name
OR
Buy physical and HAVE IT in your hand and do whatever the hell you want with it with NO middle man.
It's a matter of principle...and it requires maturity and embracing your sovereignty
This. Long term only hold physical. If it's retirement I'd consider gold over silver. While silver may have gone to the moon, a part of it's value is industrial, which is cyclical. I'd do something like 75-25 gold to silver. I've always looked at it as gold is "savings", silver is "money". FWIW, realize retirement is a lie. Sitting on your ass and watching TV for 20 years like most retirees I know isn't a way to live. Consider finding a profitable hobby or interest that can generate income and invest in that. I plan on starting a homestead and growing a majority of my food. That can be scaled so I can sell off excess.
Retirement is your freedom to not have to go to work anymore. If you choose the sit on your ass and watch TV by all means. If you want to be adventurous, ok. Once you reach retirement your free to choose not forced to choose. Im retired 4 years now and I take the kids to school, go work out, pick the kids up from school, rinse and repeat. Its a simple life and I like it better then dragging myself out of bed to s9t in traffic for an hour everyday
I wish I was leveraged at 3:1 Au to Ag...More like 1:33 right now.
I probably could swap some Ag for Au but...for now, I'm gonna let it ride.
Some real changes have to be made in order for the proverbial "profitable hobby" thing to even be remotely feasible. There's no money in ANY of that shit unless you are VERY specialized and have a SPECIFIC niche product/service that you can make a few bucks on for a SHORT time...
That is until someone else gets a whiff of what you're doing and then proceeds to undersell you or fk it up in one way or another. Been there, done it for 25 years using VERY high tech equipment and specialized skills that covers a lot of ground. There's NO money in it. Nobody wants to pay for ANYTHING anymore made by real people...I've literally seen them at craft shows ans swap meets looking on Etsy and Amazon for a similar product for less vs supporting local artisans. Sorry...but public are assholes.
c19 was a good yardstick for things...
Essential vs non-essential. Boy there sure were a LOT of unessential aholes that weren't out clogging up my roads - AND there was NO perceivable shortage of really anything at all - aside form horse stall mats because everyone "just had to have" their own home gym (fat fks never used it either) or things like alky wipes etc. What does THAT tell you? It tells me that the economy runs fine with WAY less people than we've got...
Everybody and their brother were suddenly going to start doing fabrication, CNC, 3D printing etc etc and nearly ALL of them failed...Raced RIGHT to the absolute bottom making excuses for their work and GAVE AWAY everything for nothing...Every dbag with a tablesaw was doing cutting boards...or 3D wood flags or resin poured live edge tables that were already played out 15 years ago...but you can't tell them that....
There IS NO side hustle left...Nobody wants to pay anything for anything anywhere...AND it's pretty hard to market your stuff without falling into "we sell exclusively to cheap, demanding assholes that want everything but don't want to pay for it" like Etsy et al. Which is a shame...because we used to be able to make ends meet with things like this...Not anymore!
So until our financial system gets fixed...we're a LONG way away from any of us really making an honest living again...or even going back to just Dad working while Mom took care of everyone...I wonder if we could even get back to anything like that again...
you looking for tax benefits? holding physical silver gives you the same tax benefits as an IRA
I already have the IRA. I'm looking to do something with it that doesn't involve taking the tax hit right now. I've always been interested in precious metals, but it's generally not an option for company managed retirement plans.
This IRA is now untethered from the original company so I can move it wherever I want.
just take the tax hit and get physical silver
$98
I transfered mine to physical and they keep it in a depository in Texas. I used Birch Gold. Better than earning next to nothing for the past 20 years. Mine was like 20 thousand not much either.
I had an PM IRA and a Roth IRA with Noble Gold. Since rolled the Roth into bitcoin, but still have the IRA, which I'm jsut starting to draw from. As already mentioned, you don't hold the metal, they do in their state of the art Dallas vault. All you get is a photo of your buy.
Noble Gold handles your buys and sells, and they use New Direction Trust for holding the account and managing the tax related stuff. Always have had good service, but the nature of the beast is that doing buys and sells is a bitch, and takes a few days to work out.
Battalion metals. Physical silver and they work with IRAs
Here is some info from Colorado Gold on PM IRA's. I have bought from these people before and had a good experience at the time. Good Luck!! https://www.coloradogold.com/precious-metals-ira/
Thanks. That seems helpful in my situation.
I got out of the stock market and bought bullion as well as interest bearing accounts. I personally think those interest bearing accounts will go away as well with fiat currency. I would divest of anything pertaining to any paper bullion and invest in physical bullion, land or long term storage of anything of value for producing useful things. Spidey sense is tell me something big is on the horizon. I might be full of shit.
For now, I'm stuck in my current job because the job market sucks. I'm sitll on last years' salary, which is actually less than the year before that, and the year before that, and the year before that due to inflation, which in our area has not subsided, especially not gasoline.
My company matches 401k funds so it's hard to pass up that instant return even if I'm then limited with what I can do with the investment.
Would love to buy physical but there's just not enough slush in the budget right now, and we're planning on moving out of the country (possibly this year) so trying to get a bunch of precious metal across potentially several international borders doesn't seem like a smart play. For better or worse paper or a custodian are my only real options.
Our home/property investments have done well. When we cash out we'll have a sizeable nest egg if we can do it before the market collapses again.
Unfortunately, my lead and steel investments are going to end up being sold for pennies on the dollar when we move unless I can find an affordable long term storage solution in the US.
andweknow.com on rumble, has segments with Dr Kirk Elliott who has gold/silver ira/401k rollover info...have watched for a while now, and seems to be very knowledgeable, hasn't been wrong yet...Dr Elliott brings a Christian perspective to his organization, might be worth a phone call...
We may feel stuck or we may feel comfortable and either one could change with the political tide. When I get anxious about anything my wife brings me down to Earth by saying that God provides to those that are faithful. Reminds me of the saying "Don't worry about the things out of your control, only worry about the things in your control. Nothing is in your control".
Thanks for the helpful thoughts.
We're doing OK still but not OK enough to have cash to buy silver right now. Gold is just a fantasy for us today.
Maybe I'll get a raise this year that is actually a raise in real terms. Maybe we'll get a bigger tax return as some in the admin have stated. Maybe we'll get tariff checks this year. Lots could change, but right now things are tighter than I'd prefer and there's not much I can do to change it in the short term.
Just trying to manage what I can manage. This IRA is something I can and should change.
Also working on some side hustles but they'll take time to pan out and they also require some investment. Still applying for jobs so that could turn things around in a matter of weeks if it were to suddenly work out.
small steps. God be with you.
The elephant in the room with metal IRA's is that you dont hold it. Let's say the collapse happens and you have thousands in pm in a locked box on the other side of the country. How are you getting it out? Here's another one, let's say the government we um "trust" so.much decides that they want all silver you own. You think they will come for the silver in your house first? Nope, they are going straight for that silver IRA cause they can snatch up thousands of accounts in one swoop.