If you want to invest in gold as part of your retirement plan, here are some tips for navigating the world of gold IRAs.

Find a reputable gold IRA company

Gold IRA investors should choose companies that complete transactions honestly and transparently. Avoid companies that advertise “special” home storage offers or “collectible” coins that aren’t approved by the IRS.

Read gold IRA reviews: Spend time reading online reviews from clients to learn more about their experience with the gold investment company. Some scammers can appear legitimate, so it’s vital to consider how many years a company has been in business and what reviewers say about it.

Spend time reading online reviews from clients to learn more about their experience with the gold investment company. Some scammers can appear legitimate, so it’s vital to consider how many years a company has been in business and what reviewers say about it. Work with a dedicated advisor: An experienced gold investment advisor is familiar with your existing portfolio and can provide personal advice based on your financial goals. If you’re new to gold IRAs, work with a smaller company that can help you find your footing before exploring your precious metal investment options.

An experienced gold investment advisor is familiar with your existing portfolio and can provide personal advice based on your financial goals. If you’re new to gold IRAs, work with a smaller company that can help you find your footing before exploring your precious metal investment options. Consider the depository: According to IRS regulations, precious metals can be stored in allocated or unallocated depositories. Most gold IRA companies let you choose which kind of vault you prefer, whether domestic or offshore. Allocated depositories: More like a safety deposit box. In an allocated depository, your precious metal inventory is kept in something like a safety deposit box. The box contains the actual coins or bullion you purchased. Your gold is your gold, and it’s all in your box, where it can’t touch anybody else’s gold. Unallocated depositories: More like a high-security warehouse. Unallocated depositories store their inventories of precious metals based on size, weight year and refinery. When distributed, investors receive the same type of coin or bar they purchased, but it probably won’t be the same physical object.

According to IRS regulations, precious metals can be stored in allocated or unallocated depositories. Most gold IRA companies let you choose which kind of vault you prefer, whether domestic or offshore.

Purchase high-quality assets

Unlike stocks, bonds and traditional assets, gold is a tangible commodity, and the condition and quality of gold factors into its worth as an investment. Disreputable brokers buy damaged metals and resell them at the price of pristine stock, so check the gold quality before purchasing. Precious metals are valued by their weight, so scratched or damaged bars and coins are less valuable than they would be in as-new condition. You should only accept the stock if it weighs what the manufacturer intended. Gold, silver, platinum and palladium are eligible to be placed in an IRA.

Gold: Gold bullion and coins the most popular investment when it comes to precious metals. The Internal Revenue Code requires gold to have a minimum fineness of .995 to be eligible.

Gold bullion and coins the most popular investment when it comes to precious metals. The Internal Revenue Code requires gold to have a minimum fineness of .995 to be eligible. Silver: Silver is the second-most common type of precious metal used in IRA accounts after gold. It needs to have a minimum fineness of .999.

Silver is the second-most common type of precious metal used in IRA accounts after gold. It needs to have a minimum fineness of .999. Platinum: Platinum can be stored in coin or bar form and must meet a .9995 purity level to qualify for IRA storage. It can be stored in conjunction with gold, silver and other precious metals.

Platinum can be stored in coin or bar form and must meet a .9995 purity level to qualify for IRA storage. It can be stored in conjunction with gold, silver and other precious metals. Palladium: Palladium was discovered in 1803 and named after Pallas, an asteroid that drew its moniker from the Greek goddess Athena. It needs a minimum fineness of .9995. Palladium, which resembles platinum in appearance, tripled in value between 2016 and 2019.

Stay up-to-date on spot prices

Like other commodities, the price of precious metals is determined by the market. The price of gold goes through fluctuations associated with other markets. Although more constant, gold prices still go up and down. The market value of gold, silver and precious metals fluctuates regularly, which means that posted sales prices need to be updated frequently.

It’s smart to buy bars over coins when you can. Generally, gold dealers earn higher commissions by selling coins, but bullion bars are a more accurate reflection of the spot price.

Always request detailed receipts

Vault receipts, sometimes called warrant or warehouse receipts, prove the ownership of your precious metal commodities and confirm transfers. Detailed receipts are necessary to prove or disprove the true value of any precious metals that have been sold or purchased, especially at the date and time of purchase.

Follow all IRS gold IRA rules and regulations

Rare and collectible gold coins offer unique investment opportunities, but their worth and legitimacy must be checked. As mentioned above, the IRS has specific requirements for what types of gold bullion are acceptable to be held in a gold IRA. Read about the IRS’ rules for individual retirement arrangements and investment regulations for more information.