If you have eventually decided upon opening precious metals IRA, then you have done a good thing. But, before you set up the account, you need to acquaint yourself with the account opening process.

Here, we outline the process that will serve you as a guide:

Will You Be Setting Up a New Account or Transferring an Existing IRA or Other Retirement Account?

It is the first issue for you to consider. You can look at starting a new account if you do not have one. At the same time, you can also consider rolling over an existing IRA, 401(k) or another retirement account. But, all types of accounts cannot be rolled over. 

Choose an IRA Custodian

Precious metals IRAs are Self-Directed Individual Retirement Accounts (SDIRA) through which you will invest in precious metals. An SDIRA is maintained by an IRA custodian or trust company. These companies act as a fiduciary on behalf of the account. Their responsibilities include setting up the account, producing account statements, and accepting allowed contributions. It would help if you did the due diligence of choosing a good custodian as there are many in operation.

Choose a Precious Metals Dealer

You need to choose a precious metals dealer to buy precious metals. There are many dealers with different product prices.

Decide on a Depository

The precious metals you purchase have to be stored in an approved depository. Although IRA custodians can recommend an approved depository, yet you can choose your depository.

Make the Purchase

When you have finalized everything, you can purchase precious metals. The IRA custodian will handle the payment matters, and subsequently, the dealer will ship the metals to the chosen depository. Once you complete purchasing the metals, your custodian will provide you with periodic statements about the holdings or the corresponding wholesale value.

There are many things to know about investing in precious metals using an IRA. Refer to the infographic in this post to know more.