Self-directed IRAs which can hold Platinum are often called Platinum IRAS. The 4 most popular precious metals which are usually allowed in a retirement account are gold, silver, palladium, and platinum. While not just any platinum can be kept in your precious metals IRA depository, it is still a good option. The IRS has set strict rules and regulations for the purity & availability requirements for the coins and bars of platinum used in retirement accounts. Even though some precious metal enthusiasts dislike these rules, they have their place. You cannot use collectible and historical platinum bars and coins in an IRA. Some popular platinum coins & bars don’t even meet the minimum purity standards of the IRS, and thus they are not eligible for an IRA.
We will keep updating this page to make sure you receive the most up-to-date information on IRA Eligible Platinum coins & bars.
The Rules By IRS For Platinum
You can keep physical Platinum in your precious metals IRA account. This gives amazing tax benefits which are usually limited to simple retirement plans. Owning your precious metal in physical coins & bars will give you confidence & flexibility in your IRA investment. The Internal Revenue Service has set the following rules for using platinum in a precious metals IRA.
- As an investor, you must physically store your platinum at an approved vault depository. These vaults are secured and provide protection for the large quantities of precious metals stored in them. The vault depository must be approved by the IRS. Delaware Depository and Brinks Global Storage are two of the most popular and respected depositories in the market.
- Every platinum coin or bar held by an IRA must have a purity level of 99.95% (.9995) or above. This is the most important rule and the IRS mandates it with strictness.
- Only IRS-certified custodians can manage a self directed IRA as an account trustee. You can choose between different custodians available in the market. Most commonly, your precious metals dealer/ broker is already partnered with one or several custodians, and they can help you with establishing your IRA vehicle.
IRA Eligible Platinum Coins
Below is the list of the most popular IRA approved platinum coins in the market:
Apart from the coins listed above, there are other IRA-eligible platinum coins as well, which meet the IRS’s requirements. You should still be careful to go for different coins. I strongly suggest avoiding any collectible, numismatic or commemorative coins just to be safe. Usually, these coins are not approved by the IRS and cannot be held in a precious metal IRA account. Shady dealers often push these coins to new investors as they are overpriced and ineligible for IRA.
IRA Eligible Platinum Bars
Only the platinum bars manufactured by NYMEX-approved and COMEX-approved assayers can be used by a precious metals IRA. The following is the list of IRA eligible platinum bars most commonly used in an IRA:
Platinum Bullion Products Not Allowed In IRA
When you are starting out as an IRA investor, it is important that you know which bullion products are eligible for a precious metal IRA. Popular bullion dealers and brokers promote platinum coins that are collectible or don’t have the purity levels required to be legible for IRA investment. Below is a list of the most popular platinum bullion products that are not allowed in an IRA.
We strongly recommend that you avoid any kind of commemorative, collectible, or numismatic coins. These coins are usually marketed heavily on marketplaces but the IRS won’t allow you to add them to your IRA investment portfolio. Opportunistic sales representatives will try to persuade you into buying these as they charge a high premium for such products. Investors have a hard time breaking even on these investments.
Why You Should Invest In IRA Eligible Platinum
There are several benefits of investing some of your precious metals funds into platinum. First off, it helps diversify your portfolio and make it less susceptible to turbulence in value. Unlike a 401k, your precious metal IRA won’t be dollar-denominated and the constant decline of the US dollar won’t ruin the value of your platinum.
Many investors turn to precious metals as an investment when the dollar starts plummeting in order to safeguard their assets & wealth against inflation. The prices of platinum and other precious metals is inversly proportional to the decline of dollar. In other words, the more the dollar depriciates, the higher the value of your precious metal investment will be.
Respect analysts and researchers concur that platinum and other preiocus metals like it will grow significantly in value over the coming decade. And as platinum is rarer than silver and gold, its value as a high er chance os sky rocketing in the coming times.
Below are some of the most commonly aksed questions related to platinum IRA:
What is Platinum IRA?
Platinum IRA accounts are quite similar to their gold and silver counterparts. It is a self-directed retirement account. The account holder have the control over the assets. Unlike a conventional IRA, a self-directed retirement account has a wider variety of options to choose from. YOu can use real estate, mortgages, private equities and precious metals in a self-directed IRA.
Your Platinum IRA bullion products must have a min. finess of .9995, and come from soverign mints or credited assayers. The value of platinum goes up as gold drops, which makes it an amazing vehicle for diversifying your portfolio.
What is a Platinum IRA Rollover?
If you an IRA account (or multiple IRA accounts) in an employer retirement plan, you can move all or some of the assets into a platinum IRA account. A rollover takes place when some assets are transferred directly to your platinum IRA custodian/trustee by the plan administrator.
What are the benefits of a Platinum IRA?
Platinum is a highly resistance asset and is safe from fiat currency devaluation. Its value increases when Gold’s decreases, making it good for diversification. In the long run, experts concur platinum to be even better than stocks.
How to set up a Platinum IRA?
First you need a self-directed IRA account. We recommend you check out our list of the best precious metals IRA companies and choose from there. A good precious metals IRA company will do all the heavy lifting for you, and set-up your platinum IRA in a few weeks.