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What are Platinum IRAs?

A Platinum IRA is a type of self-directed Individual Retirement Account (IRA) that allows investors to hold platinum as part of their retirement savings. This IRA functions similarly to a traditional or Roth IRA in terms of tax advantages, but it differs by allowing the inclusion of physical platinum in the form of coins or bars that meet specific purity and fineness requirements set by the IRS. 

This type of Precious Metals IRA appeals to those who wish to invest in physical assets and believe in the potential stability or growth of platinum as a commodity. However, like any investment, it carries risks and should be considered part of a broader, diversified investment strategy. 

Benefits of Opening a Platinum IRA 

Opening a Platinum IRA offers many potential benefits, particularly for investors looking to diversify their retirement portfolio.  

Here are some of the key advantages: 


Platinum IRAs offer a way to diversify retirement investments beyond traditional stocks and bonds. Platinum is a tangible asset with a different risk profile. 

Hedge Against Inflation and Economic Volatility 

Precious metals like platinum have historically been seen as a hedge against inflation and economic uncertainty when the value of paper currencies and traditional investments decline. 

Potential for Growth 

Platinum is a rare metal with industrial uses, especially in automotive catalytic converters, electronics, and medical devices. Due to its industrial demand, the price of platinum may grow. 

Tax Advantages 

Like other IRAs, Platinum IRAs offer tax benefits. Depending on the type of IRA (Traditional or Roth), you may enjoy tax-deferred or tax-free growth of your investments. 

Protection from Currency Devaluation 

Since platinum is priced globally, it can offer protection against the devaluation of local currencies. This is particularly advantageous when domestic currencies are losing value. 

Limited Supply 

Platinum is rarer than gold or silver. The limited supply and increasing industrial demand may contribute to its potential appreciation over time. 

Portfolio Insurance 

In times of geopolitical tensions, investors often turn to precious metals like platinum as a ‘safe haven.’ Platinum IRA may act as a form of insurance for your portfolio. 

IRA Eligible Platinum 

The leading IRA-eligible platinum coin is the American Platinum Eagle bullion coin, although other assorted platinum bullion coins, rounds, and bars may also be eligible. According to the IRS (Internal Revenue Service), coins and bars must have a minimum fineness of .9995 and be produced by an accredited mint. Your custodian should be able to help you select IRS approved platinum products. 

Platinum IRS Rollovers 

If you have qualifying existing retirement accounts, you may be considering rolling over some funds to a precious metals IRA. A Platinum IRA rollover is a process where funds are transferred from an existing retirement account into a Platinum IRA. The rollover process enables individuals to diversify their retirement portfolio by including platinum as an asset class. 

Eligible retirement accounts may include Traditional IRAs, Roth IRAs, and 401(k)s. 

Processing a Rollover 

To start the process, you need to request a transfer of funds from your existing retirement account. This can be done either as a direct rollover or an indirect rollover. 

  • Direct Rollover: The funds are transferred directly from your current retirement account to the Platinum IRA. This method is typically preferred as it avoids potential tax penalties. 
  • Indirect Rollover: You receive a distribution from your existing retirement account and deposit these funds into your Platinum IRA within 60 days. If you do not complete the transfer within 60 days, it may be subject to taxes and penalties. 

There are specific rules and limits for IRA rollovers, including how often you can do a rollover (typically once every 12 months) and contribution limits. Ensure you understand these to avoid any unintended tax consequences. 

How to Open a Platinum IRA 

Do not skip the first step. It is important that you fully understand precious metals IRAs and your tax implications. Investing in platinum, like any investment, carries risks. Conduct thorough research and consider whether it aligns with your retirement goals and risk tolerance. 

  1. Consult a Financial Advisor: Before opening a Platinum IRA, consult a financial advisor or tax professional. They can provide personalized advice based on your financial situation. 
  1. Choose a Custodian: Choose an IRA custodian that allows investments in physical platinum. Not all custodians offer this option. Look for one that specializes in precious metals IRAs. 
  1. Open an IRA Account: Once you have chosen a custodian, you must open an IRA account. This process typically involves filling out an application form and supplying identification documents. 
  1. Fund Your IRA: After setting up your account, you must fund it. You can do this by rolling over funds from an existing retirement account or making a direct contribution. 
  1. Select Platinum Products: Your custodian will have specific types of platinum products, like platinum bars or coins, that are eligible for IRA investment. It is crucial to choose IRS-approved products to ensure compliance. 
  1. Storage: Platinum in an IRA must be stored in an IRS-approved depository. Your custodian will usually have arrangements with one or more depositories. 
  1. Ongoing Management: Once your Platinum IRA is set up, you will need to manage it. This includes making decisions about buying and selling platinum and considering any fees or charges from your custodian. 
  1. Understand the Rules and Regulations: IRAs have specific rules and regulations, including contribution limits and distribution rules. Make sure you understand these to avoid penalties. 

Other precious metals also have IRAs available including Gold IRAs and Silver IRAs. 

It is important to consider that investing in platinum, like all investments, involves risks. The price of platinum can be volatile, and it may not perform as expected. Additionally, there are costs associated with storing and insuring physical platinum. As with any investment decision, it is advisable to consult with a financial advisor to understand how a Platinum IRA fits into your retirement strategy. 

Quick Guides to Investing

Step 1:

Why Buy Physical Gold and Silver?

If you are concerned about the volatility of the stock market, you’re not alone. The extreme highs and lows of the stock market often lead investors towards safe-haven assets, like bullion. Historically, the Precious Metals market has an inverse relationship with the stock market, meaning that when stocks are up, bullion is down and vice versa.

Step 2:

How Much Gold and Silver Should You Have?

This question is one of the most important for investors to answer. After all, experts suggest limits on how much of any types of investments should go into a portfolio. After deciding to purchase and own Precious Metals and considering how much money to allocate, one can then think about how much and what to buy at any point in time.

Step 3:

Which Precious Metals Should I Buy?

With the frequent changes in the market and countless Precious Metal products available, choosing investments can be difficult. Some want Gold or Silver coins, rounds or bars while others want products that are valuable because of their design, mintage or other collectible qualities. Also, collectors may shop for unique sets and individual pieces for their collections.

Step 4:

When to Buy Gold & Silver

After considering why, how much, and what Precious Metals products to buy, an investor’s next step is when to buy them. This decision requires an understanding of market trends and the impact of economic factors on precious metal prices.

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