Pros And Cons Of Investing In A Gold IRA And Buying Physical Gold

There's no question that investing in gold is a solid decision. Nobody can argue that gold will ever become worthless or that there is even a possibility of gold declaring bankruptcy like so many companies did back in 2008. Gold has always been valuable and it will always be used to secure wealth no matter what happens in this crazy world that we live in.  

The question remains, though, should you invest in a gold IRA (precious metals IRA) or buy physical gold and silver? What is the right choice and what is the difference? Listing out the pros and cons of both might help you to make a more informed decision or help you to decide where and how much to invest of your savings.

Pros Of A Gold IRA

 

Creating a self-directed IRA backed by precious metals, more formally known as a "gold IRA", has been a popular investment in recent years. It is not without it's faults but, in general, setting up a gold IRA or doing a gold IRA rollover is a very solid financial decision. There isn't a huge financial down side to this investment as a long term investment or as a way to secure wealth for your retirement.  

One of the biggest benefits of a gold IRA that might make you decide upon this option rather than buying gold or silver and storing it yourself is the ease with which you can liquidate portions of your investment. Since the gold is stored with a custodian, you don't have to deal with shipping the gold to the buyer, having the gold tested or graded and everything is taken care of by the custodian.  

Security is another plus of opening a gold IRA. There's no need for you to have to deal with storage or hiding your gold. There's no rental of a safe deposit box at your local bank or the expense of buying a safe and worrying if someone is going to break into your house (or worse) in order to steal your investment. With a gold IRA, the custodian takes care of the storage for a nominal yearly fee. A good tip is to look for a company that provides a flat custodial fee instead of a percentage of your investment or a variable fee. This can save you thousands of dollars over the lifetime of your IRA.

Pros Of Buying And Taking Delivery Of Your Gold Or Precious Metals

 

There are people who would prefer to buy physical gold and silver and take delivery of their precious metals. This is another option that you should consider even if you do choose to go with a gold IRA since it can be a rather unique way to invest your money. There are those that are preparing for a complete economic collapse and this is the choice that they'll recommend with the focus on buying silver first and then smaller pieces of gold.

 It is true that there are some advantages to investing in precious metals in this manner and, if we're being honest, the thought of storing your gold in your home or even in a safety deposit box at your local bank might make you smile. Rarely do we have the opportunity to invest in something so valuable and then be able to hold that wealth in our hands. Thoughts of feeling like a Rockefeller or some other very wealthy individual come to mind and the picture inside your head of having a home safe stocked with gold and silver bars might appeal to you.  

When you think of buying gold from a more logical standpoint, the ability to eliminate fees often associated with a gold IRA does have it's benefits. You might be able to purchase a home safe for a few hundred dollars or even a little over a thousand and eliminate that expense. You will also have ready access to your gold and silver and in case something does happen, you know that you won't have to go through a bank or a IRA custodian in order to get your gold.  

While none of us want to think of a huge economic collapse, your ability to take your gold and silver and go to another country quickly and exchange your investment for local currency can't be beat. Even other countries where there was an economic collapse in recent years saw that gold and silver was used initially for goods and services until the country stabilized and a new currency was formed.

If nothing else, knowing that you have ready access to your wealth and that nobody can take it away when you invest in gold and silver has its redeeming value. Investing a portion of your savings in gold that you can hold has thus become a popular investment and the security of buying gold and silver simply can't be beat.

The Cons Of Investing In Gold And Gold IRAs

 

Of course, there will be people that will tell you that you're crazy to pull your money or a portion of your savings out of the stock market and invest in gold even if it is a gold IRA. They will state historical facts and show that since the 1960's the stock market has outperformed gold and silver. While this may be true, keep in mind that past performance is no indication of future projections, as they all say.  

If you're nearing retirement or if you simply have a bad feeling about the economy then removing some of that risk by investing in a gold IRA or buying gold and silver can't be beat. Real estate markets follow the economy. The stock market and the world economy reflect what corporations do and history has shown that great wealth can be lost very quickly all thanks to a few greedy individuals. If you feel that you simply don't have time to wait for the stock market to rebound in such a case or if you just want to sleep peacefully knowing that your savings are backed with a tangible asset that will always hold its value then buying gold and silver or investing in a gold IRA is a logical choice.



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Should I Invest In Gold

The question of whether or not you should invest in gold is probably one that you have already answered for yourself. If you are thinking that you should probably invest in gold then there is probably a reason for this.

 Chances are you're not feeling great about the stock market these days. You're worried about the economy. You're unsure about the world economic climate. You don't want to be an alarmist. You don't want people to think that you're crazy or your family to start fashioning tin foil hats for you but times are a little uncertain these days.  

The federal government keeps on printing money (which isn't backed by gold) to try to boost the economy. Large numbers of people are out of work. Big business is getting bailouts while working people foot the bill. The country is in debt to China. China is buying up gold like it's going out of business... and there are many people that suspect that China and India are securing their money with gold because they are either predicting the collapse of the world economy, the US economy or they are attempting to cripple the US economy.

  
Many people are too afraid to actually talk about this giant white elephant in the room and we are encouraged to continue working and spending money in an attempt to stimulate the economy. "Everything is going to be fine... the economy is on the mend... everything is getting better every month" but the numbers simply don't reflect this sentiment.  

Anyhow, gold, silver, platinum and palladium are the only things that are likely to be worth anything if there is a collapse. While you don't want to appear like an alarmist but, like the old saying goes, it's better to be safe than sorry.  

You have nothing to lose from investing in gold and other precious metals. The only way that the gold market is going to tumble would be if the US economy and the world economy suddenly started booming. Then investors and countries like China and India would liquidate their gold and begin investing in stocks again, then the price might tumble. Of course, it would stabilize again.  

The value of gold has steadily gone up over time. In my own lifetime, the value of gold has gone up so much that if I had invested the money spent on my college education, I'd be a rich man today. What would I do with that gold? I would hold onto it either until it was time to retire or until the economy collapsed.  

Either way, I would take my gold, move to either a small South American country or Eastern Europe and life life to the fullest. But that's just me. You see, gold can be transferred into local currency very easily. It is a very liquid investment that you can carry with you anywhere in the world without worrying about gaining access to bank accounts or a bank charging you fees for the transfer.

Gold is good for three things...

1) Gold is a great long term investment vehicle. The price of gold has historically gone up over the centuries and although there are times when the price has dipped, it has always recovered and gone back up.  
2) Gold offers you the security that no stock, bond, CD or any other investment vehicle might provide to you. You can't say that about money in the bank, real estate or stocks. All of these investments can lose money or be literally worthless tomorrow in the event of a severe economic crisis. If the US economy collapses, your money in the bank that you think is secured will still be worthless.  

3) Gold secures your savings in a physical form that nobody can ever take away unless they have a gun and you decide to hand over your gold. Keeping your gold secure is always a good idea, by the way... either keeping your gold in a safe deposit box, in a safe in your home or having a custodian (usually the company you buy your gold from) hold onto your gold can prevent having your gold stolen.

 So, once again, if you are still asking "should I invest in gold" then the answer is "yes". You will be securing your money with a physical asset that has been proven over time to increase in value. It is the choice investment vehicle of the wealthy during uncertain economic times and even if they make you wear a tin foil hat, you will sleep well at night knowing that your retirement funds will be safe no matter what happens in this world.

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