LOS ANGELES, March 22, 2016 /PRNewswire/ -- Precious metals brokerage firm American Bullion is recommending that current and prospective clients take advantage of an IRA loophole to add physical gold or other precious metals to their retirement savings as soon as possible. This financial move will not only enable investors obtain gold at the current prices but also help protect retirement funds from the inherited risks associated with paper assets.
The loophole, which was introduced as part of the Taxpayer Relief Act of 1997, relaxed IRS restrictions on the types of investments permitted in self-directed IRAs to include physical gold, silver, platinum, and palladium. According to IRS guidelines, as long as the precious metal coins or bars meet minimum fineness specifications, and stored at an IRS approved depository until disbursement, they may be placed into a self-directed IRA. Surprisingly, majority of financial advisors never shared this information with their clients over the years.
"Since self-directed IRAs give the account owner full control over investments, they're far more powerful and flexible than ordinary retirement plans. Self-directed IRAs are superior to traditional IRAs. In a way, they are updated, newer model retirement accounts capable of owning different assets classes under the same umbrella." says Orkan Ozkan, CEO of American Bullion. "The precious metals loophole, one of the many benefits of self-directed IRAs, should make this type of retirement account even more attractive to investors because of the proven benefits of gold as a hedge against inflation, insurance against market crushes, and long term wealth preservation. By adding physical gold to an IRA, investors diversify their portfolio and have access to globally accepted asset regardless of what happens in the stock, bond, or real estate markets."
"Another advantage of the IRA loophole is the possibility of owning coins which may carry collector and/or scarcity premium in addition to their precious metal coin value while in the self-directed IRA account. These types of coins are valued almost at a spot price of the precious metal," Ozkan explains. "This enables investors to own assets with a face value that may be significantly higher in retail market."
But in order to have the benefits of owning gold, investors should be acting now. "The price of gold has been going higher since the beginning of the year, and is expected to continue to be on an uptrend. Analysts at many financial firms, including myself, recommend diversifying with gold now than later," says Ozkan. "Remember the saying; Don't Wait To Buy Gold, Buy Gold And Wait."
To learn how simply to convert your existing IRA, penalty free, into self-directed IRA so you can be in control of your retirement while holding physical gold along with your paper assets, please visit www.AmericanBullion.com, the pioneer in Gold IRAs.
Contact: Nevtan Akcora, info@www.AmericanBullion.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/gold-is-on-the-rise-take-advantage-of-little-known-ira-loophole-300239344.html
SOURCE American Bullion, Inc.