Gold and Silver Bullion In Your IRA
Larry LaBorde
Every quarter the IRA statement comes in and once again you just toss it into the drawer unopened. It seems like more and more investors just do not have the heart to look at them anymore. What’s a poor investor to do with the last bit of money he has.
Retirement accounts are the last big pile of money left in the United States. Many have cashed out the equity in their homes, maxed out their credit cards and emptied their bank accounts. Many are also experiencing unemployment or more likely “under-employment” in the form of cut back hours or even reductions in pay.
If you have been paying attention you have sold all the NASDAQ stocks in your IRA and either gone to cash or invested in resource (mining) and/or defense stocks. You may have even gone to short term treasuries only. The trouble here is with the current real inflation rate coupled with the present interest rates you are going backwards if you are in cash. As bad as that sounds staying in the NASDAQ was even worse. The dollar is getting set for a big devaluation and along with that goes your dollar’s buying power.
Well what about putting precious metals in your IRA to protect your buying power during your retirement? If you open an IRA with American Church Trust in Houston they will allow you to purchase precious metals within your IRA. The metals must be stored in HSBC bank in New York and there is a storage fee but this vehicle allows for you to invest in the real thing. My personal favorites are 100 oz silver bars and 1 oz krugerrands for your IRA. I feel silver has more upside than anything out there in the next 10 years. Invest in silver bars and just forget them. They will be there when you need them. Many people recommend a 10% commitment in precious metals. I recommend at least a 20% core holding of precious metals in your IRA.
How do you do it? It’s easy – just open an IRA at American Church Trust (1-800-228-8825 ask for Trey in customer service or www.churchtrust.com) and roll over a portion of your IRA funds into the new IRA at American Church Trust. Be careful rolling over the funds so that you do not experience a taxable event. (Trey can guide you through this.) After the IRA is set up and your funds are in place just watch the spot price and call your favorite precious metals dealer (Silver Trading Company at www.silvertrading.net) and book an order whenever you are ready. The metals are sent to HSBC Bank in New York for storage. As soon as the metals arrive at HSBC the funds are paid to the pm broker by American Church Trust. That’s all there is to it! You are now the proud owner of gold or silver in your IRA. Your buying power is now locked away and waiting for you at retirement.
Remember that depressions are not about making money. They are about preserving money for a better day in the future. Invest in something real.
Larry LaBorde
October 3, 2003
www.silvertrading.net
Remember that we are not investment advisors and that any opinion offered in this article is just that opinion. (Just in case there are any lawyers out there).
Larry and his wife Puddy operate the Silver Trading Company in the Deep South with their two semi-adult children and Haley the wonder dog. You can email Larry at llabord@aol.com or visit the website.
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