BUYING AND SELLING PROCESS-IRA ROLLOVERS
How do I rollover my IRA into physical precious metals?
To create or rollover an IRA into precious metals, you must first select a custodian. We can place you in contact with well-established custodians, or you can select the custodian of your choosing.
Once you have selected your custodian, you must fund an account with your custodian and lock in pricing terms with us. Your custodian will issue a bank wire payment to us on your behalf, and we will ship your precious metals to your depository.
What is a custodian?
An IRA is a trust or custodial account set up in the U.S. government for you or your beneficiaries. All IRAs must be held by a custodial entity. A custodian is a designated financial institution — bank, credit union, or licensed non-bank institution — that administers the client’s securities. Their services include account administration, financial transactions, tax support, and other related trust management. The fees charged by the custodians vary depending on the services desired by the client.
What is a depository?
A depository is high-security private storage facility. Although a custodian is technically allowed to own or manage a depository, it is extremely rare. In nearly all cases, a custodian will use a third-party depository. Therefore, it is necessary that you select the depository at which you would like to store your precious metals. Note that not all custodians maintain agreements with every depository, so be sure to inquire.
Who does the purchasing?
Once you have chosen a custodian, funded your account, and selected your depository, purchasing precious metals is really no different than an ordinary transaction. You may place an order online 24/7/365, or by phone at 361-594-3624, Monday through Friday between 8 a.m. and 4 p.m. CST. We will need to know: 1) Your IRA account number, and 2) The name of a contact person at your custodian. Since your funds reside within the IRA, we must contact your custodian for payment. Once payment has been received, we will ship directly to your depository.
My IRA is “self-directed.” Does this mean I can take possession of my bullion?
No. The Internal Revenue Code requires that a custodian safeguard your IRA-held precious metals. A “self-directed” IRA is simply a retirement account that enables the individual to direct the investment decisions.
How do I liquidate the precious metals in my IRA?
In a self-directed IRA, you may liquidate your holdings by contacting our trading desk to lock in a “sell” order. We will subsequently issue instructions to your custodian, who will then arrange shipment of your metals from the depository to Texas Precious Metals. We remit settlement via bank wire to your custodian within 24 business hours of receiving your precious metals.