Individual Retirement Accounts, or IRAs, were approved to hold gold and silver bullion in 1997. Before 1997, silver and gold could only be held within IRAs in the form of American gold eagles coins or silver eagles coins. You can see top gold IRA for more information.

Gold and silver bullion bar coins or bars are smart investments for the prudent investor in this current economic climate. Silver bullion and gold bullion bar coins and bars are more affordable than the older, more valuable dated numismatics. Because non-graded bars and coins are more affordable than numismatic, and have lower costs of production and distribution, their premiums are much lower. As they can be easily identified and are simple to buy and exchange, coins or bars are typically more in-demand.

There are slight differences in bullion coins or bars made of gold and silver. Bullions coins have a round shape. Most standard round coins are produced at government mints. These coins often have greater legal tender values. If a currency is deemed legal tender in a country it is part its currency and is backed the government. This backing gives investors more confidence that the government is behind the coins. This acts as a deterrent to wood-be counterfeiters because of the harsh penalties associated with counterfeiting government money.

Bullion bars are the reverse side of the coin. They can be rectangular in shape and are often produced by countless private miners. Yes, bullion coins are 99.999 pure gold and silver. They can also be made by private mints. The smaller bars can be a good investment. The greater the bar’s size, the more likely it is that it will need to have its measurements taken before it is sold. Counterfeiters can sometimes drill out large bar and fill it with a cheap metal before covering the hole with real or fake gold and silver. Experts can determine whether the bars are pure or not by drilling them. The price for assays is often paid by the seller.

Since silver and other precious metals are relatively easy to store, and they can be easily handled, gold and silver have become extremely popular over the last century. Silver is often called the “poor man’s gold.” Because these metals come in small packages, it is easier for investors to get a great deal. They also make it easy to convert cash to them. The 100oz to 1 oz bars are the most widely used sizes for gold and silver.

I commend you for purchasing coins and/or bars for your IRA. It is estimated that about 21% of Americans only own physical gold and/or silver. It takes courage when you make an investment decision in the face of overwhelming opposition. However, this is how smart investment works. Position yourself ahead of others and be proactive.