The Ultimate Guide to IRA Approved Platinum Investing
Investing in precious metals like platinum can be a great way to diversify your portfolio and protect your assets. Platinum, in particular, has been gaining popularity among investors as an alternative to gold and silver. In this guide, we will cover everything you need to know about investing in platinum for your IRA.
Why choose platinum over gold and silver?
Platinum is one of the rarest precious metals, with annual mine production around 7 million ounces, compared to over 100 million ounces for gold and silver. This rarity can make platinum more valuable and potentially more resistant to market fluctuations.
Unlike gold and silver, which are primarily used for jewelry and investment purposes, platinum has significant industrial uses. Approximately 40% of platinum demand comes from the automotive industry for use in catalytic converters, while other industries use platinum for electronics, medical devices, and chemical processing. This industrial demand can provide additional stability for platinum prices.
Pros of IRA Approved Platinum Investing
Who approves platinum for an IRA?
The Internal Revenue Service (IRS) sets the guidelines for IRA investments, including those in precious metals. Platinum coins and bars that meet certain criteria can be added to your IRA, provided they are approved by the IRS. The platinum must have a fineness of at least 0.995, and be produced by a reputable mint or refinery.
Purity of Platinum
The purity of platinum is measured in parts per thousand, with 999 being the highest level of purity. Platinum bars and coins that are approved for IRAs typically have a fineness of at least 0.995, or 995 parts per thousand pure platinum.
Companies that deal and sell platinum in the USA
There are several reputable companies in the United States that deal in platinum coins and bars that are approved for IRAs. Some of these companies include:
- American Bullion
- Blanchard & Company
- Lear Capital
- Monex Precious Metals
When choosing a company to purchase platinum for your IRA, it is important to do your research and select a company that has a good reputation, offers competitive pricing, and provides excellent customer service.
Investing in platinum for your IRA can be a smart way to diversify your portfolio and protect your assets. However, it is important to consider the pros and cons of investing in platinum, as well as the criteria for IRA-approved platinum, before making any investment decisions. By doing your research and working with a reputable dealer, you can add platinum to your IRA with confidence.