New Direction Trust Company enable you to use BullionVaulti the world's largest online investment gold service to hold physical IRS compliant goldii, silver, platinum and palladium for your retirement in an Individual Retirement Account (IRA).
Unlike some vendors we do not charge a premium for precious metals that are IRA bound. With BullionVault the prices, commission and storage fees you pay are the same whether you own your bullion as a private investor or hold it within an IRA.
The benefits of using BullionVault to hold precious metals in an IRA are as follows:
- BullionVault cares for $4.1 bn of assets for 100,000 users worldwide
- 2 x Queen’s Awards for Enterprise
- Excellent Trustpilot reviews
- Live order board where you personally buy and sell instantly 24/7
- Narrow price spreads allowing you to buy for the least and sell for the most
- Lowest costs to trade with commission from 0.5% down to 0.05%
- Low storage fees of 0.01% per month or $4 monthly minimum for gold
- English & Spanish speaking customer support
Watch our three short videos to learn how BullionVault can offer you the safest, cheapest and easiest way to own physical gold, silver and platinum bullion, how the daily audit proves your physical bullion is where it should be and how to use the live order board to buy and sell your precious metal.
Steps to hold gold, silver and platinum in an IRA
The following steps and time frames provide an illustration of how long it should take for you to hold physical gold, silver and platinum in an IRA. Between BullionVault and New Direction Trust Company we endeavour to enable you to own precious metals in an IRA within 5-10 working days.
We recommend you do your own due diligence to ensure the Custodian or Administrator you choose meets your personal requirements as well as the relevant IRS Requirements.iii
| Steps |
Activity |
Time frame |
|---|---|---|
| 1 |
Open an IRA account with New Direction Trust Company. |
1 day |
| 2 |
Fund your IRA account via transfer, rollover and/or annual IRA contribution. |
1 day - but may take a little longer depending on the source of your funds and transfer time |
| 3 |
Inform New Direction Trust Company you want your IRA to buy bullion from BullionVault. |
1 day |
| 4 |
New Direction Trust Company will open the BullionVault account in the name of your IRA. You will have to supply New Direction Trust Company with your photo ID (passport or driver's license) and a recent proof of address. New Direction Trust Company will upload these documents so that BullionVault can validate your account. |
1 - 2 working days depending on how swiftly New Direction Trust Company receives the documents |
| 5 |
BullionVault review your documents and validate your account. |
Up to 5 working days but generally much faster |
| 6 |
Once validated New Direction Trust Company will then transfer funds into the BullionVault account. |
2 - 5 working days depending on when your funds arrived with New Direction Trust Company |
| 7 |
Once the BullionVault account has been validated and funded, New Direction Trust Company will send you the username and password to access the account. |
1 day |
| 8 |
With the username and password, you can then buy gold, silver and platinum via the BullionVault live order board. |
1 day |
IRS bullion requirements
Through a Self-Directed IRA you can invest in gold, silver and platinum for your retirement.i The IRS specifies the form and other requirements to make gold, silver and platinum allowable in an IRA.ii
| IRS requirements include | BullionVault |
|---|---|
| Minimum fineness (purity) requirement of .995 for gold, .999 for silver and .9995 for platinum. | All gold, silver and platinum bought through BullionVault is of at least these purities. |
| Must not be in the form of rare or collectible (numismatic) coins. | BullionVault only offers ownership of bullion in large bar format – the same form as traded on professional markets. |
| Must be kept at arm's length from the IRA holder and be secured in a depository for safe keeping. | All bullion is stored in your choice of professionally operated vault in London, New York, Zurich, Singapore or Toronto. |
i We do not (nor are we able to) offer tax or legal advice with respect to IRAs or indeed any other aspect of your use of BullionVault. It is your responsibility to seek appropriate advice.
ii Some of the various rules and laws that define eligibility of gold, silver and platinum bullion for an IRA can be found in these, as well as other, publications:
- Investment in collectibles and the exceptions for gold, silver and platinum bullion: https://www.irs.gov/pub/irs-pdf/p590a.pdf
- Section 304 of The Taxpayer Relief Act of 1997 specifies that the fineness of gold, silver and platinum bullion must be of a minimum fineness to satisfy a regulated futures contract: http://www.gpo.gov/fdsys/pkg/BILLS-105hr2014enr/pdf/BILLS-105hr2014enr.pdf
- Internal Revenue Code Sec 408 (m) (3) deals with the regulations for placing gold, silver, platinum and other precious metals into a self-directed IRA: http://www.gpo.gov/fdsys/pkg/USCODE-2011-title26/pdf/USCODE-2011-title26-subtitleA-chap1-subchapD-partI-subpartA-sec408.pdf
- Section 7 of the Commodity Exchange Act, 7 U.S.C. 7) refers to Designation of boards of trade as contract markets: http://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7&num=0&edition=prelim
- The links below deal with contract specifications for gold, silver and platinum under CME (COMEX) exchange rules: http://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7&num=0&edition=prelim https://www.cmegroup.com/rulebook/NYMEX/1a/112.pdf
Regulations and especially tax regulations change from time to time and we take no responsibility for the foregoing’s relevance or up-to-dateness.
iii Please note that though we offer this information to you freely, we are neither endorsing nor recommending any particular company. We have no affiliation with any of the providers listed and do not accept any responsibility for any business you may transact with them. Your provider will charge you their fees separately from our dealing and storage fees, which will be debited from the BullionVault account balance.
