There is a lot of information easily available on adding gold in IRA accounts or investing in gold bullion to protect your investment savings. However, many people are not aware that silver, another valuable metal to invest in, can also be a part of your IRA account. If you are looking for ways to insulate your IRA account savings from the fluctuations in the economy, both gold bullion and silver are good choices. Here are some facts for you to note before you add silver to your IRA account.
Why Silver is a Good Choice as Retirement Saving?
Silver is a precious metal which has shown excellent growth over the years. The fact that this metal is affordable makes it easy for the smallest investor to move some of his savings to silver coins or bars or even invest in wholesale silver. In addition, silver is unique in that it has not only investment demand but also demand from the industrial segment.
Several industries make use of silver during production. Electronic equipment/ computing equipment, notably laptops, cell phones etc use silver. Considering the growing popularity of these devices, it is evident that the industrial demand for silver is only set to grow in the coming years. As demand grows, so will price and this means that the price of this precious metal is only likely to move in one direction in near future ? up! Investing in silver coins/ bars right now is a good way to position yourself into an asset that is sure to improve in value.
What Kind of Silver can You Add to IRA?
As with adding gold in IRA, silver in your IRA also comes with some restrictions/ limitations. Knowing these help you invest in the correct form of this precious metal to derive the maximum benefits from the investment. Silver coins or bars with 0.999 fineness and above are permitted as IRA investments
Silver bars come with a lower premium when you compare them with coins. This can shave off your investment outlay to a certain extent. Many investors prefer bars because of the cost efficiency it offers.
Silver coins are considered to be the better option by many others because they enjoy an evergreen market. The aesthetic appeal of the coins opens up a collectors market for these as well, which means that you can choose your buyer from a wider group which may allow access to better prices as well. American Eagles, Austrian Philharmonics, Canadian Maple Leafs, and American Eagle Proofs are all silver coins that are permitted to be added to your IRA account.
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