What do you get by investing in a gold individual retirement account (IRA)? You are turning part of your retirement nest egg into gold. That said, is putting a gold IRA in your portfolio the right move for you? Not all IRA accounts allow gold investments, but this article should help you understand what to look for in your IRA to see if it allows you to build a golden retirement egg.

The Shifting Price of Gold

Gold prices have ranged from $255 per ounce in September 1999 to an all-time high of $2,075 per ounce in August 2020. As of March 2023, gold was going for roughly $1,843 per ounce.3 So there has been significant growth, yet also some retrenching.

A gold IRA is a type of IRA that allows investors to own physical gold, silver, platinum, and palladium. This contrasts the usual assets to which regular IRAs are limited, such as cash, stocks, and bonds.1

The possibility of using gold and other materials as securities in an IRA was created by Congress in 1997, says Edmund C. Moy, chief strategist for Fortress Gold, who, as a former United States Mint director, oversaw the largest production of gold and silver coins in the world.

Gold IRAs: A Growing Trend

Gold IRAs appeal to investors who want a diversified retirement portfolio. “Because gold prices generally move in the opposite direction of paper assets, adding a gold IRA to a retirement portfolio provides an insurance policy against inflation,” says Moy. “This balanced approach smooths out risk, especially over the long term, which makes it a smart choice for retirement investments like IRAs.”

During his tenure as director of the Mint, Moy said there needed to be more demand for gold IRAs because they involve a complicated transaction that only the most persistent investor was willing to pursue. “You must find a trustee or custodian for the IRA and an approved depository.

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