Silver coins/rounds question

[Brian]

So apparently you can also set up an IRA with silver and gold you physically own? Read a bit about that tonight, and it confused the heck out of me.

[roberth]

So apparently you can also set up an IRA with silver and gold you physically own? Read a bit about that tonight, and it confused the heck out of me.

Why buy metal through an IRA when you can buy it locally, take it home, and put it in your safe.

[Brian]

Why buy metal through an IRA when you can buy it locally, take it home, and put it in your safe.

Yeah I wondered that too. I guess the point was that you could invest in metals instead of stocks in your IRA? Seemed weird to me as well.
It was pointed out to me that you owe taxes on that silver and gold in your safe when you sell it and make a profit, so maybe that's why the IRA is used...?

[Irving]

Yeah I wondered that too. I guess the point was that you could invest in metals instead of stocks in your IRA? Seemed weird to me as well.
It was pointed out to me that you owe taxes on that silver and gold in your safe when you sell it and make a profit, so maybe that's why the IRA is used...?

Might be a lot more money to invest from an IRA than available cash.

[rockhound]

Yeah I wondered that too. I guess the point was that you could invest in metals instead of stocks in your IRA? Seemed weird to me as well.
It was pointed out to me that you owe taxes on that silver and gold in your safe when you sell it and make a profit, so maybe that's why the IRA is used...?

Only over a certain amount would you owe taxes, silver in the safe can be traded, if it is foreign currency cannot be recalled, the ira gives you a tax deduction but makes all your metals taxable and traceable

[enthusiast]

I plan on rolling a couple of IRA's and using Mcalvany. http://mcalvany.com/

I will let you know what I find out on Tuesday.

[firefighter238]

So this is a little off subject but I was wondering if any of us who dabble in precious metals buy any foreign currency? I keep hearing nothing but ultra-positive things about the Iraqi Dinar and $100 buys you about 116000 Dinar. If the value even goes up by 1 cent thats an $1160 profit. Apparently the country is going to be allowed to trade its currency internationally very soon and the value is almost sure to increase. Thoughts? I'm not one to invest in other things and I certainly don't believe "get rich quick" schemes but the research seems sound.

[Irving]

You've got my ears perked up.

[firefighter238]

You've got my ears perked up.

Same here. I've been doing LOTS of research, not just the first few pages that come up on google search. All the negative articles I can find are several years old. And all the good ones are within 6months to a few weeks ago. I have checked into the status of the Dinar being able to be traded as a currency rather than an "exotic" currency. Everything I can find seems to verify this but again, I know its a gamble.

[Irving]

Unfortunately, I had to deplete a lot of my investment savings recently, but I'm interested in where you can purchase this currency.