<P> A gold IRA or precious metals IRA is an Individual Retirement Account in which physical gold or other approved precious metals are held in custody for the benefit of the IRA account owner . It functions the same as a regular IRA, only instead of holding paper assets, it holds physical bullion coins or bars . Precious metals IRAs are usually self - directed IRAs, a type of IRA where the custodian allows more diverse investments to be held in the account . Gold self - directed IRAs can include other types of retirement accounts such as, Roth IRAs, SEP IRA, SIMPLE IRA, HSA, Thrift Savings Plan (TSP), and 401 (k) s . </P> <P> The four precious metals allowed to be held in an individual retirement account are gold, silver, platinum and palladium, provided they are in the form of IRS - approved coin or bar products . Since gold is the most commonly purchased of the four, the overarching term "gold IRA" is used most often as industry slang to mean a retirement account containing any combination of precious metals . Other terms such as, "precious metals IRA", "silver IRA", "platinum IRA", or "palladium IRA" are also frequently used . </P>

What does it mean to be ira approved silver
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