Gold IRAs seem to be all the rage as of late. Thousands and thousands of investors across the US have chosen to invest in a gold IRA, siting that it offers great profit potential. While gold is a good option for many people, it is not always the best option for all IRA investors. Is it right for you? Take a look at these 4 reasons that you shouldn’t rollover to a gold IRA account.
1. The Possibility of Third-Party Theft
One of the biggest issues involved with the gold IRA is theft. This can occur from a number of parties, including a third-party. While this is a rare possibility it is still a rare possibility and should it happen they could wipe out your account and never be seen again. You are at a great loss as there is usually little you will be able to do about it. The gold invested in your IRA is not FDIC insured so there is always greater risks. Checkout this site about gold ira rollover for more info.
2. Custodian theft
Custodian theft is another type of theft can occur. The scenario is primarily the same as above. The custodian is the individual that you have entrusted with your gold investments. It is an uncertain world and you really do know who you can and cannot trust.
3. Gold Scams
Gold scams are very much a reality that you should concern yourself with. These scams can vary from gold certificates sold by those who do not actually own them, selling gold that is not actually there and selling gold in less purity than what you purchased and a number of others. It is oftentimes difficult to determine the validity of the gold, so this is always a risk that you are taking with this type of IRA investment.
4. Trouble Storing Your Gold
Storing your gold is another common issue that is experienced by those who choose to invest in precious metals IRAs. There is really no safe place that you can store the gold and maintaining physical possession of the gold is risky.
While gold is something that most people can easily invest in and enjoy the results, gold IRA investments are not right for everyone. Make sure that you weigh the pros and the cons before you invest, and be sure to consider the four reasons that are listed above before making any type of investment.