Frequently Asked Questions
Q. Which retirement accounts can accept rollovers?
All IRAs (Traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA, Solo) are eligible for a direct rollover. Make sure to ask your IRA custodian for details. You may also view the IRS Rollover Chart by clicking here: https://www.irs.gov/pub/irs-tege/rollover_chart.pdf or visit www.irs.gov for more information.
Q. What kind of metal can I put in a precious metals IRA?
There are a variety of gold and silver bullion, bars, and coins that are allowed to be purchased in a precious metals IRA. Some of the more popular IRA approved bullion coins are American Gold Eagles, American Silver Eagles, Canadian Maple Leaves, and Austrian Philharmonics.
Q. How is the spot price of gold and silver calculated?
Gold and silver are a commodity that trades virtually 24 hours per day across many exchanges such as New York, Chicago, London, Zurich and Hong Kong. The most important exchange, however, when it comes to determining the spot silver price is COMEX. The spot price of gold and silver is calculated using the near term futures contract price. By near term, that may mean the front month contract or the nearest contract with the most volume.
Q: What currency is the spot price quoted in?
The spot price is usually quoted in U.S. dollars (USD). However, markets all over the world can take the spot silver price in USD and simply convert it to local currency.
Q: What exactly is the spot price referring to?
The spot price is quoting the price for 1 troy ounce of .999 fine gold or silver.
Q: What are some things that can cause the price of gold or silver to change?
The price of silver is always in flux never sitting stagnant for very long. There are many different factors that can potentially affect silver price fluctuations. These factors may include, but are certainly not limited to: supply and demand, currency fluctuations, inflation fears, geopolitical risks, and asset allocations.
Q: Why does gold and silver trade around the clock?
The demand for precious metals is constantly changing. World markets are in a constant state of price discovery. Many other commodities and investment products also trade around the clock.
Q: How many grams are in a troy ounce of silver?
Silver is measured in troy ounces. Each troy ounce contains about 31.1034768 grams of silver, which is slightly higher than a standard ounce which has only 28 grams.
Q: How many grams are in an ounce of gold?
Gold is always measured by the troy ounce, which is equivalent to about 31.103 grams. This standard of measurement was created in France during medieval times and was later adopted by the United States in 1828 for standard coinage. A troy ounce is slightly heavier than a “regular” ounce, which weighs only 28 grams.