Investments and accounts can be tricky. Even people who are seasoned investors and are pretty sure of themselves and what they are doing tend to lose money every so often. You should take the time to think through what kind of IRA (Individual Retirement Account) you want to have. There are a few different kinds and each has their advantages and disadvantages. What works for one person may not work so well for another so take the time to research your options until you find something you are comfortable going with.
A precious metals IRA may take a bit of work to set up initially but it can be worth it in the long run. The particular advantage of having this kind of IRA as opposed to a traditional or Roth IRA is that it is more secure; you are not relying on stocks or bonds that tend to go up and down, but on something that is a bit more secure – either gold, silver or some other valuable metal, or possibly a combination of metals.
If you already have an IRA then to convert it over to a precious metal one you will need to roll over any assets you may have in your 401k plan; this is a lot easier to do after you stop working although it can be done while still in employment but is more complicated. After that, you can transfer any other IRAs you may have, as well as reassign cash or securities into your new IRA. It helps to hire a financial adviser who specializes in precious metal IRAs to help you through the process and give you good advice. This person can work with your current firm and help you to open the precious metal IRA and transfer your assets into it.
You should also know what kinds of metals you are and are not allowed. For gold, it has to be 24-carat only whether it is a coin or gold bar (the 22 carat Gold Eagle is the only exception). For silver coins or bars, they have to be .999+ fineness; for palladium or platinum bars and coins the requirement is 90.9995+ fineness.
One last point that you should be aware of is that you will have to pay storage and custodial rates for your account. It is wise to hire a trustee; if you are not sure about the details of this then ask your IRA advisor to help you find a suitable person.