Mountain West IRA – Precious Metals
Precious Metal/Foreign Currency
No, as the IRA holder, you get to choose the dealer and the type of product you want. Mountain West IRA does not sell or promote any products or vendors.
Unlike most self-directed IRA administrators, Mountain West IRA allows you as the IRA holder to choose any precious metals storage facility. The choice is up to you. Please do your due diligence on the depository you choose.
Gold bars: They must have a purity of 24 karat (0.995+ fineness). These bars come in 1 oz., 10 oz., 1 kilo (32.15 oz.), 100 oz., and 400 oz. sizes.
Gold coins: They must have a purity of 24 karat (0.9999 fineness), with the exception of the 22 karat U.S. Gold Eagle.
Silver coins & bars: They must have a 0.999+ fineness, like the 1 oz. U.S. Silver Eagle. You can purchase 100 oz. silver bars and also 1000 oz. silver bars. Pre-1965 bags of US silver coins (dimes, quarters, half dollars, and silver dollars) are not allowed in an IRA because their alloy contains only 90% silver.
Platinum/palladium bars & coins: They must have a 0.9995+ fineness, however, private companies who manufacture platinum and palladium bars ranging in size from 1 oz. to 100 oz. with well-established hallmarks, are acceptable as well. Both the U.S. and Canadian mints make 1 oz. platinum coins meeting these standards. Other countries, such as Great Britain and Australia, have 1 oz. platinum coins, which are not as well-known but are also acceptable.
Currency: Iraqi Dinar, Vietnamese Dong, Zimbabwe Dollar. All currencies must be purchased from a dealer.
Precious metals can be held in your IRA in the form of physical (allocated or unallocated) gold and silver bullion, coins from specified countries, and certificates.
Allocated or segregated storage only applies to gold bars 10 oz. or greater and it ensures that the bars are kept separate from the other metals in the depository’s vault. Bars are identified by size, refinery, and serial number (for example: 100 oz. PAMP Swiss gold bar SN#35427681). When the metal is distributed from the depository, it will be the exact same bar that was originally deposited.
With unallocated or unsegregated storage, the metals are commingled in a depository metal account. Bars are identified by size/weight and refinery (for example, a 100 oz. JM silver bar).
When the metal is distributed from the depository, it will be the same size bar, from the same refiner as the bar that was originally deposited. Coins are identified by type and year minted (for example, a 1992 American Silver Eagle). When the coin is distributed from the depository, it will be the same year coin as the coin that was originally deposited.
No, this is considered a prohibited transaction because you are a disqualified person.
Buying Precious Metals in Your IRA
- Complete and return a Purchase Kit – Watch Instructional Video HERE
- Provide us with a purchase contract/agreement from your precious metals dealer that clearly specifies your IRA as the buyer. – Watch Video HERE
- Vesting must read: Mountain West IRA, Inc. FBO (Your Name) IRA.
- Any buyer address information must be our office address: 10096 W. Fairview Ave., Ste. 160 Boise, ID 83704.
- You must sign this document as “Read and Approved by: (Your Name)”
- If sending funds via wire to the dealer, please fill out the Outgoing Wire Instructions Form, if the dealer cannot email instructions.– Watch Video HERE
- Provide MWIRA with the appropriate documentation necessary to establish a storage account with a third party depository vault facility of your choosing. – Watch Video HERE
- Your IRA must be listed as the account holder. All aforementioned vesting and address information applies.
- If the selected depository requires an owner signature, please sign the custody agreement as Read and Approved. An agent for Mountain West IRA will sign on behalf of the IRA.
- We must receive all complete and correct documentation at least 2 business days prior to the day you wish funds to be sent.
You are required to keep one (1) year of depository fees in your IRA upon purchase of an asset.
If you are funding your Mountain West IRA fees from your account keep in mind we will require $500.00 in your account at all times. You can choose to have a credit card on file with MWIRA for our administration fees as they arise or pay for the transaction fees and a year of recordkeeping fees in advance, in this case you are not required to have $500 in your IRA. If you pay your fees by check, you will need to pay for the transaction fees and a year of recordkeeping fees in advance.
Precious Metals Only
CNT Depository Election Form
Precious Metals and Foreign Currency
Idaho Armored Vaults/Gold Silver Vault
Idaho Armored Vaults Individual Safekeeping Account Agreement
Precious Metals Forms
Precious Metals Maintenance
Review step-by-step directions to complete an Precious Metals – Fee Schedule here
Electronic Signature: Precious Metals – Fee Schedule
Review step-by-step directions to complete a Precious Metals – Direction of Investment here
Electronic Signature: Precious Metals – Direction of Investment
Review step-by-step directions to complete a Acceptable Precious Metals here
Electronic Signature: Acceptable Precious Metals
Review step-by-step directions to complete a Depository Payment Authorization Letter here
Electronic Signature: Depository Payment Authorization Letter
Mountain West IRA does not offer investment, tax, financial, or legal advice to clients. Individuals who believe they need advice should consult with the appropriate professional(s) licensed in that area.