[catonsville]

Have some cash available in my IRA account that I could use to buy some Gold, how does one go about it? If I did buy Gold, would I have to report any of the earnings to the IRS or would it be treated the same as other stocks in my IRA? Would this Gold be held by a 3d party or can I hold it?

[ScottGem]

Have some cash money available in my IRA account that I could use to buy some Gold, how does one go about it? If I did buy Gold, would I have to report any of the earnings to the IRS or would it be treated the same as other stocks in my IRA? Would this Gold be held by a 3d party or can I hold it?

You direct the manager/trustee of your IRA to invest in either gold buillion or gold certificates. However, the manager/trustee needs to be able to do so.

[Fr_Chuck]

Do you want the plan to buy the "gold" not wanting to actually buy gold and bring it home in a safe ?

[catonsville]

I would like to buy gold. I would prefer to hold it myself but I am not sure what tax ramifications are going to be applied if I do so? Uncle wants into every aspect of our life. It appears that OB wants to takeover our IRA's and 401k plans.

[ScottGem]

I don't believe you can hold it yourself. An IRA has to be held with a trustee so distributions can be handled according to law.

IRAs give a tax benefit under specific conditions. I don't think this is any example of Uncle Sam being intrusive. And since IRA and 401(k) rules have hardly changed over several presidencies, I don't see where you get that President Obama (I assume that's OB) has done anything to takeover IRAs or 401(k)s.

[catonsville]

I respond with the following, maybe you have not seen the Senate Bills that have been put forth.


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The Government's Plot to Seize Private Retirement Accounts, continues..

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[Fr_Chuck]

You can not buy and hold the Gold though your plan, you can of course buy Gold and hold gold many people do that.

[catonsville]

The Train is already in Motion!

On May 18, 2011, senators Herb Kohl (D-WI) and Mike Enzi (R-WY) introduced S1020: “Saving Enhancement by Alleviating Leakage in 401k saving Accounts”, AKA: Seal 401k savings accounts.

First comes Restriction, then Outright Control! This Bill will Restrict you from accessing Your money; you wouldn`t even be able to borrow from it.

On February 16, 2012, Rep. Richard Neal (D-MA) introduced HR4049-"Automatic IRA Act of 2012". Yes, the very same proposal found in President Obama`s FY-2013 Budget Proposal. Much like Obamacare, it`s a mandate for both the employer and employee. Both must pay into a government "Managed" Pension Fund; this Bill has other similarities to GRA`s.

On February 23, 2012 California congressman Kevin De Leon introduced SB1234, it`s known as: "Golden State Retirement Trust". This Bill is based on GRA`s

On May 6, 2012 Lauren Schmitz, a research analyst at the Bernard L Schwartz Center for Economic Analyst (SCEPA), introduced HB5337. SCEPA is the very same Institution where Teresa Ghularducci originated the GRA concept. Of course, this Connecticut Bill is also based on GRA`s

[ScottGem]

:::sigh::: People who have a vested in interest in capitalistic investing are trying to scare you and you are letting them. These are elements who reject ANY socialistic ideas goo, bad or indifferent.

What you are referring to is Guaranteed Retirement Accounts (GRA`s). Yes this is an idea floated by the Obama administration. It is simply a supplement to personal retirement accounts and the idea is to guarantee someone retirement income.

No I don't like it, but would it be better to have old people go on welfare and the public dole because they didn't provide for their retirement?