Process of investing in precious metals: Gold Solo 401k | Self Directed Solo 401k | Solo 401k

As long as Code 408(m) is followed when investing Solo 401k (Gold Solo 401k) funds in precious metals such as Gold (gold bars and gold coins), investing in precious metals with self-directed solo 401k may be right for you.  

Follow these steps when purchasing precious metals with Solo 401k (Gold Solo 401k) and you will be on your way to successfully following the rules applicable to metals under IRS Code 408(m). 

Step 1: Locate a Precious Metals dealer: Below are some links of brands acceptable in Self-Directed Solo 401k. 

COMEX:

Gold: http://www.cmegroup.com/trading/metals/gold-brands.html

Silver: http://www.cmegroup.com/trading/metals/silver-brands.html

NYMEX:

Palladium: http://www.cmegroup.com/trading/metals/palladium-brands.html

Platinum: http://www.cmegroup.com/trading/metals/platinum-brands.html

TOCOM

All Metals: http://www.tocom.or.jp/guide/brand/index.html

LPPM:

Palladium: http://www.lppm.com/lists.aspx?type=pd

Platinum: http://www.lppm.com/lists.aspx?type=pt

LBMA

Gold: http://www.lbma.org.uk/pages/index.cfm?page_id=29&title=gold_list

Silver: http://www.lbma.org.uk/pages/index.cfm?page_id=30&title=silver_list

Step 2: As trustee of the Solo 401k (Gold Solo 401k), decide on metals to be held in your Self-Directed Solo 401k.

Step 3: Have the Precious Metals dealer prepare an invoice under the name of your Solo 401k FBO your name as trustee.

Step 4: Write check from Solo 401k checking account made payable to precious metals dealer and submit funds directly to Precious Metal dealer with instructions of where to deliver metals.

Step 5: The dealer will then send Gold to either:

• You as Trustee of Solo 401k plan for storage in safety deposit box, or

• Storage facility such as Delaware Depository Service Company 

Step 6. Lastly, make sure you are not purchasing disallowed metals. Read our blog regarding negative consequences of investing in disallowed metals:

http://www.mysolo401k.net/Blog-for-MySolo401k.html?entry=negative-consequences-of-investing-solo

Additional Information: Read following blog regarding acceptable metals for Solo 401k.

http://mysolo401k.net/Blog-for-MySolo401k.html?entry=acceptable-precious-metals-in-solo