Letter Re: Physical Possession of IRA Gold and Silver

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Hugh,

I found the article from Will to be very accurate, creative, and informative. His information was spot-on, although I would add a few comments:

  • Disclosure: I have an employer-matching 401k plan and a Roth IRA that I rolled over from a previous job (paid the tax on the conversion).
  • If you think the government will seize the assets, then it really does not matter what type of plan you have; they will follow the paper trail.
  • A more realistic scenario would be a hefty tax on retirement plan, since the funds are pretax contributions (excluding Roth).
  • The threat of confiscation would destroy the markets, so any plan to do so would be slow. If things keep changing then take out your cash and pay the fine.

A wise man said, “You will not go broke taking a gain.” Holding out forever to avoid paying taxes on a gain can be a bad idea. I converted a 401k to a Roth because I can take the initial investment back out without a penalty. You might be able to do more on your own with the cash. – O.M.

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