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Charles Schwab Precious Metals IRA 2023 Review

Charles Schwab is one of the major discount brokerages in the US. This company is a “trendsetter” in trading and manages individual retail accounts and corporate retirement funds. Charles Schwab, the company’s creator, popularized the idea of a discount broker and aided in streamlining trading.

In addition to these advantages, Charles Schwab is a licensed bank and provides self-directed IRA choices. It includes checking, savings, and lending products as a bank with a license. Another notable feature of the bank is its high-yield checking account, free from international transaction costs.

Advisory!  Prior to diving into this review, we’d like to stress that at Investors Circle, our mission is to protect your wealth.  We know that our research reports may alter your investment decisions, so we want to be 100% sure you are investing your hard earned money with the right company!

With this in mind, we urge you to check out our list of the top five companies in this space (we found 1 that fits 99% of investors needs)

>> Click Here To View Our Updated List of the 5 Best Companies <<

See if Charles Schwab Precious Metals made our list this year, or continue with this review below to see if they are possibly the right company for your investment needs.

What Is a Precious Metals IRA?

Schwab Precious Metals IRA

An IRA specializing in precious metals allows you to invest in commodities such as gold and silver. This safeguards your money against monetary depreciation, inflation, and other market swings. Precious metals recognized by the IRS in bar and coin forms include gold, silver, platinum, and palladium. The most valuable material is gold, which also has many uses. Silver, platinum, and palladium are other metals that are utilized.

Why Should You Use an IRA?

Individual Retirement Accounts (IRAs) safeguard your retirement and your family’s financial stability. You can save your assets in these individual tax-sheltered accounts for being used in the future. If you want to make sure you’ll be able to have a safe and tranquil retirement, we advise you to start investing in strong and reliable assets that will grow over time.

By all means, you can invest in fiat currencies, but they tend to depreciate as inflation keeps getting out of control. The best asset for investing in a retirement account is gold because it is reliable, holds its value over time, and even grows in value.

It is risky not to take action to protect yourself and your family against potential financial breakdowns while knowing they could happen in the future. Knowing the economic risks and taking action to safeguard your financial future are essential safety components, and doing so is simple with a Gold IRA.

Who Should Use Charles Schwab IRA?

Investors that desire both conventional and non-traditional investments should choose Charles Schwab. Because Charles Schwab has its own advisory staff, choosing this choice would also be best for individuals who want individualized investing guidance. Due to its small selection of alternative assets, it would be preferable for investors who wish to invest in more conventional assets. A deal-breaker for some investors may be that Schwab does not provide check writing.

Charles Schwab IRA investment options

Charles Schwab provides both standard banking services and investment management. It is simple to arrange since investors may have IRAs, bank accounts, and loans under the same company. This company also offers local offices and phone-based investment experts that may provide specialized financial guidance.

Target date funds are one popular investment that Charles Schwab provides and popularized. These funds, which can be found in retail and employer-sponsored retirement plans, include Schwab Target 2030. An investor’s portfolio is automatically rebalanced by a target-date fund depending on the investor’s anticipated retirement year. When the investor is younger, the asset allocation is riskier and leans more toward equities. In order to reduce risk, the investment moves to a more conservative bond allocation as the owners become older. The target date funds year is based on the investor’s anticipated retirement date.

Purchase Physical Gold Coins and Bullion

Physical gold coins or bars cannot be purchased by investors using Schwab. Investors may buy, sell, and trade stocks, options, bonds, mutual funds, ETFs, and other financial instruments through a brokerage and trading account. Moreover, investors at Schwab may access precious metals through a brokerage account, including actual coins and bars, but these assets are still only “paper” gold.

Rollover a 401k into a Gold IRA

With the help of your employer’s money, you may expand your savings by opening a 401(k) retirement savings account. Although it is not feasible to obtain precious metals directly through Schwab, a Schwab 401k can be converted into a precious metal IRA, but only through a business that specializes in such accounts and can provide you with access to them. However, to hold precious metals as a retirement account, a 401k must be converted to a self-directed IRA with the aid of a specialized gold IRA business.

Compare Schwab IRAs

Benefits of Diversifying Your Investment Portfolio

It makes sense to acquire precious metals to secure our retirement assets. Among the advantages of this are:

Inflation Shielding

Any single currency’s market worth and strength would decline if inflation occurred. Because metals markets function independently, precious metals such as gold are not as susceptible to price movements as currencies.

Safe Havens

Even in times of economic adversity, safe haven goods maintain their worth. When the value of the dollar declines, valuable metals such as gold have a history of remaining stable or even rising in price, earning the label “safe haven.”

Retained Value

Because they have intrinsic worth and may be used directly in specific applications, precious metals maintain their value over time. Since currencies are just pieces of paper, they are far more prone to value fluctuation and panic during recessions.

Consistently Good Performance

Silver and palladium’s value ratings increase when the US dollar’s value declines, which might stabilize retirement savings.

Types of Precious Metals

In contrast to a standard IRA, which can only hold and deposit your money in the form of equities, bonds, mutual funds, and other securities, a gold IRA is a self-directed Roth or classic IRA that may contain gold in the form of coins, bullion, or bars. The IRS has set requirements and standards for metals that qualify for gold IRAs.


Gold has been a highly prized symbol of wealth from the beginning of time and has been used worldwide for jewelry, artwork, money, and many other things. Due to its malleability, resistance to corrosion, and electrical conductivity, gold is employed in a range of industries. Long-term ownership of gold, whether in an IRA or for personal use, can offer a number of advantages in light of the numerous hazards associated with the devaluation of the dollar and the state of the world economy.


Similar to gold, silver has been used for many years in jewelry, tableware, currency, and other things. Many industries use it in various industrial, electric, and manufacturing applications due to its malleability, thermal and high electrical conductivity, and distinctive brilliance.

Suggested Reading:  buying silver in an IRA.

Platinum and Palladium

Due to their strong catalytic properties, platinum and palladium are both frequently used in industrial processes, jewelry, and a range of other items. They are used in similar ways to how silver and gold are.

Difference Between Bullion and Numismatic Coins

Because they are priced according to their precious metal content and weight, bullion coins appeal to investors looking for liquidity. A Precious Metals IRA is another option for holders of specific bullion coins.

In addition to the precious metals they contain, numismatic coins are prized for their rarity and quality. Investors looking for extra growth prospects from such conditions will find them intriguing because of this. Rare or collectible coins are also referred to as numismatic coins, and enthusiasts and speculators prefer them over serious investors.

How to Move Your Retirement Account Into a Precious Metals IRA

The following methods can be used to convert your retirement account into a precious metal IRA:

Choosing Your Funding Source to Start Your Account

By moving an IRA or rolling over a 401(k) into a new (SDIRA) IRA, which you will then utilize to buy precious metals, you may finance your precious metal IRA. Moving qualifying retirement funds into your Precious Metals IRA is free of charge. You may move some funds from your previous retirement accounts to your new ones. In this phase, you’ll choose how much money to initially put into your SDIRA.

Choose Your Precious Metals

Choosing which precious metals to buy and at what amounts requires you to look at your available possibilities. All IRS requirements must be satisfied by precious metals. The depository transfers the metals for storage after the custodian has signed all the paperwork.

Order data are reviewed and confirmed by your precious metal specialist.

Storing Metals in an Insured Depository

You may pick from various depositories of gold stocks during the account setting process. Still, the most common are Delaware Depository and Brink’s Global Service, which offer $1 billion in insurance.

Stay in touch with your specific metals specialist for queries, monitoring, and any changes to your IRA and exchange-traded funds.

For more, check out this guide.

Gold IRA Storage Options

Delaware Depository

The Delaware depository offers $100,000 in transit insurance per package in addition to the comprehensive $1 billion protection of the assets under their care, ensuring that your precious metals are safeguarded at all times.

Their extensive insurance coverage is what sticks out.

Global Services by Brink

Brink’s, known for its armored vehicles, is a global leader in a wide variety of secure logistics, with more than a thousand facilities worldwide.

One of Brink’s most vital areas is the storage of precious metals. The degree of skill and confidence in their services is determined by their clientele, which includes banks, governments, and jewelers. All items that are transported by Brink’s are entirely their responsibility.

IRA Withdrawal Rules

If you take money out of your IRA before you are 59 1/2 years old, you will have to pay a 10% penalty.

You may only be required to withdraw after turning 59 1/2 once you are 70 1/2 years old, at which point you are only required to take the minimal minimum each year.

Except for initial RMDs, which may continue up to April, required minimum distributions must begin during the year you turn 70 1/2 and terminate by the end of each year to avoid penalties. Owners of Roth IRAs are not required to do RMDs.

Suggested Reading:  opening your account tax and penalty free.

Why Should You Invest in Physical Gold Over Paper Gold?

There are several benefits to choosing actual gold versus a futures contract paper gold, including:

You Possess Physical Gold

In contrast to most paper gold ownership, physical gold ownership gives you access to genuine gold that is always available to you, even if it is stored in a depository.

Potential Gain Resulting from a Fixed Supply

20 years from now, a ton of gold will still be a ton. Anyone who has gold has the potential to make money in the future due to the scarcity of gold in the face of constant demand in several sectors.

An Asset with Inherent Worth Is Physical Gold

Gold is valued and in demand for reasons other than its investment potential, with applications ranging from electronics to jewelry. This is in contrast to a piece of paper guaranteeing a share of a company or a fixed quantity of cash.

Hazards of Owning Paper Gold

Paper Gold’s Zero Liability Tag

The zero liability tag ETFs offered by this type of gold include a provision in their paperwork that releases them from responsibility for most potential problems with the shares and expense ratio.

Counterparty Danger

This is the possibility that one party may break a contract’s terms. However, the fact that there are several participants in a paper gold mutual fund deal makes it worse.

While the IRS demands precious metals in bars or coins that meet specified standards, paper gold does not provide the buyer with any options. The lack of options is crucial and could result in lower profits and returns.

Bottom Line

If you want to use the tax advantages of this type of asset management in your favor, we advise you to check out the Charles Schwab corporation, where you can use exchange-traded funds, a precious metals fund, mutual funds ETFs, and gold ETFs with ease.

However, please remember that owning gold bullion can become a hassle over time, and you can’t buy physical coins with Charles Schwab companies. Nonetheless, please don’t hesitate to go to its website and learn more about its futures contract and other mutual fund options.