First-time Gold IRA buyer – Platinum…what should I do?

Paul Hill

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First-time Gold IRA buyer – Platinum…what should I do?

paul_hill🏆Advanced (250-500k)

about 5 hours ago

Key Takeaways

•Okay, so I'm one of those guys who's been helping clients figure out their Gold IRAs for a while now, mostly in Salt Lake City.
•I've been preaching diversification and hedging against inflation for years, especially with how things are looking with the economy.
•I've got a decent chunk saved up, probably around $300k, that I'm looking to roll over from an old 401k.

See what your 401(k) could look like in gold

Okay, so I'm one of those guys who's been helping clients figure out their Gold IRAs for a while now, mostly in Salt Lake City. I just had my 40th birthday back in May, and my wife finally convinced me it was time to put my money where my mouth is and actually invest in one myself. I've been preaching diversification and hedging against inflation for years, especially with how things are looking with the economy. I've got a decent chunk saved up, probably around $300k, that I'm looking to roll over from an old 401k.

The thing is, I've always focused on the traditional gold and silver for clients. Most of them are looking for the stability. But lately, I've been seeing some compelling arguments for platinum. I know, I know, it's not "gold" IRA, but the companies I work with offer platinum as well, and it definitely falls under the precious metals umbrella. It's got that industrial demand component, and the price action has been interesting. I'm torn between sticking to what I know best for my own money, which is solid gold, or taking a bit of a calculated risk with platinum for potentially higher upside.

Has anyone here diversified into platinum for their own IRA? What was your experience? Did you regret not going all-in on gold, or did it pay off? I'm leaning towards a split, maybe 70/30 gold/platinum, but I'm just looking for some real-world perspective from people who've actually done it, not just the sales pitches. What are the cons I might be overlooking? Any specific types of platinum coins/bars you found best for IRAs?

4 comments

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Best Answer▲ 9 upvotes

michael_anderson🏆Advanced (250-500k)

Hey, congrats on taking the plunge! While platinum definitely has its merits and can be a great addition to a diversified portfolio, don't forget the 'G' in Gold IRA. Gold has a unique history as a safe haven and a more direct hedge against inflation and economic uncertainty. Platinum can be more volatile due to its industrial demand.

Might be worth considering a split, or at least weighing the traditional stability of gold against platinum's higher growth potential and risk. Just something to chew on!

Comments (4)

matthew_murphy👑Elite (1m-5m)Real Investor•less than a minute ago

Dude, I hear you! It's wild how much easier it is to advise others than to actually pull the trigger yourself. I had a similar "aha!" moment with real estate a few years back. Spent years telling clients about diversifying their portfolios with property, then realized my own was 99% stocks. Definitely a different feeling when it's your own cash on the line!

ronald_morris👑Elite (1m-5m)Real Investor•less than a minute ago

Congrats on diving in yourself! That's awesome. I'm curious, since you've been helping clients for a while, what was the biggest surprise for *you* personally now that you're going through the process as an investor?

michael_anderson🏆Advanced (250-500k)Real Investor•less than a minute ago

Might be worth considering a split, or at least weighing the traditional stability of gold against platinum's higher growth potential and risk. Just something to chew on!

carol_carter💰Established (100-250k)Real Investor•less than a minute ago

Hey, that's awesome you're finally diving in yourself! It's always a good sign when the pros start eating their own cooking. Since you're looking at platinum too, something often overlooked is how different dealers price their metals and their storage fees for platinum vs. gold.

I found this guide to Gold IRA companies a while back that breaks down a few of the top contenders, including their fees and metal selections. It might be a good cross-reference even if you already have a company in mind. Good luck!

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