American Eagles vs. Buffaloes for my Gold IRA - what's the deal?

Joseph Harris

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American Eagles vs. Buffaloes for my Gold IRA - what's the deal?

joseph_harris📊Growing (50-100k)

about 4 hours ago

Key Takeaways

•Okay, so I'm relatively new to this whole Gold IRA game – just rolled over about $75k from an old 401k a few months back.
•I know the Eagles are 22k vs.
•the Buffaloes being 24k pure gold.

The 3-step rollover process explained

Okay, so I'm relatively new to this whole Gold IRA game – just rolled over about $75k from an old 401k a few months back. I'm a sound engineer here in Nashville, and after seeing how volatile things were getting, especially in the music industry during the lockdowns, I decided to finally pull the trigger on diversifying. I went with a mix of metals for my initial buy, but now I'm looking to add a bit more, probably another $10k-$15k in the next month or so, and I'm seeing this constant debate between American Gold Eagles and American Gold Buffaloes.

I know the Eagles are 22k vs. the Buffaloes being 24k pure gold. My understanding is that the Eagles' slight alloy makes them more durable, which sounds good for physical gold, but then the Buffaloes boast that 99.99% purity. My custodian doesn't seem to have a strong preference, and I'm honestly just trying to wrap my head around the pros and cons for an IRA specifically. Is one generally better for long-term holding within an IRA? Does the premium tend to fluctuate more on one than the other?

I'm leaning slightly towards the Buffaloes just for that pure gold bragging right, but I don't want to make a rookie mistake. Anyone here have strong opinions or experiences with either in their own Gold IRA? Is the durability of the Eagle really that big of a factor when it's just sitting in a vault, or is the purity of the Buffalo a more significant advantage for future liquidity or value? I took that Gold IRA Quiz a while back which helped me understand the basics, but this specific coin choice is still tripping me up a bit.

Appreciate any insights from you seasoned gold investors out there!

5 comments

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Best Answer▲ 10 upvotes

sandra_green📊Growing (50-100k)

Totally agree with the sentiment here. I also went with Eagles for my Gold IRA, mainly because of the recognition factor. Plus, I don't know, there's just something classic about them. My wife actually prefers the Buffaloes aesthetically, but for an investment vehicle, the Eagles just felt like the safer bet in terms of liquidity down the line.

Comments (5)

charles_lewis💎Premium (500k-1m)Real Investor•about 2 hours ago

Dude, I was in the exact same boat about a year ago, also rolling over from an old 401k. My rep kept pushing Eagles, saying they were more "recognizable" and slightly easier to liquidate if I ever needed to. But I just liked the look of the Buffaloes more, honestly! Went with a mix in the end, good luck with whatever you decide!

paul_hill🏆Advanced (250-500k)Real Investor✓ Verified•about 2 hours ago

Hey, cool to hear about the rollover! Sound engineering in Nashville, that's awesome. I'm curious, you mentioned seeing how volatile things were getting – was there a specific market event or news item that really solidified your decision to go with a Gold IRA rather than, say, a traditional brokerage account with a diversified portfolio?

elizabeth_johnson💰Established (100-250k)Real Investor✓ Verified•about 2 hours ago

Hey, cool you're getting into a Gold IRA! While Eagles and Buffaloes are definitely the most common for IRAs and generally good choices, don't forget to also look into Canadian Maple Leafs. They're often overlooked but can sometimes offer a slightly lower premium over spot price, and purity is obviously top-notch. Might be worth considering for a portion of your allocation to maximize your gold ounces.

sandra_green📊Growing (50-100k)✓ Verified•about 2 hours ago

Hey, cool you're getting into gold! For your IRA, both Eagles and Buffaloes are solid choices. The main "deal" is that American Eagles contain 1 troy ounce of 91.67% pure gold (22k), with the remaining weight being an alloy of silver and copper, which makes them a bit more durable. American Buffaloes, on the other hand, are 24k gold, meaning they're 99.99% pure. This makes them slightly softer but also highly valued by some for that pure gold content.

Since you're pretty new to this, a helpful tip is to always double-check the premium over spot price. Sometimes one might be more readily available or have a slightly better premium than the other, depending on the dealer and current market demand. Also, make sure your custodian handles both – most do, but it's good to confirm. GL!</