So I'm new to gold IRAs trying to protect against inflation, just wondering about platinum too

Patricia Miller

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So I'm new to gold IRAs trying to protect against inflation, just wondering about platinum too

patricia_miller📊Growing (50-100k)

about 1 month ago

Key Takeaways

•Okay, so I just opened a Gold IRA account a few weeks ago, moving about $75k into it from a few different older accounts.
•I'm new to all of this physical precious metals stuff though, so I'm trying to learn as much as I can.
•I went with gold because that's what everyone usually talks about for inflation protection, and it feels like the most traditional safe haven.

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Okay, so I just opened a Gold IRA account a few weeks ago, moving about $75k into it from a few different older accounts. I'm a small business owner here in Denver, and honestly, the way inflation's been going the last couple of years has me really nervous about my retirement savings. My financial advisor suggested gold as a hedge, and it made a lot of sense, especially considering how much I hear about the dollar's purchasing power eroding. I'm new to all of this physical precious metals stuff though, so I'm trying to learn as much as I can.

I went with gold because that's what everyone usually talks about for inflation protection, and it feels like the most traditional safe haven. I got some American Gold Eagles and Canadian Maples, aiming for that tangible asset feeling. But then I started looking around at other options, and I keep seeing mentions of platinum IRAs. I'm wondering if anyone here has gone that route, or if platinum offers similar (or even better?) inflation protection than gold? I know it's a different market, more tied to industrial demand, but I've also heard it can be more volatile than gold.

My main goal here is wealth preservation and protection against that creeping inflation that's hitting everything from gas to groceries. Is it worth diversifying into platinum given that goal, or should I just stick with building up my gold holdings? I'm trying to figure out if adding platinum would genuinely boost my inflation defense, or if it's just another commodity play with its own risks that might not align with my core objective. Any thoughts from folks who've been doing this longer would be super helpful!

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9 comments

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Best Answer▲ 18 upvotes

ronald_morris👑Elite (1m-5m)

I rolled over about $80k last year. Honestly the hardest part was just picking which metals to hold. Still second-guessing myself.

Comments (9)

joyce_cooper📊Growing (50-100k)✓ Verified•about 1 month ago

Hey, I hear you on the inflation fears! It's definitely a motivator for getting into precious metals. I actually had a similar experience a few years ago. My financial advisor pitched me on a Gold IRA, and like you, I was mainly thinking gold for inflation protection. We ended up adding a small percentage of silver too, but platinum wasn't even on my radar at the time. Interesting question, though!

william_davis💎Premium (500k-1m)Real Investor•about 1 month ago

Hey, congrats on opening the Gold IRA! I'm curious what your financial advisor said about platinum specifically. Did they recommend against it for any particular reason, or just prioritize gold/silver?

joseph_harris📊Growing (50-100k)•about 1 month ago

Hey, congrats on getting your Gold IRA set up, that's a smart move. But just a thought on the platinum – have you really dug into the industrial demand for it? Gold and silver are pretty straightforward in their value drivers and historical performance as hedges. Platinum's a bit more niche and tied to specific industries like automotive catalytic converters, which could introduce a different kind of volatility than you might be looking for if inflation protection is your primary goal.

I get the appeal of diversification, but sometimes keeping it simpler with the traditional precious metals might offer more of that predictable hedge you're after. Just something to consider before jumping into another metal.

daniel_wright💎Premium (500k-1m)Real Investor✓ Verified•about 1 month ago

Hey, congrats on taking that step to protect your savings! That's a smart move with how things are going.

Quick tip regarding platinum: while it's definitely a precious metal and can be included in some IRAs, it often has more industrial uses than gold. This means its price can be more tied to industrial demand and economic cycles than gold, which is more purely a store of value. Might be worth checking out this article for a deeper dive into the differences for investment purposes. Good luck!

steven_mitchell🏆Advanced (250-500k)Real Investor✓ Verified•about 1 month ago

Totally get where you're coming from with the inflation worries. I did something similar last year, rolled over a chunk of an old 401k into a Gold IRA for the same reason. It just felt like a more secure bet than watching everything else go sideways.

Funny you mention platinum, because I actually ended up putting a small percentage into that too, after talking with my advisor. Figured it was another good diversifier within the precious metals.