dealers can now easily establish self-directed individual retirement
accounts (IRAs) for clients with the advent of a new platform by
Dillon Gage termed Closed Loop IRA, says Terry Hanlon, president of
the Dallas-based Dillon Gage Metals.
so many participants in the process, including the retail investor,
the coin dealer, the account administrator, the wholesaler and the
storage facility, Dillon Gage decided to simplify things by launching
the Closed Loop IRA on its Digital Metals Platform. Through the
system's "visual dashboard," a coin dealer can initiate and
track the entire process with his client.
The company has
initially partnered with Denver-based New Direction IRA, and GoldStar
Trust in Canyon, Texas, both of whom connect with the Digital Metals
Platform electronically. Through this system, coin dealers can provide
retirement account solutions to their customers who desire to leverage
their IRAs to buy coins and store them in secure Dillon Gage storage facilities.
Internal Revenue Service rules, coins that can be held in IRAs include
American Eagles, Canadian Maple Leafs, Austrian Philharmonics and
Australian Kangaroos, along with many other gold, silver, platinum,
and palladium coins and bars.
a coin wholesaler with the electronic capabilities that Digital Metals
provides and the owner of two metals depositories, Dillon Gage has the
capacity and technology needed to create the Closed Loop IRA, Hanlon
explains. "Many investors direct a portion of their net worth to
precious metals — including coins — for a balanced portfolio," he
says. "But coin dealers tell us that setting up an IRA for a
retail investor, knowing when funds are available, and purchasing and
storing the coins can be time consuming and confusing."
the dashboard, a coin dealer starts the procedure for his customer.
The retail investor receives an email from his coin dealer with a link
to the IRA administrator, New Direction or GoldStar in this case. The
other approach will be for the retail customer to initiate the process
from a Closed Loop IRA widget embedded in the coin dealer's website.
This sets the stage for the self-directed IRA. Funds are sent to the
IRA administrator, and the dealer is approved to purchase coins on the
Digital Metals Platform for his client. The coins are bought and can
be stored at Diamond State Depository in Delaware, or International
Depository Services, outside Toronto.
more information on Dillon Gage Metals, visit www.dillongage.com/metals or telephone 800-375-4653.