Silver/Gold in a Self Directed IRA

I'm interested in having some (not much) silver or gold in a form so that its value is understantable and there's little or no downside risk if there's an emergency. How are current silver dollars for that? Or is it better to get more expensive but more highly thought of older ones?

I keep trying to talk to professionals and research this, and the shysters make me feel like it's a scene right out of The Wolf of Wall Street, wanting to sell me stuff at three or four times its value as a metal.

There are pure silver coins minted by the US mint or Canadian Mint, for example. They are one ounce. They are brand new and aren’t issued as currency - they are simply a way of holding silver.

I know there are coin dealers who sell “junk” coins basis their silver content, but I am not very familiar with those. There are old silver coins that may be more priced higher than the simple the silver content in them, because they have historical or collectors value. I don’t know much about those
http://coinsite.com/us-silver-coins-when-they-ended-and-what-theyre-worth/

Holding silver simply to have a hedge and something of value in case of currency collapse, then its probably best just to hold new, 1 oz coins - the US and Canadian mints produce popular 1 oz coins. Find an established, reputable dealer who sells the coins basis the closing NY Exchange daily spot price of silver - plus their commission, which should clear to you.

http://en.wikipedia.org/wiki/Canadian_Silver_Maple_Leaf

You can follow the price of silver yourself by just going to the NYMEX website, so you know exactly what your coins are worth.

"No...it isn't fraud."

Collusion is fraud. You better be prepared for an orange jumpsuit.

"Actually it is completely legal to loan money from your self directed IRA. Here's a quote from one self directed IRA custodian... "Self directed IRA lending gives you the ability to loan IRA money to non-disqualified persons and have the IRA receive principal and interest just like a bank. The IRA holder chooses the borrower, principal amount, interest rate, length of the term, payment frequency and amount, and whether the note is secured by collateral or not." "

In your scenario, you are not objectively loaning money to a disinterested third party who has the intent to repay. You are colluding to commit fraud by agreeing never to repay each other from the beginning.

Collusion An agreement between two or more people to defraud a person of his or her rights or to obtain something that is prohibited by law.
A secret arrangement wherein two or more people whose legal interests seemingly conflict conspire to commit Fraud upon another person; a pact between two people to deceive a court with the purpose of obtaining something that they would not be able to get through legitimate judicial channels.
The fundamental societal objection to collusion is that it promotes dishonesty and fraud, which, in turn, undermines the integrity of the entire judicial system.

You will never convince the IRS that this was an arm's length business decision. They will match up the records. Your entire IRA will become taxable. You will have committed a felony. Your family will still be able to visit. This would be a nice sequel to Throw Momma From the Train, starring Danny DeVito.

How tall are you?

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