A gold IRA is simply a self-directed IRA that’s allowed to hold physical precious metals. A reputable custodian and dealer handle most of the paperwork — your job is mostly to decide and sign. Here’s the path.
Step 1 — Open a self-directed IRA
A standard brokerage IRA can’t hold bullion. You’ll open a self-directed IRA with a qualified custodian that specializes in alternative assets. This account can hold metals alongside the rest of your retirement savings.
Step 2 — Fund it with a rollover or transfer
Move money in with a direct rollover or trustee-to-trustee transfer from an eligible 401(k), 403(b), TSP, or IRA. Done correctly, a direct rollover is not a taxable event and avoids early-withdrawal penalties. Favor direct transfers over indirect ones to sidestep the 60-day rule.
Step 3 — Choose IRS-approved metals
Select gold — and optionally silver, platinum, or palladium — that meets IRS purity standards (for example, 99.5% for gold) from approved mints or refiners. Collectible or graded “numismatic” coins are generally not eligible. Your dealer and custodian confirm eligibility before purchase.
Step 4 — Store it securely
Your metals ship to an insured, IRS-approved depository, held in your account’s name — never at home. From there you hold for the long term while the rest of your plan keeps compounding.
Mistakes to avoid
- ✓Using an indirect rollover and missing the 60-day window
- ✓Buying ineligible collectible coins with big markups
- ✓Ignoring storage and custodian fees — insist on a clear schedule
- ✓Putting too much of your portfolio into any single asset