Affiliate disclosure: White Metal Resources may earn a commission when you open an account through links on this page. This never changes what you pay or what we write. We are not financial or tax advisors. Consult a licensed advisor before deciding on any retirement move.
Last updated: July 17, 2026 · By White Metal Resources Editorial
Quick answer: To open a precious metals IRA, pick a self-directed custodian, submit an application, and fund the account. Move money in from a 401(k), 403(b), 457(b), TSP, or another IRA using a direct rollover so no cash passes through your hands.
You then buy IRS-approved gold, silver, platinum, or palladium from a dealer. An IRS-approved depository takes physical possession of the metal in your account's name. The four eligible metals must meet fineness minimums: gold at .995, silver at .999, platinum and palladium at .9995. Home storage is not permitted at any stage.
Short on time? The essentials
- Opening a precious metals IRA is a five-step process: pick a custodian, apply, move money in with a direct rollover, buy IRS-approved metal, and settle it at an approved depository.
- Four metals qualify under federal law: gold, silver, platinum, and palladium. Rhodium and iridium do not, at any purity.
- The fineness minimums recognized by the IRS are gold .995, silver .999, and both platinum and palladium .9995, drawn from commodity market delivery standards.
- The American Gold, Silver, and Platinum Eagles qualify through a separate statute for United States coins, even when their fineness sits below the general threshold.
- Direct rollovers move money from custodian to custodian with no tax and no 20% federal withholding. Indirect routes must be redeposited within 60 days.
- The 2026 IRA contribution limit is $7,500 with a $1,100 catch-up at age 50 and over, which is why most accounts get funded through a rollover instead.
- Three parties are required: a self-directed IRA custodian, an IRS-approved depository, and a precious metals dealer. You never take personal possession while the metal is inside the IRA.
- Keeping IRA metal at home is treated as a taxable distribution. The United States Tax Court applied that rule against the taxpayers in McNulty v. Commissioner in 2021.
- Ask for a written fee schedule and the dealer's exact spread on the coins or bars proposed before you sign anything.
- From application to metal settled in the vault, the setup usually completes in two to four weeks with prompt signatures and a direct route.
This page walks a saver through opening a precious metals IRA, from the first phone call to the moment the metal settles in the vault. We cover which metals qualify, the sequence of steps, the fees to price in, and the honest situations where this account works against you. Every rule below traces to an IRS publication, the tax code, LBMA, or a federal enforcement record, cited inline.
What is a precious metals IRA, and who runs it?
A precious metals IRA is a self-directed individual retirement account that holds physical gold, silver, platinum, or palladium instead of stocks, funds, or cash. The tax wrapper is identical to any traditional or Roth IRA. What changes is the asset the account owns and the parties who make it work.
Three parties run the account, and none of them is you. A custodian, a bank or an IRS-approved non-bank trustee, holds legal title and handles federal reporting. A dealer sells you the metal. A depository takes physical possession and stores it. You direct the choices, but the metal stays out of your hands while it lives inside the IRA (source: 26 U.S.C. Section 408(m)).
The metal itself must meet a specific fineness minimum, and only four metals qualify under federal law: gold, silver, platinum, and palladium. Rhodium and iridium are not on the statute, so they do not qualify at any purity (source: IRS collectibles snapshot).
Worth knowing: the account is a legal wrapper, not a product. The mechanics are standard across every provider. The judgment calls are which custodian, which depository, which metal mix, and what the total annual cost actually looks like once the dealer's spread is priced in.
What to gather before you file the first form
Opening a precious metals IRA takes less paperwork than a mortgage but more than a brokerage account. Gathering a short list of documents before you begin saves days of back and forth later.
Have the following ready when you contact a custodian:
- A government photo ID and your Social Security number, for the custodian's know-your-customer file.
- The name, plan type, and most recent statement of every retirement account you intend to move, including 401(k), 403(b), 457(b), TSP, IRA, SEP, or SIMPLE plans.
- The plan administrator's contact details and a rough dollar amount you plan to transfer.
- A named beneficiary and, ideally, a contingent beneficiary for the new IRA.
- A rough idea of the metal mix you want to hold, so the dealer can prepare a fee-and-spread quote against the same shopping list you priced elsewhere.
You do not need to have picked the exact coins or bars yet. That decision belongs later, once the funds have settled at the custodian. Trying to buy metal before the account is funded is a common early mistake and pushes the process off by a week or two.
The five steps to open a precious metals IRA
The direct-rollover path below is the route most savers take, because it moves money custodian to custodian and avoids the 20% mandatory federal withholding that applies to many plan payouts (source: IRS Publication 590-B).
- Pick a self-directed IRA custodian. Not every custodian handles physical metals. Confirm the one you shortlist is a bank or IRS-approved non-bank trustee, publishes its fee schedule in writing, and works with an approved depository you are willing to use.
- Open the account and set beneficiaries. The application is a short packet that opens the self-directed IRA and names your primary and contingent beneficiaries. Signing this does not move any money yet.
- Initiate a direct rollover or transfer. Ask the receiving custodian to request the funds custodian to custodian from your source plan. Direct movement carries no 20% withholding and no 60-day deadline, which is why the direct route is the default (source: IRS Pub 590-B).
- Buy IRS-approved metal from a dealer. Once funds settle at the custodian, place a metals order against IRS-approved products. Favor common bullion coins and bars from approved refiners over premium graded or numismatic coins, which usually fall outside the eligible list and carry the widest markups.
- Settle the metal at an approved depository. The dealer ships the metal, titled to your IRA, to the approved depository the custodian works with. You choose segregated or commingled storage. At no point do you take personal possession, because federal law requires the trustee to hold physical possession of the metal (source: 26 U.S.C. Section 408(m)(3)).
Two mistakes derail these steps more than any others. The first is accepting an indirect rollover check from a workplace plan, which triggers the 20% withholding and starts a 60-day redeposit clock. The second is signing a metal order before the funds arrive at the custodian, which leaves the dealer holding an unfunded ticket.
How do you fund the account once it is open?
Almost every precious metals IRA gets funded through a rollover or transfer, not through a fresh contribution. The reason is arithmetic. The 2026 IRA annual contribution cap is $7,500, with a $1,100 catch-up for savers age 50 and over (source: IRS, 2026 limits, Notice 2025-67). That cap sits well below the dealer minimum most metals accounts start at.
The rules that govern the movement come from the same publication that governs any IRA rollover. A direct transfer or direct rollover moves the money custodian to custodian, with no withholding and no 60-day clock. An indirect rollover puts the money in your hands first, and if you miss the 60-day window, it becomes a taxable distribution and may carry an early-withdrawal penalty (source: IRS Publication 590-B).
Common funding sources each carry their own rules. The table below shows which sources can move into a precious metals IRA.
| Source plan | Eligible? | Notes |
|---|---|---|
| 401(k), former employer | Yes | Use the direct rollover route to avoid the 20% mandatory federal withholding on plan payouts. |
| 401(k), current employer | Sometimes | Depends on plan rules. Many restrict in-service rollovers before age 59.5. |
| 403(b), school or nonprofit | Yes | Same direct-route rules apply once the distribution is eligible. |
| 457(b), government employer | Yes | Governmental plans can move to an IRA at a distributable event. |
| TSP, federal employees | Yes | Rolls out as an eligible rollover distribution to an IRA. |
| Traditional IRA | Yes | Direct transfer custodian to custodian, no tax and no withholding. |
| Roth IRA | Yes, to a Roth precious metals IRA | Roth stays Roth. Do not mix Roth and pre-tax money in one account. |
| SEP or SIMPLE IRA | Yes | SIMPLE IRA generally after the two-year participation window. |
| Annuity or pension lump sum | Case by case | Read the plan document. Some qualify as eligible rollover distributions, some do not. |
Source: IRS Publication 590-B. Checked June 2026.
The calculator below flags whether your specific source plan is eligible to roll into a precious metals IRA, and reminds you which direct route avoids the 20% withholding.
Can you roll your account into a precious metals IRA? Eligibility checker
Most retirement money can move into a precious metals IRA once it is an eligible rollover distribution. Pick your account and situation for a general answer. Always confirm the specifics with your plan administrator or custodian.
General guidance only, not tax or financial advice. Eligibility depends on your specific plan document and IRS rules; confirm with your plan administrator and a tax advisor. A direct trustee-to-trustee transfer avoids the 60-day rule and 20% withholding.
Picking a company that explains every fee up front is the first step. Get the free precious metals IRA company checklist.
Which metals and products actually qualify?
Only four metals are on the statute: gold, silver, platinum, and palladium. Each must meet a minimum fineness pulled from the delivery standard of a commodity futures market, referenced by the tax code itself (source: 26 U.S.C. Section 408(m)(3)(B)). No other metal qualifies, no matter how pure.
Sovereign coins from major mints commonly qualify. The American Silver Eagle, the Canadian Silver Maple Leaf, and the Austrian Silver Philharmonic are widely accepted .999 silver coins. The Platinum American Eagle and the Canadian Platinum Maple Leaf sit at the platinum threshold. The Palladium American Eagle and the Canadian Palladium Maple Leaf sit at the palladium threshold.
Bars from a refiner that meets the delivery standard also qualify. The London Bullion Market Association sets the Good Delivery standard for gold and silver bars (source: LBMA Good Delivery).
| Metal | Minimum fineness | Common eligible products |
|---|---|---|
| Gold | .995 | American Gold Eagle (via United States coin carve-out at .9167), Canadian Gold Maple Leaf, approved refiner bars |
| Silver | .999 | American Silver Eagle, Canadian Silver Maple Leaf, Austrian Silver Philharmonic, approved refiner bars |
| Platinum | .9995 | Platinum American Eagle, Canadian Platinum Maple Leaf, approved refiner bars |
| Palladium | .9995 | Palladium American Eagle, Canadian Palladium Maple Leaf, approved refiner bars |
| Not eligible | n/a | Rhodium, iridium, graded or numismatic coins outside the United States coin carve-out, generic rounds below fineness |
Sources: 26 U.S.C. Section 408(m); IRS collectibles snapshot; LBMA Good Delivery. Coin specifications are industry-reported. Checked June 2026.
The American Gold, Silver, and Platinum Eagles are handled by a separate statute, 31 U.S.C. Section 5112. The tax code carves them in even where the Gold Eagle sits below the general .995 threshold at .9167. Do not confuse that carve-out with a general blessing of numismatic or graded coins.
A collectible acquired inside an IRA counts as a deemed distribution at cost, taxed as ordinary income, plus a 10% penalty if you are under 59.5 (source: IRS Issue Snapshot on collectibles). Full detail on IRA-eligible silver coins, platinum products, and palladium products.
What fees you should expect, and where they hide
A precious metals IRA carries costs an index fund does not. Knowing them up front is the difference between an account that earns its keep and one that does not.
You should expect three annual line items and one that sits on the front of the trade. A one-time setup fee opens the account. An annual custodian or administration fee covers reporting. An annual storage fee goes to the depository. Sitting on top of all three is the dealer's spread, which is the gap between the price you pay for the metal and what it would sell for the same day.
The spread is usually the largest lifetime cost, and it is the one least often disclosed in writing. Storage also comes in two forms. Segregated storage keeps your specific coins or bars apart from every other client's metal and costs more. Commingled storage pools identical metal from many clients and costs less.
| Category | Paid to | Notes |
|---|---|---|
| Setup fee | Custodian | One-time, at account opening. Usually flat dollar, disclosed in the fee schedule. |
| Annual custodian fee | Custodian | Yearly, flat dollar. Covers reporting and administration. |
| Annual storage fee | Depository | Yearly. Higher for segregated than commingled. Volume matters, especially for silver. |
| Dealer spread | Dealer | Paid on the buy, and in part again on the sell. Least often disclosed in writing. Usually the biggest lifetime cost. |
Sources: IRS Publication 590-B; standard industry disclosures. Checked June 2026.
Picture a saver who moves $75,000 into a precious metals IRA at age 60. Suppose the all-in annual cost is $250, covering custodian and commingled storage. Also suppose the dealer's spread is 6% on the metal, which is a common but not disclosed figure.
- Annual cost as a share of the balance: $250 divided by $75,000, which equals 0.33% per year.
- Dealer spread paid up front: 6% of $75,000, which equals $4,500, a one-time cost baked into the buy.
- Same 6% at the eventual sell on the same dollar amount: another $4,500, for roughly $9,000 of round-trip spread cost across the life of the position.
- On a smaller balance, the fixed annual cost drag climbs fast. The same $250 on a $10,000 account is 2.5% per year, which is a heavy weight for a metal position to overcome.
The figures above are illustrative, not quotes from any company. They show the structural point: fixed annual fees punish small accounts hardest, and the dealer's spread is where most of the lifetime cost hides. Always ask for the schedule and the exact spread on the coins or bars proposed, in writing, before you sign.
This is an illustration, not financial advice; consult a licensed advisor for your situation. A written schedule also keeps the account clean for your spouse or heirs later.
How long the whole process takes
The full opening usually runs two to four weeks from the first phone call to metal settled at the depository. The wider range covers real-world delays like plan administrator response times and dealer fulfillment.
A typical breakdown looks like this. The application and account opening take a few business days once the custodian has your identity documents. The direct rollover request goes out and the source plan releases funds in roughly one to three weeks, depending on the plan administrator. Once funds settle at the custodian, the metals order and depository settlement usually complete within a few business days.
Two things speed the timeline. Prompt signatures on every form you receive, and a direct route from custodian to custodian that does not put a check in your hands. Two things slow it. An indirect rollover that starts the 60-day clock, and a delay in confirming the shipping and settlement instructions between dealer and depository.
How do you pick a trustworthy company to work with?
The company you pick shapes your fees, your metal choices, and your risk of an upsell. A short checklist filters most of the field before you take a sales call.
Verify the basics yourself. Check the company's Better Business Bureau rating and accreditation date. Confirm how long the firm has operated. Ask for the full fee schedule and the exact dealer spread on the proposed coins or bars, both in writing, before you sign anything. Favor companies that present common bullion plainly and do not steer you toward high-markup graded coins.
Federal regulators are active in metals markets, which is a helpful backdrop but not a substitute for your own due diligence. In a 2020 order, the Commodity Futures Trading Commission required JPMorgan and its subsidiaries to pay a total of $920.2 million over spoofing that touched gold, silver, platinum, and palladium futures, among others (source: CFTC Release 8260-20). Choosing regulated custodians and approved depositories, not unregulated sellers, is part of the same discipline.
What you should verify: a published BBB profile, a written fee schedule, a written spread on the exact metal proposed, and a named IRS-approved depository. A firm that dodges any of those is telling you something. See what separates the best precious metals IRA companies for the fuller checklist.
When opening a precious metals IRA is a bad idea
A balanced view has to name when this account works against you. For several savers, opening one is the wrong move, and saying so plainly is part of an honest guide.
It is usually a bad idea in these situations:
- A small balance against the fee drag. Setup, annual custodian, storage, and the dealer spread are largely fixed. On a small account those costs eat a large share of the balance, so a modest position can struggle to ever come out ahead of a low-cost index fund.
- You may need the money within a few years. Metals are volatile short-term, and selling means crossing the dealer spread a second time. Before age 59.5 you also owe a 10% federal additional tax on top of ordinary income tax, unless a specific Publication 590-B exception applies.
- You have no other retirement savings yet. Concentrating your only retirement money in one asset class leaves no buffer. A broad base usually comes first, with metal as a portion rather than the whole.
- You are chasing a guaranteed return. Nobody can predict where gold, silver, platinum, or palladium prices will go. A pitch that promises guaranteed gains is a warning sign, not an opportunity, and matches the pattern federal regulators have acted on.
- You want to store the metal at home. Home storage of IRA metal is a taxable distribution. The United States Tax Court applied that rule against the taxpayers in McNulty v. Commissioner in 2021. A home-storage IRA is not a recognized IRS structure.
If one of these describes you, slowing down is the sensible call. The fixed annual costs and the dealer spread both punish a short or small position more than most savers expect. There is no CTA in this section on purpose.
Precious metals IRA opening questions, answered
Can I open a precious metals IRA with a fresh contribution alone?
Technically yes, but the arithmetic rarely works. The 2026 IRA cap is $7,500, with a $1,100 catch-up at age 50 and over. That figure sits well below the dealer minimum that most metals accounts start at, and once you factor in fixed setup and storage costs, a contribution-only account struggles. Most savers combine a rollover with future contributions.
Do I have to hold gold, or can I open the account with silver, platinum, or palladium only?
You can hold any combination of the four eligible metals. The account structure does not require gold, and many savers mix silver with a smaller position in platinum or palladium. The only constraint is that each product must meet its fineness minimum and come from an approved source.
Can I store my precious metals IRA metal at home?
No. Federal law requires an IRS-approved trustee to hold physical possession of the metal. Keeping the metal at home is treated as a taxable distribution, with tax owed on the value and a possible 10% penalty if you are under 59.5. A home-storage IRA is not a recognized structure.
How long does it take to open a precious metals IRA?
Most accounts complete in two to four weeks from application to metal settled at the depository. Prompt signatures and a direct rollover route are the two biggest speed factors. An indirect rollover, which triggers the 20% withholding and a 60-day clock, is the most common cause of delay.
Do precious metals IRAs have required minimum distributions?
A traditional precious metals IRA does. The current RMD start age is 73 for savers born between 1951 and 1959, rising to 75 in 2033 for people born in 1960 or later. A Roth IRA has no required minimum distribution during the owner's lifetime. See RMDs on a precious metals IRA for the full framework.
Can I roll a 401(k) from my current employer into a precious metals IRA?
Sometimes. Many plans restrict in-service rollovers for savers under age 59.5. If your plan allows an in-service distribution, the direct rollover route is available. If it does not, you generally wait until you leave the employer or reach a distributable event under the plan.
What fees should I expect to pay each year?
Expect a one-time setup fee, an annual custodian fee, and an annual storage fee, plus a dealer spread on the metal you buy. The spread is usually the largest lifetime cost and the least clearly disclosed. Storage runs higher for segregated than for commingled, and silver is bulkier per dollar than gold, which nudges storage cost up on silver-heavy accounts.
Is a precious metals IRA the same account as a gold IRA?
In most usage, yes. The label gold IRA is a marketing shorthand for a self-directed IRA holding IRS-approved physical metals. The federal rules and account structure are identical whether you hold only gold or a mix of the four eligible metals. The difference is the assets you choose to buy inside the same wrapper.
Sources
- IRS, Publication 590-B, Distributions from Individual Retirement Arrangements. Checked June 2026.
- IRS Newsroom, 2026 retirement plan and IRA limits (Notice 2025-67). Checked June 2026.
- IRS, Required Minimum Distributions FAQs. Checked June 2026.
- IRS, Investments in Collectibles in Individually Directed Qualified Plan Accounts (Issue Snapshot). Checked June 2026.
- Cornell Legal Information Institute, 26 U.S.C. Section 408. Checked June 2026.
- London Bullion Market Association, Good Delivery. Checked June 2026.
- U.S. Commodity Futures Trading Commission, Release 8260-20 (JPMorgan order). Checked June 2026.
