A gold IRA is a self-directed, IRS-recognized retirement account that holds physical precious metals instead of — or alongside — stocks and bonds. The account type is entirely legitimate, and the same tax advantages that apply to a conventional IRA apply here. The mechanics differ in only one real way: because you are holding physical metal, a custodian and an approved depository are involved. A good dealer coordinates all of it.
The five steps
- Choose a reputable dealer. Look for a verifiable BBB rating, a clear operating history, transparent fees in writing, and named custodian and depository partners. This choice matters more than any other.
- Open a self-directed IRA with a qualified custodian. Unlike an ordinary brokerage IRA, a self-directed account is permitted to hold physical metals. Your dealer typically introduces you to established custodians.
- Fund the account. You can roll over an old 401(k) or transfer from an existing IRA — ideally as a direct, trustee-to-trustee transfer to keep it penalty-free — or make a new annual contribution within IRS limits.
- Choose your IRS-approved metals. With your dealer, select eligible bullion that meets purity standards. Favor approved bullion priced close to spot over high-premium collectibles.
- Store the metals at an approved depository. The law requires IRA metals to be held by an approved trustee in an approved facility, with segregated or non-segregated storage options. Home storage is not permitted.
What it typically costs
Costs vary by company, but most published schedules include a one-time setup fee, an annual custodian or maintenance fee, and an annual storage fee — often together landing in a broad range of roughly $200–$300 per year, plus the dealer's markup on the metals themselves. Some firms waive certain fees on larger qualifying accounts. Always get the full schedule and per-coin pricing in writing before you commit; these figures are approximate and change.
What to look for in a dealer
- A verifiable BBB rating and accreditation
- Transparent, written fee schedules and per-coin pricing
- Established custodian partners and IRS-approved depositories
- A clear buyback policy for when you eventually sell
- Education over pressure — straight answers, no urgency tactics
Before you begin
A gold IRA is a long-term decision, and a measured allocation usually serves a saver better than an all-in bet. The rules and figures summarized here are general and approximate, and tax treatment depends on your circumstances. Review our editorial rankings to compare companies, and confirm the specifics with a licensed tax or financial professional before opening an account.