TL;DR - Quick Answer
Gold IRAs follow IRS rules under IRC Section 408(m). Gold must be .995+ pure (American Eagles exempt at .9167), silver .999+, platinum/palladium .9995+. Home storage is barred and triggers taxes plus penalties. Yearly limits match standard IRAs: $7,000/year ($8,000 if 50+), but rollovers from 401(k)s have no cap. You need a Self-Directed IRA custodian. Withdrawals after 59½ can be taken as metal or cash.
What are the IRS purity requirements?
The IRS sets minimum fineness floors under IRC Section 408(m)(3)(B). These rules make sure you're buying bullion-grade metal, not collectibles. American Gold Eagles are the one exception because of their legal tender standing.
99.95% pure or higher
Which products are approved and which are not?
The IRS draws a hard line between bullion-grade metal and collectibles. Coins from national mints that meet purity floors are approved. Collectible coins, jewelry, and metals below purity marks are not. South African Krugerrands (.9167 gold) are barred, but American Eagles (.9167 gold) get a pass because of their U.S. legal tender standing.
IRS Approved
Gold Coins
- • American Gold Eagle (all sizes)
- • American Gold Buffalo
- • Canadian Gold Maple Leaf
- • Austrian Gold Philharmonic
- • Australian Gold Kangaroo
Gold Bars
- • COMEX/LBMA-approved refiners
- • PAMP Suisse, Credit Suisse
- • Valcambi, Perth Mint
- • Must meet .995+ purity
Silver Coins & Bars
- • American Silver Eagle
- • Canadian Silver Maple Leaf
- • Approved .999+ silver bars
NOT Approved
Collectible/Numismatic Coins
- • Pre-1933 U.S. gold coins
- • Proof sets (with some exceptions)
- • Commemorative coins
- • Rare or graded coins
Below Purity Standards
- • South African Krugerrand (.9167)
- • British Sovereign (.9167)
- • Most foreign gold coins
Other Prohibited Items
- • Jewelry
- • Gold ETFs or mining stocks
- • Certificates or paper gold
Where must you store your IRA metals?
All Gold IRA metals must stay at an IRS-approved depository. Home storage is not allowed under any grounds. The IRS treats home storage as a taxable withdrawal of your whole account.
Home Storage Is NOT Permitted
Despite what some dealers claim, storing IRA metals at home -- even in a safe or "home storage IRA LLC" -- breaks IRS rules. The IRS treats this as a taxable withdrawal. You could face:
- • Income taxes on the full value of metals
- • 10% early withdrawal penalty if under age 59½
- • Audit risk and further penalties
What does an IRS-approved depository provide?
Approved depositories are guarded, insured vaults that meet federal rules. Your metal is kept apart from other clients' holdings. Standard features include:
- • 24/7 armed security and surveillance
- • Full insurance coverage
- • Set-apart or named storage choices
- • Steady audits and reporting
- • IRS rule-keeping paperwork
What kind of custodian do you need?
You cannot hold physical precious metals in a standard IRA at Fidelity, Schwab, or Vanguard. You need a Self-Directed IRA with a custodian that handles hard assets like physical gold and silver.
What does your custodian do?
- • Hold IRA assets on your behalf
- • Keep to IRS rules
- • Handle money going in and coming out
- • File needed IRS reports (Form 5498)
- • Work with the depository on storage
What should you look for?
- • IRS-approved status
- • Experience with precious metals IRAs
- • Costs laid out on paper
- • Working ties with approved depositories
- • Quick, helpful service
What are the yearly limits?
Gold IRAs follow the same yearly caps as any other IRA. These limits apply only to fresh cash you put in each year. Rollovers from existing retirement accounts have no cap.
For 2024 tax year
Catch-up contribution
Do rollovers count against the cap?
No. There is no cap on rollover amounts from existing retirement accounts (401(k), 403(b), TSP, other IRAs). You can roll over $100,000 or $1,000,000 tax-free through a direct trustee-to-trustee transfer. The yearly cap only applies to fresh money you put in.
When can you take your metals out?
Withdrawal rules for Gold IRAs match standard IRA rules. After age 59½, you can take your metals out without penalty -- as cash or physical metal. Before 59½, early withdrawals trigger taxes and a 10% penalty.
After Age 59½
- No early withdrawal penalty
- Take your metals as cash or in-kind (physical delivery)
- Traditional IRA: taxed as ordinary income
- Roth IRA: tax-free if qualified
Before Age 59½
- 10% early withdrawal penalty
- Plus ordinary income tax (Traditional)
- Limited exceptions (disability, first home, etc.)
Required Minimum Distributions (RMDs): Traditional Gold IRAs force withdrawals starting at age 73 (SECURE 2.0 Act). You can take RMDs as cash or physical metal. Roth IRAs have no RMDs during your lifetime.
Questions about Gold IRA rules?
Every product we sell meets IRS standards. We walk you through the rules that apply to your situation. Everything in writing before you decide.