How a Precious Metals IRA Works: Setup, Rollover, Custody and Storage Explained

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Investing Gold Share Share Close Mail Page URL https://money.com/how-a-precious-metals-ira-works-setup-rollover-custody-and-storage-explained/ Link copied! How a Precious Metals IRA Works: Setup, Rollover, Custody and Storage Explained By: Marc Guberti Marc Guberti Marc Guberti is a personal finance writer who hosts Breakthrough Success, a podcast where he teaches listeners how to grow their businesses and achieve personal transformations. Has also written: Establishing Trust in a Gold IRA: How to Vet a Precious Metals Dealer The Anxiety Many Savers Have — and How to Lower It How to Buy Crypto and Bitcoin Anonymously or Without Verification 5 Warning Signs You May Be Buying an Overhyped Stock Learn Vanguard Legend Jack Bogle’s Investing Advice: Trim Fees, Stay the Course and Compound See full bio Editor: Jordan Chussler Jordan Chussler Editor, Investing & Banking | Joined June 2023 Jordan is an investment editor and CPFC who specializes in traditional equities, gold and other precious metals, retirement savings and income investing. He combines his personal and professional interests in finance and education to help readers increase their financial literacy and make better investment choices. Has also written: Gold Prices Today: March 24, 2026 War, Market Volatility and $100 Oil: Is Now the Right Time to Buy Energy Stocks and ETFs? War in Iran Sends Gold and Oil Prices Soaring.

Gas Could Be Next Ignore the 4% Rule: This Is the Best Retirement Investing Strategy for Most Americans Gold Isn't the Only Metal Soaring in Price in 2026 See full bio Published: Mar 24, 2026 6 min read Money is not a client of any investment adviser featured on this page. The information provided on this page is for educational purposes only and is not intended as investment advice. Money does not offer advisory services. Money; Getty Images Ads by Money. We may be compensated if you click this ad.AdGold can be the key to safeguarding your retirement for your golden years. Unlock the protection of precious metals investments with Thor Metals Group’s expert guidance. Many people start using individual retirement accounts (IRAs) to buy stocks, mutual funds and exchange-traded funds in order to secure long-term growth before retirement. But you can also get gold IRAs that let you acquire physical precious metals. These IRAs come with the same tax advantages as regular IRA products, but their focus on precious metals makes them more attractive to people who want to diversify from equities and bonds. Each precious metal IRA has a multi-step setup process, and there are a few key details that happen behind the scenes, so here’s what you should know before opening a gold IRA. Ads by Money. We may be compensated if you click this ad.AdSponsored by:All that glitters is not gold?

Thor Metal Group agreesDon’t let your retirement be at the mercy of unstable economic times. Instead, invest in precious metals and protect your hard-earned savings. Select your state to get started.LEARN MORETerms and conditions apply.HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexas Gold IRA setup It’s pretty easy to set up an account, and the entire process typically takes 1–2 business days. You will have to provide basic information, such as your name and email address, to open an account. Some precious metals IRA providers have small setup fees that can range from $50 to $200, while other companies — like Thor Metals Group, for instance — waive setup fees. Before going through the setup process, you should compare several IRAs to ensure you are choosing the right option. Assess each IRA based on its fees, investment options, customer service, online reviews and other factors. You can also provide your bank account information during the setup process and make your initial deposit. Gold IRA rollovers Some people open gold IRAs and move funds from their bank accounts to the IRA. However, other people rollover existing IRAs into precious metals IRAs. This process takes a little longer and can range from 1–3 weeks. You will have to contact your existing IRA provider and let them know that you want to conduct a rollover. If you roll over from a traditional IRA to a traditional precious metals IRA, you won’t pay taxes on the transfer. However, converting to a Roth IRA will result in the rolled-over amount being taxed, since Roth IRAs use post-tax dollars. A direct transfer is the best approach to funding a gold IRA since the custodians handle it for you once you make the request. You also won’t have to worry about taxes or penalties this way. Custody of precious metals in a gold IRA If you directly buy precious metals with money outside of an IRA, you can store physical metals in your house. However, if you want the precious metals to be part of a gold IRA, the IRS requires that they be stored in approved depositories. It is important to stress that: The IRS does not allow people to store precious metals in their home that are supposed to be in their gold IRAs. For instance, if you invest the maximum $7,500 into a precious metals IRA and then buy another $2,500 worth of precious metals with other funds, you can only have the precious metals in your home that you bought with $2,500. The remaining precious metals that you bought for $7,500 are under the watchful eye of a custodian. The IRS approves custodians like trusts, banks and other financial institutions that can handle the administrative work associated with monitoring precious metals. These firms simplify gold investing for people who want access to the precious metal but aren’t sure what goes into safely storing precious metals. Precious metals IRA providers can give you physical gold when you withdraw from your account. You eventually get the precious metals a custodian has been holding, but you must wait until you turn 59.5 years old to ensure you do not incur a 10% penalty fee for an early withdrawal. You can also choose to liquidate precious metals in your gold IRA and withdraw cash when it’s time to. Understanding gold IRA storage You aren’t allowed to store physical metals that you buy and keep in a precious metals IRA. However, a custodian will store these items on your behalf in a separate dedicated space. That way, you will receive your exact items back when you withdraw from your account. You can also opt to store your precious metals with other customers’ metals, but record-keeping will track the exact quantity and type of your precious metals. This latter storage option is cheaper and still provides your precious metals when you withdraw from your gold IRA. Storage fees vary for each IRA, but they often range from $100 to $150 per year. Some companies scale storage costs based on how many precious metals you buy. Custodians use multiple security protocols to keep gold safe, including the use of advanced technology and 24/7 surveillance. It’s easier for these custodians to invest more money into optimal security since they are storing more gold in the same area. Custodians are also subject to third-party independent audits that verify all of the precious metals are still in storage. These audits boost accountability and transparency for investors. You should only work with a custodian that is approved by the IRS. Ads by Money. We may be compensated if you click this ad.AdThe golden road to wealth preservationThor Metals Group can be the guide you need to strengthen your retirement or investing strategy. Discover how precious metals can be the key to a solid financial future. LEARN MORETerms and conditions apply. Sponsored by: More from Money: Best Gold IRA Companies Best Online Gold Dealers How to Buy Gold