Published August 2026
The 7-point checklist
| Check | What you’re confirming |
|---|---|
| 1. Custodian identity | A licensed bank, trust company, or IRS-approved nonbank trustee holds the account – separate from the dealer selling you metal |
| 2. Metal eligibility | Gold ≥99.5% pure, silver ≥99.9%, platinum/palladium ≥99.95% (American Gold Eagle is the one statutory exception at 91.67%) |
| 3. Complete fee schedule | Setup fee, annual admin fee, annual storage fee, and any waiver’s exact terms – all in writing, not verbal |
| 4. Storage type | Segregated (your specific pieces) vs. commingled (pooled, equivalent-value return) – and the price difference between them |
| 5. Depository and insurance | Named depository (e.g., a facility like Delaware Depository or Brink’s), and confirmation the stored metal is insured |
| 6. Buyback policy | Whether the dealer commits to buy back at a stated spread, and how long liquidation typically takes |
| 7. Sales pressure | No cold calls, no urgency tactics, no pitch toward “rare” or “limited” coins priced well above bullion value |
Purity thresholds confirmed against 26 U.S. Code §408(m) via Cornell Law’s Legal Information Institute. Sales-pressure red flags confirmed against the CFTC’s own customer advisory (see Sources below).
Verify the custodian and the dealer are actually separate
A Gold IRA needs a custodian – a bank, trust company, or IRS-approved nonbank trustee – to hold the account and handle the IRS’s own reporting requirement (Form 5498, which reports the account’s fair market value each year). The company that sold you the metal is often a separate business from the custodian, even when their marketing presents a single seamless experience. Ask directly: who is the custodian of record, and can I verify their charter or trust license independently of the dealer’s own website?
Verify every product is actually IRS-eligible
Under 26 U.S. Code §408(m), an IRA generally cannot hold “collectibles” – and by default, coins and metals fall into that category – unless they meet a specific statutory exception. The exceptions that matter for a Gold IRA: gold at least 99.5% pure, silver at least 99.9% pure, and platinum or palladium at least 99.95% pure, held through a bank or approved nonbank trustee. The one carve-out to the purity rule is the American Gold Eagle, minted at 22-karat (.9167 fine) but specifically authorized for IRAs by statute because the U.S. Mint guarantees its full one-ounce gold content regardless of the alloy. Ask for the specific eligibility basis – purity percentage or named statutory exception – for anything you’re being sold, not just an assurance that it’s “IRA-approved.”
Verify the complete fee schedule, in writing
A marketing page’s “as low as” fee figure is not a commitment. Before funding an account, get the actual written fee schedule: the one-time setup fee, the annual custodian/administration fee, the annual storage fee (and whether that changes for segregated storage), and the exact terms of any promotional waiver – including how long it lasts and what transfer amount it requires. Fee waivers tied to “today only” urgency are themselves worth treating as a data point, not just a discount.
Verify storage type, the depository, and insurance
Ask whether your metal will be stored on a segregated basis (your specific pieces, returned by identifying mark) or a commingled basis (pooled with other customers’ identical products, returned as an equivalent amount rather than your exact pieces) – segregated storage typically costs more per year. Get the actual name of the depository facility and confirm the stored metal is insured, since “IRS-approved depository” describes a category, not a specific guarantee of any one facility’s insurance terms.
What the CFTC specifically warns about
The CFTC’s own customer advisory on physical metals tells investors not to respond to cold calls, unsolicited emails, late-night infomercials, or pop-up dealers at public events, and separately warns that some dealers push “rare,” “proof,” or “exclusive” collectible coins at markups far above the metal’s actual bullion value – sometimes reported at 100% or more over melt value in enforcement cases. See our guide to the Gold IRA pricing trick for named enforcement cases on this exact pattern. None of this means every precious-metals dealer is a scam – it means urgency and “exclusive” framing are themselves worth treating as signals to slow down and verify independently.
Ready to compare specific providers against this checklist? See our Best Gold IRA Companies of 2026 guide →
Frequently Asked Questions
What’s the first thing to verify before choosing a Gold IRA custodian?
Confirm the custodian and the dealer selling you the metal are actually separate entities, and that the custodian is a bank, trust company, or IRS-approved nonbank trustee – not just the dealer’s own paperwork processor. Ask directly who the custodian of record is and verify their license independently.
How do I know if a coin or bar is actually IRA-eligible?
Under 26 U.S. Code §408(m), gold must be at least 99.5% pure, silver 99.9%, and platinum/palladium 99.95%, with the American Gold Eagle as the one statutory exception at 91.67% purity. Ask your dealer for the specific eligibility basis for any product before buying.
What’s the difference between segregated and commingled storage, and does it matter?
Segregated storage returns your specific pieces by identifying mark; commingled storage pools your metal with other customers’ identical products and returns an equivalent amount. It matters most if you plan to eventually take an in-kind distribution of the exact metal you bought.
What red flags does the CFTC warn about with precious metals dealers?
The CFTC advises against responding to cold calls, unsolicited emails, or pop-up dealers, and flags pressure toward “rare” or “exclusive” collectible coins priced well above bullion value. Treat high-pressure sales tactics as a reason to slow down, not act fast.
Should I get the fee schedule in writing before funding the account?
Yes. Get the actual written fee schedule – setup, annual admin, annual storage, and any waiver’s exact terms and expiration – before wiring retirement funds, since promotional waivers are often time-limited.
Is a home-storage or checkbook Gold IRA ever legitimate?
No. The IRS requires IRA-held bullion to sit with a bank or approved nonbank trustee. In McNulty v. Commissioner (2021), a couple who took physical possession through a self-managed LLC was ruled to have taken a full taxable distribution plus the 10% early-withdrawal penalty.
- Cornell Law School, Legal Information Institute, 26 U.S. Code §408 – law.cornell.edu/uscode/text/26/408 – IRA collectibles rule and the precious-metals purity exceptions under subsection (m).
- U.S. Commodity Futures Trading Commission, “Customer Advisory: 10 Things to Ask Before Buying Physical Gold, Silver, or Other Metals” – cftc.gov/LearnAndProtect/AdvisoriesAndArticles/Metals10Things.html – sales-pressure and cold-call red flags.
- U.S. Commodity Futures Trading Commission, “Joint Effort Launches to Warn Retirees about Precious Metals Fraud” – cftc.gov/PressRoom/PressReleases/8881-24 – CFTC/FTC joint consumer-protection effort targeting retirees.
- U.S. Mint, “Bullion Coin Programs” – usmint.gov/coins-precious-metal-coins/bullion-coin-programs – official American Gold Eagle fineness (91.67%, 22-karat) and full-weight guarantee.
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