Quick answer: The most common mix-ups are thinking you can store the metal at home, misunderstanding the purity requirement, and forgetting that required minimum distributions still apply.

This article is grounded in the topic actually covered by the referenced video (“IRS Rules People Get Wrong About Gold IRAs”, Anthem Gold Group) and independent research — not personalized tax, legal, or investment advice.

Myth: ‘I can store it in my own safe’

So-called ‘home storage’ or ‘checkbook’ Gold IRA structures that let you hold the metal yourself are a real audit risk: the 2021 McNulty Tax Court case treated self-stored IRA gold as a full taxable distribution, plus penalties.

Myth: ‘Any gold coin qualifies’

IRC §408(m)(3) requires IRA-eligible gold to be at least 99.5% pure (with a statutory carve-out for American Gold Eagle coins) and held by an approved custodian at a qualified depository — not in a personal safe or home.

Myth: ‘RMDs don’t apply because it’s metal, not cash’

Traditional Gold IRAs are subject to required minimum distributions starting at the IRS’s applicable age; since the metal itself can’t be split into a fractional RMD payment, most custodians either sell a portion of the metal or arrange an in-kind distribution to cover it.

Frequently Asked Questions

What happens if I violate the custodian/storage rule?

The IRS can treat the entire IRA as distributed on the date of the violation, triggering ordinary income tax on the full value plus a 10% early-withdrawal penalty if you’re under 59½.

Are American Gold Eagle coins an exception to the purity rule?

Yes — they’re specifically carved out by statute as IRA-eligible even though their actual purity is slightly below the general 99.5% standard.

Does a Roth Gold IRA have the same RMD rule?

No — Roth IRAs (including Roth Gold IRAs) are not subject to RMDs during the original owner’s lifetime, unlike Traditional Gold IRAs.