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Preferred Trust, an IRA custodian, is pushing back here on a common misconception: that Gold IRA companies literally warehouse your coins themselves. In reality, IRC Section 408(m) requires the metal to sit with an IRS-approved, third-party depository – not the dealer, the custodian, or your home – so “home storage Gold IRA” setups marketed by some companies sit in a legal gray area the IRS has specifically warned about. The custodian’s actual job is administrative: paperwork and reporting, coordinated with the depository, not physically holding the gold.

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