A different video, same recurring marketing question: “what’s the first step to opening a Gold IRA?” The honest answer is more procedural than promotional framing usually suggests.

Step One, Specifically

You choose (or your existing IRA custodian confirms it doesn’t support) a self-directed IRA custodian that specifically administers precious-metals accounts. That custodian — not a metals dealer — is who actually opens and holds the account of record.

Step Two: Funding

Funds move via direct trustee-to-trustee transfer (no withholding, no deadline) or an indirect rollover (20% mandatory withholding, 60-day redeposit window). Direct transfer is the lower-risk option for anyone rolling over an existing retirement account.

Step Three: Selecting Metal

Only metal meeting IRS purity standards under 26 U.S.C. §408(m)(3) qualifies — 99.5% for gold, 99.9% for silver, with a specific American Gold Eagle exception. The custodian ships the metal directly to an approved depository; it never reaches your hands.