Two separate parties are involved, and the distinction matters for understanding who’s actually accountable for your metal.

The custodian is the financial institution that administers the IRA itself — it handles the paperwork, IRS reporting, contribution and distribution processing, and coordinates the purchase of metal on your behalf. The custodian does not physically hold the gold.

The depository is the separate, IRS-approved facility where the physical metal is actually stored — companies like Delaware Depository, Brink’s, or International Depository Services. The custodian selects (or offers a choice of) depository, but the depository operates independently, with its own insurance and security.

This two-party structure exists specifically because IRS rules prohibit the account owner from having personal custody of IRA-owned metal, and it’s generally considered a safeguard: if something happened to your custodian as a company, your metal is still sitting at a separate, independently insured depository rather than being tied up with the custodian’s own assets.

When researching a Gold IRA provider, it’s worth asking directly which depository they use and confirming that depository carries its own insurance — not just relying on the custodian’s marketing materials.