Complete Gold IRA Checklist For 2026

As of this writing, the spot price of gold is over $4,900/oz, a record high. Why? Investors are turning to gold amid concerns about tariffs, global trade wars, and broader economic uncertainty. If you’re thinking about protecting your retirement savings with precious metals, this Gold IRA checklist gives you everything you need to know.

Setting up a Gold IRA isn’t complicated, but there are IRS regulations you’ll need to follow. Here, we cover everything from choosing the right company to funding your account and selecting approved metals.

If you’d like a printable short version, download the Gold IRA checklist here.

What are Gold IRAs and IRA accounts?

What exactly is a Gold IRA? It’s a self-directed retirement account where you hold physical gold instead of stocks and bonds. You may also hear people refer to these accounts as a Precious Metals IRA or Silver IRA.

Whether you hold gold, silver, platinum, and palladium or all of these precious metals, this type of retirement account gives you a way to own tangible assets with the same tax advantages you’re used to with regular IRAs.

Key benefits of Gold IRAs

Reasons why investors look at adding gold to their retirement account:

• Portfolio diversification: Gold is completely independent of the stock market and paper currency, which protects your savings by spreading risk across different investment types.
• Inflation hedge: Gold helps protect your financial future from the effects of inflation. Because there’s only so much supply, gold has intrinsic value, and the government can’t just make more.
• Tax advantages: Traditional Gold IRAs offer tax-deferred growth, and Roth versions provide tax-free qualified withdrawals in retirement.
• Tangible security: You own physical assets without having to rely on another party to honor their obligations. Many investors like the peace of mind of holding something of value that can’t be erased with a technical glitch or cyberattack.

How does a precious metals IRA work?

A precious metals IRA works the same way as a traditional IRA, with a few key differences around what you hold and where you store it.

Step 1: Choose a custodian

You’ll need to work with a self-directed IRA custodian who specializes in physical precious metals IRAs. The custodian manages your account, processes transactions, and handles IRS reporting. They don’t provide investment advice or sell metals themselves.

Fees can vary by company, so it’s worth checking out a few companies before you decide.

Step 2: Fund your account

You can either roll over funds from an existing retirement savings account like a 401(k) or traditional IRA, or you can make new contributions from your income. Direct rollovers are completely tax and penalty-free.

Step 3: Buy approved metals

Once you transfer funds into your account, work with a precious metals dealer to select IRS-approved gold, silver, platinum, or palladium. Your custodian then purchases these metals on your behalf using your IRA funds.

Step 4: Store in a depository

The IRS requires you to store your physical precious metals in an approved depository. You can’t keep them at home or in a personal safe. The custodian arranges secure storage at one of these facilities, which includes insurance and security.

Step 5: Monitor and manage

You’ll have access to online portals to track your holdings. When you’re ready to take distributions in retirement, you can either have the metals shipped to you or sell them for cash.

Evaluating Gold IRA companies

How do you make sure you work with the best gold dealer to help you with your Gold IRA? Here are the key factors to look for:

• Longevity: Look for a company that’s been in business for decades. This shows they’ve been through different market cycles, they operate with integrity, and they’ll be there when you need support or want to sell.
• Reviews: Check reviews on Google, the Better Business Bureau, and the company website to see what other investors are saying. This gives you insight into how the company treats customers and handles issues.
• Education: There’s a lot of benefits to a Gold IRA, but there are also IRS regulations you’ll need to follow. The best companies provide education and resources so you can be confident in the decisions you make with your retirement funds.
• Credentials: Ask about the company’s credentials and participation in industry groups. This shows they’re committed to quality metals and not counterfeits or scams.
• Buyback program: At some point, you’ll likely want to sell your gold. You can do this anywhere, but it’s helpful to work with a company that will buy back your precious metals when you’re ready.

Gold coins, bars, and eligible metals

Not all precious metals qualify for a Gold IRA. The IRS has specific requirements around which metals you can hold in your retirement account. IRS-approved precious metals include:

• Types of metals: Gold, silver, platinum, and palladium.
• Form: Bars or coins.
• Purity: Gold must be at least 99.5% pure, silver must be at least 99.9% pure, and platinum and palladium must be at least 99.95% pure.
• Manufacturer: Gold or silver coins must come from approved government mints and bars from accredited manufacturers like PAMP Suisse or Valcambi.

Popular gold bullion coins include American Gold Eagles and Canadian Maple Leaf coins. Also, be aware that collectible or numismatic coins don’t qualify for Gold IRAs. IRA gold means coins and bars valued primarily for their metal content rather than their rarity.

Funding, Gold IRA rollovers, and contribution limits

You can fund your Gold IRA in a couple of different ways, depending on where you currently have your existing retirement accounts.

Gold IRA rollover

If you have accounts at a previous employer, you can move those funds into a self-directed IRA. This includes a 401(k), 403(b), or TSP. You can also rollover all or a portion of your traditional or Roth IRA to a traditional or Roth Gold IRA.

A direct rollover is the best method since it’s completely tax and penalty-free. The way it works is that your current plan administrator sends your funds straight to your new self-directed Gold IRA custodian. You never touch the money, which means the IRS doesn’t consider it a taxable distribution.

New contributions

If you don’t want to move money from another retirement plan, you can fund your Gold IRA with new contributions from your income. This works the same way as a traditional IRA. For 2026, you can contribute:

• Up to $7,500 if you’re under age 50
• Up to $8,600 if you’re 50 or older

You also can’t contribute more than your earned income for the year.

The good news is that contributions are separate from any rollovers or transfers. You can roll over as much money as you want and still make a new annual contribution on top of that.

Storage, fees, and how to hold gold

When you buy gold or other precious metals with your retirement funds, the IRS requires you to store them in an approved depository. You can’t keep your gold at home because the IRS considers this a distribution, which leads to penalties and taxes.

Your custodian takes care of arranging storage at one of these facilities. These specialized vaults offer better protection than home storage, with security features like climate control, armed guards, and insurance coverage.

The depository stores your metals in either segregated storage (where your metals are kept separate) or commingled storage (where they’re stored with other investors’ metals of the same type).

Gold IRA fees

Along with IRS requirements, you should also factor in the costs of maintaining a Gold IRA. Custodian account fees include:

• Account set up: This one-time fee ranges from $50-$150
• Annual maintenance: Annual fees can be anywhere from $75-$300
• Storage fees: Costs to store your precious metals range from $100-$250 per year
• Other fees: Might include wire transfers, appraisals, or transaction fees

These fees are higher than what you’d pay for a traditional IRA that holds stocks and bonds. This is because you’re paying for the specialized services of storing physical assets and maintaining compliance with IRS regulations.

When you evaluate the top Gold IRA companies, compare their fee structures to understand your total costs.

Gold and silver allocation strategy

How much of your retirement funds should hold physical metals? Most financial advisors and experts recommend 5-15% of your overall retirement portfolio. This gives you enough exposure to benefit from gold or silver without putting all your eggs in one basket.

But beyond a fixed percentage, there are different strategies you can use to decide how much gold and silver to hold:

Dollar cost averaging: This involves adding physical gold in regular increments to your overall portfolio. You can do this each year as long as you stay within the IRS’ annual contribution limits. This strategy helps smooth out price volatility since you’re buying at different price points over time.

Central bank model: You might follow how central banks invest as a guide for your own gold investments. This strategy is more active because banks change their allocation depending on things like economic uncertainty or geopolitical risks. You can subscribe to the World Gold Council’s website for reports, and when central banks increase their gold purchases, it can be a signal to do the same.

Target date model: Similar to target date mutual funds, this strategy allocates your portfolio based on your planned retirement date. When you’re younger, you keep a smaller allocation to gold in favor of income-generating assets. As you approach retirement, you gradually increase your gold holdings for more stability.

All-weather portfolio model: This model comes from Ray Dalio and recommends holding 7.5% of your retirement portfolio in gold to balance risks from stock market volatility.

Your personal risk tolerance also matters. Conservative investors might look at the higher end of the 5-15% range, while aggressive investors comfortable with stock market risk might stay on the lower end.

Free gold promotions, kits, and free gold offers

You’ve probably seen ads for “free gold” when you open a Gold IRA. These promotions promise free coins or waived fees if you invest a certain amount. Are these offers legitimate, or are they too good to be true?

The answer is: it depends. Some reputable companies do offer legitimate promotions to attract new customers. They might waive setup fees, provide free coins with a minimum investment, or cover your first year of storage costs. These can be beneficial if you were already planning to invest in a Gold IRA.

But here’s what you need to watch out for:

• Hidden costs: Some companies advertise “free gold” but make up for it with higher premiums on the metals you buy or inflated annual fees. The “free” coins might cost you more in the long run than if you’d just paid fair market prices elsewhere.
• Minimum investment requirements: Free gold offers often require you to invest $50,000, $100,000, or more. Make sure this aligns with your actual investment goals and not just the promotion.
• High-pressure sales tactics: Be wary of Gold IRA providers that push hard on limited-time offers or create urgency around their free gold promotions. Reputable dealers give you time to make decisions.
• Quality of “free” metals: Sometimes the free coins offered are lower-value items or have limited liquidity when you want to sell them later.

The best approach is to focus on the fundamentals first. The best Gold IRA companies have a strong reputation, transparent pricing, and decades in business. If they happen to offer a legitimate promotion that saves you money, great. But don’t let a free gold offer be the primary reason you choose a company for your retirement funds.

Avoiding scams

Unfortunately, the precious metals industry has its share of bad actors who target retirement investors. If you don’t work with an experienced Gold IRA custodian and a reputable gold dealer, you risk not meeting IRS regulations or even potentially falling victim to scams.

Here’s how to protect yourself:

• Watch for high-pressure sales tactics: Legitimate companies give you time to research and make decisions. If someone’s pushing you to invest immediately or claiming you’ll miss out on a once-in-a-lifetime opportunity, that’s a red flag. Reputable dealers like Swiss America don’t rush you into decisions about your retirement portfolio.
• Verify credentials and reputation: Check how long the company has been in business. Look for reviews on Google and the Better Business Bureau. Ask about their credentials and participation in industry organizations. Companies that have been around for decades have a track record you can verify.
• Beware of unrealistic promises: No one can guarantee gold prices will go up, and no investment is completely risk-free. If a company promises guaranteed returns or claims gold is a “sure thing,” walk away. Honest dealers explain both the benefits and the risks of precious metals investing.
• Understand all fees upfront: Reputable companies provide transparent pricing so you know exactly what you’re paying. If a dealer won’t explain their fees or if costs seem hidden, that’s a warning sign.
• Avoid home storage Gold IRA schemes: Some companies promote “home storage” Gold IRAs, claiming you can keep IRA metals at home without penalties. This violates IRS rules. Your metals must be stored in an IRS-approved depository, or you’ll face taxes and penalties.

Final thoughts on our free gold ira checklist

A Gold IRA offers one of the most tax-efficient ways to own physical precious metals for retirement. There are some IRS regulations to follow and fees to consider, but once you understand these requirements, the process is straightforward. The peace of mind that comes from diversifying your retirement portfolio and protecting your wealth with tangible assets is worth the effort.

Work with a reputable Gold IRA company and don’t rush into decisions based on free gold promotions or high-pressure sales tactics. Take your time, ask questions, and make sure you understand all the costs involved.

If you want to learn more about adding gold to your retirement portfolio, connect with the Swiss America team today!

Gold IRA checklist: FAQs

What comes in a Gold IRA kit?

A Gold IRA kit usually includes educational materials that companies send to help you understand the process of setting up and funding a precious metals IRA. Here’s what you’ll find in one:

• Educational guides: Information about Gold IRAs, IRS regulations, approved metals, and the benefits of precious metals investing for retirement.
• Company information: Details about the company’s services, fee structures, custodian options, and depository storage facilities.
• Next steps: Instructions on how to open an account, fund your IRA through rollovers or contributions, and select your precious metals.

What is the downside of a Gold IRA?

Gold IRAs have some drawbacks compared to traditional retirement accounts that you should consider as part of your investment strategy. The main disadvantages include:

• No income generation: Gold doesn’t generate passive income like stocks, bonds, or real estate. You’ll need to weigh the opportunity cost of purchasing gold versus other asset types that produce dividends or interest.
• Higher fees: Gold IRA accounts have higher fees than traditional IRAs. This includes costs for custodian management, annual maintenance fees, and storing your metals in an IRS-approved facility.
• Less liquidity: While gold is relatively easy to sell, it’s not as quick as selling stocks with the click of a button. You’ll need to coordinate with your custodian to either sell your metals for cash or arrange an in-kind distribution.

Is it legal to own a 400-oz gold bar?

Yes, you can legally own a 400-ounce gold bar because there aren’t any legal limits on how much gold you can own in the United States. Here’s what you should know:

• No ownership restrictions: Ever since President Gerald Ford signed Public Law 93-373 in 1974, there’s been no limit to how much gold you can own. You can buy gold bars of any size without legal issues.
• Reporting requirements: The only restriction is that large cash transactions over $10,000 have to be reported to the IRS by your gold dealer through Form 8300. This is for anti-money laundering compliance, not ownership limits.
• Storage considerations: With a 400-oz bar (worth over $1 million at current prices), you’ll need to consider secure storage options like a bank safe deposit box or precious metals depository to protect your investment.

The information in this post is for informational purposes only and should not be considered tax or legal advice. Please consult with your own tax professionals before making any decisions or taking action based on this information.