Wondering how to invest in Gold IRA? You’ll open an account with a specialized custodian, fund it with a rollover or transfer from an existing retirement account, and buy IRS-approved metals that an approved depository stores for you.
74% of Americans worry about the price of food and goods. Inflation has pushed prices up about 22% since 2020, so the same dollars buy less than they used to. That’s why more people are looking to protect their wealth with tangible safe-haven assets like gold and other precious metals.
To get started with a Gold IRA, you’ll choose a custodian, fund your account with a retirement account rollover or other funds, and buy IRS-approved metals that an approved depository stores for you.
What is a Gold IRA?
A Gold IRA is an individual retirement account that holds physical gold bullion and other precious metals. A traditional IRA only holds paper assets like stocks and bonds, while a Gold IRA lets you own tangible metal with retirement money.
You may also hear people refer to it as a precious metals IRA, silver IRA, or self-directed IRA. You open one with a specialized custodian, since regular brokers don’t offer these accounts.
What are the benefits of a Gold IRA?
The main benefits of a Gold IRA are diversification, inflation protection, tax advantages, and no counterparty risk. Gold moves independently of the stock market and isn’t tied to any one currency, so it can balance a portfolio that’s heavy in paper assets.
In 2025, 21% of Swiss America’s customers bought precious metals for their Gold IRA. And while there are many pros to these accounts, we also cover the drawbacks to help you make the best decision for your retirement.
The three account types are different mainly in terms of when you’re taxed. Our Gold IRA rules and regulations guide covers account types, RMDs, and withdrawal rules.
Types of Gold IRAs
| Detail | Traditional Gold IRA | Roth Gold IRA | SEP Gold IRA |
|---|---|---|---|
| Tax treatment | Pre-tax contributions, taxed withdrawals | After-tax contributions, tax-free growth | Pre-tax contributions, taxed withdrawals |
| Required minimum distribution | RMDs at age 73 | No RMDs | RMDs at age 73 |
| Best for | Lower tax bracket in retirement | Higher tax bracket in retirement | Self-employed or small business owners |
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What are the risks and fees of a Gold IRA?
The main risks are gold’s price swings, the fact that it pays no income, and the fees a Gold IRA carries.
- Volatility: Gold prices can be volatile at times, and just like other investments, there’s no guarantee that it will always go up.
- No income: Gold protects wealth over the long term but doesn’t produce dividends or interest.
- Fees: Gold or silver IRA fees include a setup fee ($50 to $300), an annual maintenance fee ($75 to $300), storage fees, and sometimes transaction fees.
How do you set up a Gold IRA?
You set up a Gold IRA in three steps:
- Choose a custodian: This is the account administrator. They buy and sell on your behalf, arrange for storage of your metals, and handle account management and IRS reporting.
- Fund the account: You can roll over from existing retirement accounts or contribute with new funds.
- Buy IRS-approved metals: Work with your gold dealer to choose approved metals and direct the custodian to buy them on your behalf.
Check our self-directed IRA custodian list to compare companies that can handle the account administration.
We cover more of the details on how to set up a Gold IRA on our podcast:
How do you fund a Gold IRA (rollover a 401k, TSP, 403b, or IRA)?
You fund a Gold IRA by:
- Rolling over an employer plan like a 401k, TSP, or 403b
- Converting an existing IRA
- Contributing new money
You can avoid taxes or penalties with a direct rollover to move the funds from your previous custodian to your Gold IRA custodian.
Which metals are IRA-approved?
IRA-approved metals are gold, silver, platinum, and palladium that meet IRS purity standards and are sourced from a government mint or an approved refiner. The purity rules are:
- Gold: 99.5% pure
- Silver: 99.9%
- Platinum and palladium: 99.95%
The IRS only allows bullion coins and bars, so you can’t buy collectible or numismatic coins. Take a look at our guide covering the most popular coins.
How is IRA gold stored?
The IRS requires the metals in your Gold IRA to be stored in an approved depository. Your custodian arranges storage with two options:
- Segregated: your metals are stored separately from other investors.
- Commingled: your gold and silver are pooled with other investors’ metals.
Here’s a quick overview of precious metal storage options:
| Detail | Segregated storage | Commingled storage |
|---|---|---|
| Definition | Your gold is stored separately | Your gold is stored with others’ assets |
| Security | Highest level of individual security | High overall security |
| Cost | Higher cost ($150+/year) | More cost-effective ($100+/year) |
| Asset identification | Your metals easily identifiable | Part of a larger pool |
Gold IRA vs. gold ETF
A Gold IRA holds physical metal you own outright. A gold ETF holds shares in a fund that tracks the price of gold, so you don’t own the metal itself. ETFs trade like stocks but carry management fees and tracking risk.
Ready to get started with a Gold IRA?
To get started, decide how much of your savings to put in gold, open an account with a custodian, and fund it with a rollover, transfer, or new contribution. Use our Gold IRA checklist to help you track each step, and Gold and Silver IRA reviews to compare providers before you choose one.
To learn more about adding physical gold and other precious metals to your IRA, connect with the Swiss America team today.
Invest in Gold IRA: FAQs
Do you pay tax on a Gold IRA?
A Gold IRA is taxed like a traditional IRA. With a Roth Gold IRA, you pay taxes before you invest, so qualified withdrawals are tax-free. With a traditional Gold IRA, you invest with pre-tax dollars and pay taxes when you withdraw in retirement.
What is the downside of a Gold IRA?
Gold doesn’t generate income, which is the main trade-off. People buy it to protect their wealth, so it works more as an insurance policy or store of value than as a source of dividends or interest.
Can you withdraw from a Gold IRA?
Yes, once you reach age 59.5, you can withdraw without penalty. Your custodian can sell the metals and send you the proceeds or ship the metals to you.
How much do you need to start a Gold IRA?
The IRS sets no minimum, but custodians and dealers set their own. Swiss America’s minimum to open a gold or silver IRA is $5,000.
Can you hold Gold IRA metals at home?
No. The IRS requires the metals to be held by an approved depository until you take a distribution. Storing IRA metals at home can trigger taxes and penalties.
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.
