Everything on this page comes from the Internal Revenue Code’s treatment of collectibles and the exceptions carved out for bullion (IRC §408(m)). Where dealers get creative is in the gray zones, so we’ll flag those explicitly.
Which metals qualify
| Metal | Minimum purity | Common eligible products |
|---|---|---|
| Gold | 99.5% | American Gold Buffalo, Canadian Maple Leaf, Australian Kangaroo, PAMP/Credit Suisse bars, Royal Canadian Mint bars |
| Gold (statutory exception) | 91.67% | American Gold Eagle — explicitly permitted despite lower fineness |
| Silver | 99.9% | American Silver Eagle, Canadian Silver Maple Leaf, eligible bars |
| Platinum | 99.95% | American Platinum Eagle, eligible bars |
| Palladium | 99.95% | Canadian Palladium Maple Leaf, eligible bars |
Bars and rounds must additionally come from a refiner accredited by NYMEX/COMEX, LBMA, or a national government mint.
What does not qualify
- Numismatic and collectible coins — rare coins, graded/“slabbed” coins, commemoratives. These are collectibles under the tax code, full stop.
- Pre-1933 US gold coins, South African Krugerrands (91.67%, no statutory exception), British Sovereigns.
- Jewelry, regardless of purity.
- “Exclusive” or “limited edition” dealer products that don’t meet fineness standards.
The gray zone to watch: some dealers push proof versions of eligible coins at large premiums. Proof American Eagles are technically IRA-eligible, but you can pay 20–40% over melt for them, and that premium rarely comes back at sale. Eligibility and prudence are different questions.
The custody rules
Three requirements, no exceptions:
- An approved custodian (a bank or IRS-approved nonbank trustee) administers the account. You cannot be your own custodian.
- An approved depository stores the metal (Delaware Depository, Brink’s, IDS, and others). Storage is either segregated (your specific bars, higher fee) or commingled (equivalent metal, lower fee).
- You never take possession while the metal belongs to the IRA. Not “temporarily,” not in a safe, not in a safe-deposit box you rent. The Tax Court’s McNulty decision made the consequences concrete — we cover the home-storage question separately because the marketing around it is so persistent.
Contributions, distributions, and RMDs
- Contributions to a gold IRA follow standard IRA limits — for 2026, $7,500, or $8,600 if you’re 50 or older (confirm at irs.gov; the IRS adjusts these annually). Rollovers and transfers, by contrast, are unlimited, which is why nearly all gold IRAs are funded by rollover.
- Distributions work like any IRA: cash (the custodian sells metal) or in-kind (physical coins/bars ship to you, taxed at market value that day). Traditional gold IRAs are taxed as ordinary income on distribution; qualified Roth distributions are tax-free.
- RMDs apply to traditional gold IRAs beginning at age 73 (rising to 75 in 2033 under SECURE 2.0). A practical wrinkle: you can’t distribute a fraction of a coin, so metals IRAs need either cash buffers or in-kind planning as RMD age approaches. Roth IRAs have no lifetime RMDs.
Prohibited transactions
An IRA cannot transact with “disqualified persons” — you, your spouse, ancestors, descendants, and entities you control. In metals terms: your IRA cannot buy gold from you, sell gold to you, or let your brother-in-law’s coin shop warehouse it. A prohibited transaction can disqualify the entire IRA — every dollar treated as distributed at once.
Frequently asked questions
Are Krugerrands allowed in an IRA? No — 91.67% purity with no statutory exception. The American Gold Eagle is the only sub-99.5% gold coin permitted.
Can I use my existing gold coins to fund a gold IRA? No. IRA contributions must be cash; the IRA then purchases metal. Selling you-to-your-IRA is a prohibited transaction.
Segregated or commingled storage? Segregated costs more and guarantees you the exact bars deposited. Commingled is cheaper and fine for standard bullion. For ordinary Eagles and Maples, commingled is the common-sense choice.
Who counts as an approved depository? Facilities meeting IRS nonbank trustee requirements — your custodian will offer a list. Never a private arrangement, never your home.