Gold IRA FAQs: Expert Answers From a Precious Metals Dealer Since 1992

What’s the difference between an Interested Party and a Designated Representative?

When you open a self-directed IRA, you can name your dealer as an “Interested Party” or a “Designated Representative” — and the difference matters. An Interested Party can simply talk to your custodian about your account, so you don’t have to be on every call. A Designated Representative can be the equivalent of a power of attorney and can buy, sell, and move metal in or out of your account without your signature. We do not recommend giving any dealer that authority — you should explicitly authorize each transaction yourself.

How do I buy gold for my IRA?

Once your account is funded, your CGE specialist will help you build a portfolio of approved precious metals based on your goals. We’ll send you an Investment Direction form to review and sign, which authorizes the purchase. When your custodian releases the funds to us, we typically ship your metals on your behalf directly to the depository within a few business days.

How do I avoid overpaying for my gold and silver?

The single biggest factor is the dealer’s markup — what the industry calls the “buy/sell spread”: the gap between what a dealer sells metal for and what they’ll buy it back for. On widely traded precious metals products like bullion, that gap is relatively small. But on the “exclusive” or “premium” coins minted specifically for some dealers, it can run 30% or more — meaning your metal has to climb sharply in value just for you to break even. That’s why we recommend you stick to widely traded coins and bars, and through our Price Match Plus Guarantee we search competitively priced dealers and work to beat their best price. For a full breakdown, see our gold IRA costs page.

Why is the price I’m quoted higher than the spot price?

Physical coins or bars will almost always sell for more than the spot price — that difference is the “premium,” and it’s usually legitimate. There are costs involved with minting, marketing, distribution, and the dealer, which means even the most competitively priced bullion items sell for a modest premium over spot. The problem is when a dealer charges a huge markup on top of that — the 30%-plus premiums on “exclusive” coins we warn about. A fair premium on common bullion is reasonable — anything far above that is where you start losing money. When in doubt, ask us for a price comparison before you buy.

Is there a minimum amount to start a gold IRA?

There’s no legal minimum to open a gold IRA — you can start one at almost any size. We typically work with clients investing $25,000 or more of their retirement savings, which lets us focus on personalized service and competitive pricing. If you’re starting with less, give us a call at 800-300-0715 and we’ll gladly point you in the right direction.

Should I buy gold and silver coins or bars?

For most retirement investors, widely traded gold and silver bullion coins are the better choice. Bars, especially larger ones, usually have lower premiums, so larger investors sometimes prefer them. But bars can be less liquid because fewer people tend to want them, so when you sell, the buyback is almost always less than for coins. We recommend you purchase coins minted by the U.S. or Canadian mints, like American Eagles or Canadian Maple Leafs, that are typically easier to sell and are likely to hold their resale value better.

Which precious metals are IRS-approved for a gold IRA?

The Taxpayer Relief Act of 1997 allows certain IRA-eligible gold, silver, platinum, and palladium products in an IRA, provided they meet minimum purity standards:

• Gold — 99.5% pure
• Silver — 99.9% pure
• Platinum & palladium — 99.95% pure

Bullion coins must be in Brilliant Uncirculated condition, and any coins, bars, or rounds not produced by the U.S. Mint must come from an accredited refiner, assayer, or manufacturer and meet those purity levels.

Which precious metals should I avoid in a gold IRA?

Steer clear of so-called “exclusive” or “premium” coins pushed by gold IRA companies. Those labels are usually a sign that you’re going to overpay — the same 30%-plus spreads we’ve warned about. Stick to widely traded bullion like American Gold and Silver Eagles or Canadian Maple Leafs, which are easy to price and simple to sell later. If a dealer recommends something you’ve never heard of, call us at 800-300-0715 and we’ll help you check whether it’s fairly priced before you buy.

Where are my precious metals stored?

Your metals are held at an IRS-approved, non-bank, third-party depository. These are high-security vaults in locations like Delaware, Texas, Nevada, and Utah. Most of our clients store their precious metals at the Delaware Depository, where our trading partners maintain accounts, so transfers in and out are typically fast and free.

Can I store my gold IRA at home?

No — precious metals within an IRA cannot be stored at home. IRS rules require the metals must be stored by a qualified non-bank trustee or depository, not by you personally. Taking possession is treated as a distribution — which means you owe income tax on the amount and, if you’re under 59½, a 10% early-withdrawal penalty.

Are my precious metals insured at the depository?

Yes. IRS-approved depositories carry comprehensive, all-risk insurance on the metals they store, backed by major underwriters. The vaults also operate under strict security protocols and independent audits, so your holdings are protected against theft or loss while in storage.

What’s the difference between segregated and commingled storage?

Both are equally secure — the difference is whether the exact items you bought are kept separate or are stored with other clients’ metal. With segregated storage, your metal is set aside and stored separately. With commingled storage, your metal is held alongside other clients’ metal, so if you take an in-kind distribution you receive the same type and condition — for example, American Silver Eagles in BU condition — just not the exact same coins. Segregated storage is typically available for gold, platinum, and palladium, but silver is stored commingled.

Can I visit the depository or switch to a different one?

Yes to both. You’re welcome to schedule an appointment to view your metals at any time, and if you’re ever unhappy with your storage facility or would just like your metal closer to you, you can move them to another IRS-approved depository. Just let your CGE specialist know and we’ll help arrange it.

What happens if I take money out of my gold IRA before 59½?

A withdrawal before you reach the age 59½ is generally taxed as income and you can be hit with an additional 10% early-withdrawal penalty. This works exactly like any traditional IRA — being a gold IRA doesn’t change the rules. A Roth gold IRA works differently — the money you contributed can generally be withdrawn without tax or penalty, though your earnings still have to meet the age and holding-period rules. Consult with your tax advisor about your specific situation. CGE is a dealer, not a financial or tax advisor.

When do I have to take required minimum distributions (RMDs)?

With a traditional gold IRA, RMDs currently begin at age 73. Roth IRAs have no RMDs during the original owner’s lifetime. If you miss an RMD, the IRS charges a 25% penalty on the amount you should have withdrawn — reduced to 10% if you correct it promptly. You can take an RMD in cash or in-kind where you take physical possession of some of your metal; with a traditional IRA, the amount is taxable either way.

How is a gold IRA taxed?

Inside an IRA, your metals follow the normal IRA tax rules — and can grow on a tax-deferred basis in a traditional gold IRA, or tax-free in a Roth — and you can buy, sell, or trade within the account without triggering a taxable event until you take a distribution. That’s an important advantage over owning physical precious metals personally, where the IRS taxes long-term gains as a collectible — at a rate as high as 28%. Traditional IRA full or partial distributions are taxed as ordinary income; confirm the specifics with your tax advisor.

Is my gold IRA reported to the IRS?

Your custodian reports the total year-end value of the metals to the IRS, as required — but not the specific coins or bars you hold. CGE doesn’t report your holdings at all. This is standard for any self-directed IRA, so your account is handled no differently than a conventional one.

How do I liquidate the metals in my gold IRA?

Call your CGE specialist and request a buyback quote. Once you agree on a price, we send you an Investment Direction form to sign and date, which authorizes the sale. The liquidation process typically takes 10 to 14 days. For the step-by-step, see our how to sell a gold IRA page.

What is CGE’s buyback policy?

When you’re ready to sell, we search competitively priced dealers for the day’s best buyback price and work to beat it. The quote we provide is the exact amount you’ll receive, without any hidden fees. Plus you’re never obligated to sell back to the dealer you bought from — we can help you liquidate no matter who you originally purchased through.

How do I check the value of my gold IRA portfolio?

Your custodian will typically provide quarterly statements and you should have online access showing your holdings and account value. Keep in mind that custodians usually value metal at the spot price — which can be less than the actual value for items like American Eagles that frequently trade at a premium above spot. For an account valuation or a buyback quote, give us a call.

Who can I name as a beneficiary on my gold IRA?

You can name almost anyone — a spouse, children, other individuals, or even a church or charity — and you can add contingent beneficiaries as backups. One exception: in community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin), your spouse may need to sign a release if you name someone else as your primary beneficiary.

What’s the difference between owning a gold ETF and physical gold within an IRA?

Both can be held in an IRA as part of your retirement portfolio — but the real difference is what you actually own. A gold ETF is a fund that tracks the price of gold, so you own shares, not metal. A physical gold IRA holds real precious metals in your name at a depository, and you can take possession as a distribution if you choose. An ETF is easy to trade, but with a gold IRA you own actual physical metal rather than a paper claim on one.

Can I buy gold and silver outside of an IRA?

Yes. If you’d like to own physical metals outside a retirement account for personal delivery, we can help with that too. The same approach applies: we search competitively priced dealers and work to beat their best price. Call us at 800-300-0715 to get started.

How do I reach CGE’s retirement account team?

Call our gold IRA desk at 800-300-0715, 9:00 AM–6:00 PM CST, and a precious metals specialist will answer your questions — no pressure, no obligation. You can also request a call through our contact page.

Have a question that our Frequently Asked Questions hasn’t covered, if so call us at 800-300-0715.