IRS Rules · Fineness · Custody · June 2026
The short answer
“IRA approved precious metals” are not a dealer-approved shopping list. They are specific physical precious metals that can qualify inside a self-directed IRA if they meet IRS rules for type, fineness, and custody. In practice, that usually means gold, silver, platinum, and palladium bullion held by an eligible IRA trustee or depository — not by you. Eligibility is based on the IRS collectibles safe-harbor rules under IRC §408(m).
What the term means
“IRA approved precious metals” is shorthand people use for IRS-eligible precious metals in a Gold IRA or other self-directed IRA. It does not mean the IRS keeps a public list of “approved dealers,” and it does notmean every gold bar or coin sold as “IRA eligible” automatically qualifies.
The real test is whether the metal meets the IRS safe-harbor rules for collectibles and is held in the right way. That means: the product type has to fit the rules, the purity has to meet the required fineness standard, and the metal has to be stored in the physical possession of an eligible trustee or depository.
Is the metal type allowed?
Generally, the IRS allows gold, silver, platinum, and palladium in eligible bullion form, plus certain coins described in IRS guidance.
Does it meet the IRS purity rule?
The metal must meet the IRS's minimum fineness requirements. Verify the exact thresholds against IRS Publication 590-A before buying.
Who holds it?
The metal must be in the physical possession of an eligible trustee or depository. Home storage generally does not fit the safe harbor.
Legal framework
The IRS treats many physical collectibles differently from ordinary IRA assets. Precious metals can qualify only if they fall inside a narrow safe harbor. That safe harbor is what people usually mean when they say “IRA-approved.”
IRS guidance generally allows IRAs to invest in bullion of these four metals: gold, silver, platinum, and palladium. IRS Publication 590-Aalso says IRAs can invest in certain U.S. coins and certain platinum coins. The important point is that “allowed” does not mean “anything made of that metal.” The exact form matters.
Purity alone is not enough. IRS collectibles guidance says eligible bullion must be held in the physical possession of a bank or approved non-bank trustee/depository. A separate IRS document also points to Section 408(m)(3) and the physical possession requirement.
That means the common “I’ll just keep it at home” idea is usually a problem for an IRA. The IRA owner should not take personal possession of the metals if the goal is to stay inside the safe harbor.
Purity requirements
The IRS safe harbor depends on minimum fineness, also called purity — the percentage of the metal that must be the target precious metal. For eligible bullion, IRS Publication 590-A lists these fineness standards:
| Metal | Minimum fineness (IRS) | Plain-English purity |
|---|---|---|
| Gold | .995 | At least 99.5% pure gold |
| Silver | .999 | At least 99.9% pure silver |
| Platinum | .9995 | At least 99.95% pure platinum |
| Palladium | .9995 | At least 99.95% pure palladium |
Ask for:
If a seller cannot clearly provide the fineness in writing, that is a warning sign.
What qualifies
A good way to think about it: the IRS cares about the product specification and the custody chain, not the marketing label. A bar or coin with a fancy name is not “IRA-approved” if the fineness is wrong or the custody arrangement is incorrect.
The practical view of eligible bullion:
Critical compliance rule
One of the biggest misconceptions in this area is that you can have an IRA own metals and keep them at home in a safe, a vault, or a safe-deposit box under your control. That is not how the IRS safe harbor works.
For eligible bullion, the metal has to be in the physical possession of an eligible trustee or depository. If the IRA owner or another non-eligible party has physical possession, the arrangement may fail the safe harbor and can create adverse tax consequences depending on the facts and the IRS rules that apply.
| Storage arrangement | IRS safe harbor status |
|---|---|
| Metals at IRS-approved depository, held by custodian | Consistent with the safe harbor |
| Metals at a bank vault under IRA custodian's control | Consistent with the safe harbor |
| Metals in your home safe (IRA assets) | Generally fails the safe harbor |
| Metals in a personal safe-deposit box you control (IRA assets) | Generally fails the safe harbor |
True cost
A metal can be IRS-eligible and still be expensive in a way that hurts your results. With physical precious metals, the key cost drivers are the dealer premium, custodian fees, storage fees, and liquidation costs — not just the market price of the metal.
| Fee type | Who charges it | Typical range |
|---|---|---|
| Setup / account opening fee | Custodian | $0–$80 (one time) |
| Annual custodian / admin fee | Custodian | $75–$300 per year |
| Storage fee | Depository | $100–$300 per year |
| Dealer premium over spot | Dealer | 5–10% for standard bullion (CFTC guidance) |
| Liquidation / buyback spread | Dealer | Varies — request in writing |
| Transaction / wire fees | Custodian or bank | Varies by provider |
Fraud warnings
The SEC has taken enforcement action in the precious-metals IRA space. In December 2023, the SEC charged Red Rock Secured LLC and executives in a retirement-account metals scheme, alleging misleading statements about markups — the SEC alleged markups of as much as 130%.
That matters because the buyer often sees a calm sales pitch about “small premium,” but the actual invoice can tell a different story. Always request a written, itemized fee schedule before funding.
Red flags
Green flags
Common questions
The IRS generally allows IRA investments in gold, silver, platinum, and palladium bullion when the metal meets minimum fineness requirements and is held by an eligible trustee or approved depository. The minimum fineness requirements per IRS Publication 590-A are: gold at least .995, silver at least .999, platinum at least .9995, and palladium at least .9995. Certain U.S. coins and platinum coins may also qualify under separate IRS guidance.
IRS Publication 590-A requires gold bullion to be at least .995 fine (99.5% pure) to qualify for the IRA precious-metals exception. A common benchmark you will encounter is .9999 fine gold (99.99% pure), which many dealers and custodians use — this exceeds the minimum. Before buying any gold product, confirm the exact fineness in the product specification sheet and verify with your custodian that the specific product is accepted.
No. IRS rules require that eligible bullion be in the physical possession of a bank or approved non-bank trustee/depository. Home storage is not compliant with the IRA precious-metals safe harbor. The U.S. Tax Court reinforced this in McNulty v. Commissioner (2021), ruling that IRA gold held in a home safe through an LLC constituted a taxable distribution of the entire IRA.
No. The IRS does not maintain a list of IRA-approved dealers, brands, or specific product SKUs. 'IRA approved' means the metal meets the type and fineness criteria in IRS Publication 590-A, is held by an eligible trustee, and fits within the IRS precious-metals collectibles exception. Dealers may use the phrase 'IRA-approved' in marketing, but that is not a substitute for verifying IRS eligibility and custodian acceptance in writing.
A compliant custody flow looks like this: You → IRA custodian → dealer → approved depository → custodian records. The metals should move directly from the dealer to the depository, never into your personal possession while they are still IRA assets. If a seller suggests a workaround that sounds too simple — like keeping the metals in your safe at home — stop and verify it in writing with a qualified custodian.
IRA-eligible bullion must meet IRS type and fineness standards and be held in approved custody. Collectible coins — including rare, numismatic, or graded coins — generally do not qualify for the IRA precious-metals exception even if they are made of gold, silver, platinum, or palladium. The IRS treats most collectibles as prohibited IRA investments. The key test is not 'is it made of gold?' but 'does it fit the specific IRS exception for coins or bullion?'
Expect: a dealer premium over spot price on each purchase (5–10% for standard bullion per CFTC guidance), a custodian setup fee ($0–$80), an annual custodian administration fee ($75–$300), annual depository storage fees ($100–$300 depending on segregated or commingled storage), and transaction or liquidation fees. Request written fee schedules from all three parties — the custodian, the depository, and the dealer — before funding. Never compare offers using only the headline price of the metal.