How to Open a Gold IRA in 5 Steps

The dealer you choose determines your pricing, your service experience and usually your custodian and depository defaults. Compare minimums, fee schedules, third-party ratings and buyback terms — our rankings do this legwork for the major providers. Get every quoted number in writing before you commit.

Your dealer will connect you with an IRS-approved custodian (commonly Equity Trust or STRATA Trust) and help complete the application — identity details, beneficiaries, account type. This typically takes a day or two. The account that results is a normal IRA in the eyes of the IRS; 'self-directed' just means it can hold alternative assets.

Three routes: a direct transfer from an existing IRA (safest — the money moves custodian-to-custodian), a rollover from a 401(k) or similar employer plan, or a fresh annual contribution subject to IRS limits. Transfers and rollovers commonly take three days to two weeks depending on how quickly your current administrator moves.

Once funds land, you place an order with the dealer — at most providers this happens on a recorded phone line. Stick to standard IRS-eligible bullion, confirm the total premium over spot, and get the trade confirmation in writing. The custodian pays the dealer from your account; you never handle the money or the metal.

The dealer ships your metals to the depository, which confirms receipt to the custodian. From there you'll receive periodic statements, pay the annual fees, and — from age 73 for traditional accounts — take required minimum distributions, either in cash after a sale or in-kind as shipped metal. Keep the buyback terms from step 1 on file; they matter most on the way out.