Rules Governing Gold IRA Custodians
1. Custodian Must Be Approved by the IRS
- • Only banks, credit unions, trust companies, or IRS-approved entities may act as custodians.
- • Must be listed in IRS Publication 590-A.
2. Precious Metals Must Meet Purity Standards
- • Gold: 99.5%
- • Silver: 99.9%
- • Platinum & Palladium: 99.95%
- • Only approved coins and bars allowed (e.g. American Gold Eagle, Canadian Maple Leaf, etc.).
3. Physical Storage in an Approved Depository
- • Metals must be stored securely in an IRS-approved depository.
- • Home storage disqualifies tax benefits.
4. Prohibited Transactions
- • Account holder cannot personally use the metals.
- • No self-dealing allowed.
5. Reporting Requirements
- • Custodian files IRS forms: 5498 and 1099-R.
⚖️ Financial Regulatory Standards
1. Fiduciary Responsibilities (if applicable)
- • Some custodians may have fiduciary duties depending on structure.
Due Diligence
1. Verify authenticity and value of metals.
2. Ensure dealers are legitimate and compliant.
Compliance with Anti-Money Laundering (AML) Laws
1. Must verify client identity (KYC).
2. Monitor and report suspicious activity.
Fees & Disclosures
1. Clear disclosure of setup, storage, and maintenance fees is required.
2. Fee structures vary by custodian and metal value.
✅ Summary of What to Look for in a Gold IRA Custodian:
- • Metals must be stored securely in an IRS-approved depository.
- • Home storage disqualifies tax benefits.
- • Account holder cannot personally use the metals.
- • No self-dealing allowed.
5. Reporting Requirements
- • Custodian files IRS forms: 5498 and 1099-R.
⚖️ Financial Regulatory Standards
1. Fiduciary Responsibilities (if applicable)
- • Some custodians may have fiduciary duties depending on structure.
Due Diligence
1. Verify authenticity and value of metals.
2. Ensure dealers are legitimate and compliant.
Compliance with Anti-Money Laundering (AML) Laws
1. Must verify client identity (KYC).
2. Monitor and report suspicious activity.
Fees & Disclosures
1. Clear disclosure of setup, storage, and maintenance fees is required.
2. Fee structures vary by custodian and metal value.
✅ Summary of What to Look for in a Gold IRA Custodian:
- • Custodian files IRS forms: 5498 and 1099-R.
⚖️ Financial Regulatory Standards
1. Fiduciary Responsibilities (if applicable)
- • Some custodians may have fiduciary duties depending on structure.
Due Diligence
1. Verify authenticity and value of metals.
2. Ensure dealers are legitimate and compliant.
Compliance with Anti-Money Laundering (AML) Laws
1. Must verify client identity (KYC).
2. Monitor and report suspicious activity.
Fees & Disclosures
1. Clear disclosure of setup, storage, and maintenance fees is required.
2. Fee structures vary by custodian and metal value.
✅ Summary of What to Look for in a Gold IRA Custodian:
| Feature | Ideal Criteria |
|---|---|
| IRS Approval | Required |
| Transparent Fee Structure | No hidden fees |
| Secure, Approved Depository | Non-segregated or segregated options |
| Experience with Precious Metals IRAs | Highly recommended |
| Solid Reputation | Check reviews, BBB ratings |