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Gold IRA Custodian Rules

๐Ÿ› Rules Governing Gold IRA Custodians

  • 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.
  • 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).
  • Physical Storage in an Approved Depository
    • Metals must be stored securely in an IRS-approved depository.
    • Home storage disqualifies tax benefits.
  • Prohibited Transactions
    • Account holder cannot personally use the metals.
    • No self-dealing allowed.
  • Reporting Requirements
    • Custodian files IRS forms: 5498 and 1099-R.

๐Ÿง‘โ€โš–๏ธ Financial Regulatory Standards

  • Fiduciary Responsibilities (if applicable)
    • Some custodians may have fiduciary duties depending on structure.
  • Due Diligence
    • Verify authenticity and value of metals.
    • Ensure dealers are legitimate and compliant.
  • Compliance with Anti-Money Laundering (AML) Laws
    • Must verify client identity (KYC).
    • Monitor and report suspicious activity.

๐Ÿงพ Fees & Disclosures

  • Clear disclosure of setup, storage, and maintenance fees is required.
  • Fee structures vary by custodian and metal value.

โœ… 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