🏛 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.
🧑⚖️ 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.
🧾 Fees & Disclosures
- Clear disclosure of setup, storage, and maintenance fees is required.
- 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 |