A gold IRA is a self-directed individual retirement account that can hold IRS-eligible gold, silver, platinum, or palladium. It is still an IRA. Contribution limits, early-withdrawal rules, and required minimum distributions still apply.
Three roles show up in a typical setup. A dealer sells the coins or bars. An IRS-approved custodian administers the IRA and titles the metal in the account. An approved depository stores it. You generally cannot keep IRA metal in a home safe and still treat it as an IRA asset. Home storage pitches are a red flag. Get custody and storage in writing.
Not every coin or bar qualifies. Eligibility usually depends on metal type, fineness, and whether the product is permitted (many people use American Gold Eagles; collectible pieces often do not qualify). A dealer saying a product is "IRA-eligible" is not an IRS endorsement of that dealer. Confirm the list with the custodian and a tax professional.
Rollovers from a 401(k) or another IRA are usually done trustee to trustee so you do not take a taxable distribution. Timing depends on the old plan and the new custodian. Do not cash out "to make it simple."
Costs are real. Dealers earn a spread or markup. Custodians charge account fees. Depositories charge storage. A buyback, if offered, is a bid, not a promise of spot price. Precious metals can fall in price. They are not FDIC-insured. They do not automatically protect a retirement account against inflation or a crash.