Last updated: October 22, 2026
A gold IRA custodian administers the retirement account; a metals dealer sells the investment; a depository stores the metal. Establish the legal entity responsible for each job before sending money. A dealer’s introduction to a custodian does not establish that the proposed purchase is suitable, fairly priced or protected from loss.
This checklist is for reviewing the documents behind a precious-metals IRA. It does not rank custodians or replace advice about your own tax position.
Separate the three roles
| Role | Document to obtain | Question to resolve |
|---|---|---|
| IRA custodian or trustee | Account application, custodial agreement and account fee schedule. | Who administers this IRA, accepts instructions and provides its account records? |
| Metals dealer | Itemized purchase quote, invoice and sale terms. | Which legal entity sells which products, at what total price? |
| Depository or storage provider | Storage terms and the record showing where the account’s metal is held. | Who holds the metal, under which custody arrangement, and what evidence is available? |
Some services may be arranged through affiliated businesses. Ask for the full names and a clear explanation of the relationships. Do not assume one company’s customer-service representative is authorized to change another company’s contractual terms.
Verify the custodian’s legal identity
The IRS publishes a list of approved nonbank trustees and custodians. For a proposed nonbank custodian, compare the exact legal name with the current IRS list and investigate discrepancies. This is a nonbank list, not a complete directory of all possible IRA custodians.
Use independently obtained contact details to confirm that the account documents and payment instructions belong to the intended institution. Ask who can answer questions about opening the account, moving assets, making purchases and closing it. Record those contacts rather than relying exclusively on the dealer’s salesperson.
Approval to act as a custodian is not approval of a particular coin, dealer or investment recommendation. Treat “IRS approved” as a claim that needs a precise object: approved entity, eligible product or permitted arrangement are different questions.
Read what the custodian does and does not undertake
The joint SEC, NASAA and FINRA alert on self-directed IRAs explains that custodians hold and administer account assets. They generally do not evaluate an investment’s quality or legitimacy, validate its promoters or verify financial information supplied about it. A legitimate custodian therefore does not make every investment offered through it legitimate.
Read the agreement with these practical questions in mind:
- Which instructions must you authorize, and how are they authenticated?
- What documents must be accepted before a purchase or transfer can proceed?
- Who resolves an incorrect product, missing delivery or statement discrepancy?
- How are complaints, disputed instructions and account closure handled?
If a salesperson promises a service or protection missing from the agreement, request written confirmation from the entity that would provide it. Leave the issue unresolved until the documents answer it.
Put every fee on one worksheet
The regulator alert notes that self-directed IRA charges vary and can include opening, annual, administrative, transaction and asset-specific fees. Obtain a current schedule from each business involved, then ask which of these entries applies to your proposed account:
- Opening: account setup, incoming transfer and initial transaction charges.
- Ongoing: annual administration, storage, insurance and any valuation or statement charges.
- Changes: purchases, sales, outgoing wires, asset transfers or delivery arrangements.
- Exit: closure, liquidation, transfer or distribution charges.
For each entry, record the charging company, amount or formula, minimum, billing frequency and payment source. Ask whether a percentage fee changes with the account’s value. Keep unknown amounts marked as unknown.
If a promotion covers fees temporarily, request its eligibility conditions, duration, dollar limits and any repayment terms. Compare the first year with the first year after the promotion ends. Keep dealer pricing separate so that a low account fee does not obscure the purchase price of the metal.
Confirm product and custody requirements before funding
The IRS IRA FAQ describes exceptions to the collectibles rules for certain coins and bullion. For qualifying bullion, it specifies physical possession by a bank or an IRS-approved nonbank trustee, including when an IRA-owned LLC buys it. Do not assume that opening an LLC permits personal home storage.
Ask the custodian to confirm the exact product, receiving arrangements and required purchase documents. Ask how the storage record connects the metal to your account. Our allocated versus unallocated gold guide provides additional ownership questions; its general storage comparison is not a determination of IRA eligibility.
Before moving retirement money, review the proposed transfer or rollover with the receiving institution and an independent tax adviser. Have the sequence and responsibilities documented before authorizing the transaction.
Keep checking after the purchase
Reconcile the product and quantity on the invoice with the account and storage records. Ask how statement values are calculated. The regulator alert warns that self-directed IRA valuations can depend on purchase prices or information supplied by promoters; a statement value is not necessarily a current sale offer.
Retain the agreements, authorizations and fee schedules, and review unexplained changes with the responsible company. For your broader comparison, use our gold IRA decision guide and gold investment scam checklist.