The short answer: Buying gold in an IRA happens in a set order: your self-directed IRA must be funded first, then you place an order with a dealer, your custodian pays the dealer from the IRA, and the dealer ships the metal directly to an approved depository. The step that saves or costs you the most money is the price you lock in, so compare it with the spot price and get the premium in writing before you agree.
What has to be in place before you buy?
- A funded self-directed IRA with a custodian that allows precious metals. Rollovers can take one to three weeks to arrive. See our rollover guide.
- A chosen depository and storage type, segregated or commingled.
- A dealer approved by your custodian, with its pricing and buyback terms in writing.
How does a gold IRA purchase work, step by step?
- Request a quote. Ask for the price per coin or bar, the price per ounce, and the current spot price at that moment.
- Lock the price. Prices move all day, so the dealer locks your order at a set price, usually on a recorded call or in writing.
- Sign a buy direction. Your custodian needs your written authorization, often called a purchase or buy direction form, to release IRA cash to the dealer.
- Custodian pays the dealer. Money goes from your IRA to the dealer. You never pay the dealer from personal funds for IRA metal.
- Dealer ships to the depository. Metal goes directly to the vault, never to your home.
- Depository confirms receipt. Your custodian records the holdings. Check that your statement lists each product and quantity.
How do you know if the price is fair?
Every product sells for the spot price plus a premium. The premium covers minting, distribution and the dealer’s margin. To find it:
Premium % = (price per ounce you pay minus spot price) divided by spot price.
For example, if spot were $3,000 an ounce and you paid $3,150, the premium is 5%. If you paid $3,900, it is 30%, and the gold would need to rise 30% just for you to break even at spot.
| Product type | Typical premium level | Notes |
|---|---|---|
| Large gold bars (10 oz, 1 kilo) | Lowest | Lowest cost per ounce; less flexible to sell in pieces |
| 1 oz gold bars | Low | From accredited refiners |
| 1 oz sovereign bullion coins | Low to moderate | American Gold Eagle, Buffalo, Maple Leaf; very liquid |
| Fractional coins (1/10 oz, 1/4 oz) | Higher | Higher cost per ounce |
| Proof or specialty coins | Highest | Often pitched hard; check eligibility and premium carefully |
Also ask what the dealer would pay to buy the same product back today. The gap between the buy and sell price is your true round-trip cost.
Which gold can you buy for your IRA?
Gold must be at least .995 fine, except American Gold Eagles, which are allowed by law at .9167. Collectible and graded rare coins are not allowed. Our list of IRA-approved gold coins and bars names the common choices and the ones to avoid, like Krugerrands and pre-1933 US gold coins.
What mistakes do buyers make?
- Agreeing to a price without knowing the spot price at that moment
- Letting a salesperson switch the order to higher-premium coins
- Paying the dealer directly instead of through the custodian
- Not checking that the metal appears on the custodian statement
- Buying everything at once out of fear instead of following a plan
How long does it take?
Once your IRA is funded, placing and locking an order takes minutes. Payment and shipping to the depository usually take several business days, and the custodian statement updates after the depository confirms receipt. If metal is not confirmed within a few weeks, call your custodian.
Where should you start?
Gather quotes from at least two companies on the same day so the spot price is comparable. Our guide to choosing a gold IRA company lists the questions to ask.
Frequently asked questions
How do I buy gold in my IRA?
Fund a self-directed IRA, lock a price with a dealer, sign a buy direction for your custodian, and the custodian pays the dealer, who ships the metal to an approved depository.
Can I buy gold with my IRA and have it shipped to me?
No. IRA metal must ship directly to an approved depository. Taking possession is treated as a distribution.
What is a fair premium on IRA gold?
It varies by product and market conditions. Standard bullion bars and 1 oz sovereign coins usually carry far lower premiums than proof or specialty coins. Always calculate it against the live spot price.
Are gold bars or coins better for an IRA?
Bars usually cost less per ounce; sovereign coins are very easy to sell. Many investors hold a mix.
How long does it take to buy gold in an IRA?
Placing an order is quick once the account is funded. Payment, shipping and depository confirmation usually take several business days.
Source: IRS guidance on collectibles in IRAs. Prices in examples are illustrations only, not current market prices. General education, not investment advice.