What is a Precious Metals IRA: Beyond Gold

Updated: August 12, 2026

OPRS may receive compensation when readers open an account through partner links on this page. Our analysis is based on independent research, BBB data, and IRS publications.

A precious metals IRA carries the same federal tax framework as any other individual retirement account. The difference is the asset class held inside the account. Instead of stocks, bonds, or mutual fund shares, the account holds physical metals that meet the IRC Section 408(m)(3) standards.

Most search results stop at gold. The IRS rule covers four metals: gold, silver, platinum, and palladium. Each metal has its own fineness floor. Each metal has its own list of qualifying coins and bars. The “beyond gold” portion of the menu is the part this guide focuses on, because the silver, platinum, and palladium rules carry the same legal weight as the gold rules.

This guide walks through the four elements every beginner has to understand before any dealer conversation. Element I is the IRS rule that lets the account hold physical metal at all, and how it applies to each of the four metals. See the dealers OPRS clears and the ones we warn against as you read; the product rules matter, the operator chosen to deliver them matters as much.

Element II is the role split across custodian, depository, and dealer. Element III is the funding path and the tax treatment by metal. Element IV is the fee stack and the dealer-disclosure questions every multi-metal account should ask.

The audience for this guide is the saver who has heard about gold IRAs from a relative, a podcast, or a late-night ad and wants the plain-English rules for silver, platinum, and palladium too. The page is not investment advice. It does not predict metal prices. It does not recommend any allocation across metals.

What a precious metals IRA holds, beyond gold

A regular IRA, opened at a brokerage like Fidelity, Schwab, or Vanguard, is governed by IRC Section 408. It holds securities. A self-directed IRA is the same legal structure under IRC 408 but uses a custodian that supports alternative assets, including physical precious metals. The “self-directed” label refers to the asset menu, not a different tax code.

A precious metals IRA is a self-directed IRA where the alternative asset is physical gold, silver, platinum, or palladium that meets IRC Section 408(m)(3) standards. The custodian must be a bank or a non-bank entity approved by the IRS as a nonbank trustee under Treasury Regulations Section 1.408-2(e). The depository must accept metals on behalf of the custodian, not directly for the participant.

The reason for the precious metals IRA structure is the IRC 408(m) “collectibles” rule. Under IRC Section 408(m)(1), the acquisition of a collectible by an IRA is treated as a distribution to the participant. That triggers ordinary income tax and, if the participant is under age 59 and a half, the additional 10 percent tax under IRC Section 72(t).

Section 408(m)(3) lists the narrow exceptions: certain U.S. and foreign bullion coins, and bullion meeting specified fineness for each of the four metals, that the IRA may hold without triggering the collectibles rule.

The practical effect is that an IRA labeled “gold IRA,” “silver IRA,” “platinum IRA,” or “palladium IRA” by a marketer is the same legal product. The marketing label points at the metal the participant chose to fund first. The IRS rules treat all four metals under one section. A single account can hold a mix of two or more metals, if the custodian and the depository support each one.

The four IRS-approved metals and their fineness floors under IRC 408(m)(3)

IRC Section 408(m)(3) lists the metals an IRA may hold across two branches. Branch one is the statutory coin exception under IRC 408(m)(3)(A): certain U.S. coins, including the American Gold Eagle and the American Silver Eagle, are permitted by name. Branch two is the fineness-based bullion exception under IRC 408(m)(3)(B): gold, silver, platinum, and palladium bullion meeting specified minimum fineness, held by the IRA trustee.

The fineness floors are set by reference to 31 U.S.C. Section 5112 for the U.S. coin program and by commodity contract standards for bullion. The operating numbers used by custodians and dealers across all four metals are: gold 99.5% (0.995), silver 99.9% (0.999), platinum 99.95% (0.9995), palladium 99.95% (0.9995).

The bullion fineness branch is the more flexible of the two. Any LBMA-approved refiner bar meeting the per-metal floor qualifies. The statutory coin exception is narrower: it lists specific coins by name. The American Gold Eagle is 0.9167 fineness (22 karat), below the 0.995 bullion floor. It qualifies only because the statutory coin exception lists it. The American Silver Eagle is 0.999, which meets the silver bullion floor and also appears on the statutory list.

A South African Krugerrand (0.9167) does not qualify. It is not listed by name and fails the fineness branch. Numismatic coins, “rare” coins, and most pre-1933 U.S. gold coins also fail. A dealer who steers a beginner toward a “rare-coin IRA” or “semi-numismatic IRA” is selling a product that either fails the IRC 408(m)(3) test or carries an unjustified markup. The FTC and CFTC have brought cases against dealers in this exact pattern.

Which silver, platinum, and palladium products actually qualify

The qualifying menu for each metal beyond gold has its own short list. The custodian’s product list at account opening is the working reference; the rules below are the standards every custodian’s list has to respect.

Silver. The American Silver Eagle (0.999) qualifies under both branches. The Canadian Silver Maple Leaf (0.9999), the Austrian Silver Philharmonic (0.999), the Australian Silver Kangaroo (0.9999), and the British Silver Britannia (0.999) all qualify under the fineness branch. Silver bars from LBMA-approved refiners meeting the 0.999 floor (commonly 1-ounce, 10-ounce, 100-ounce, and 1,000-ounce bars) also qualify. Pre-1965 U.S. 90 percent silver coins do not qualify (they fail the 0.999 floor and are not listed in the statutory exception).

Platinum. The American Platinum Eagle (0.9995) qualifies. The Canadian Platinum Maple Leaf (0.9995) qualifies. Platinum bars from approved refiners meeting the 0.9995 floor (commonly 1-ounce and 10-ounce bars from PAMP, Valcambi, Credit Suisse, and similar refiners) qualify. The platinum market is the smallest of the four IRA-eligible metals, and the depository product menu is narrower than gold or silver.

Palladium. The American Palladium Eagle (0.9995) qualifies. The Canadian Palladium Maple Leaf (0.9995) qualifies. Palladium bars from approved refiners meeting the 0.9995 floor (commonly 1-ounce bars) qualify. The palladium market is the most concentrated of the four metals, with limited coin issuance and limited refiner support. Some custodians do not offer palladium at all, or offer only one or two product lines.

The participant who wants exposure to all four metals should confirm at account opening that the chosen custodian supports each metal at the chosen depository. A dealer who promises “all four metals” without checking the custodian’s product list before the order is moving faster than the back-office mechanics allow.

Custodian, depository, and dealer mechanics across metals

A precious metals IRA uses three separate parties with distinct roles. The split is the same regardless of which metal the participant funds.

The custodian is the legal IRA trustee. The custodian is a bank, a credit union, or an IRS-approved nonbank trustee under Treasury Regulations Section 1.408-2(e). The custodian files IRS Form 5498 (contribution report) and Form 1099-R (distribution report), tracks contributions and rollovers, and maintains the official record of the account. The custodian does not sell metals and does not store them physically. The custodian’s product list defines which gold, silver, platinum, or palladium products the IRA may purchase.

The depository is the secured vault. It holds the physical metals on behalf of the IRA custodian, not the participant. Common IRS-recognized depositories accept gold, silver, platinum, and palladium under the same vault contract; the product is logged by serial number or bar lot and assigned to the IRA’s holdings ledger.

Storage may be segregated (the metals are physically separated and identified to the participant’s IRA) or non-segregated (the metals are commingled with other clients’ holdings of the same product). Segregated storage is more common for platinum and palladium at depositories that handle smaller volumes of those metals.

The dealer is the precious-metals merchant that sells the coins or bars into the IRA. The participant orders metals from the dealer, the custodian wires funds, and the dealer ships the metal to the depository. The dealer is regulated by the FTC for trade-practice and disclosure issues and, for some products, by the CFTC under the Commodity Exchange Act. The dealer is the role with the largest cost variance and the largest scam-risk surface across all four metals.

This three-role separation keeps a precious metals IRA inside IRC 408 and out of the deemed-distribution trap. If the participant takes possession of any of the four metals, the IRC 408(m)(1) collectibles rule and the prohibited-transaction rules of IRC Section 4975 apply.

The U.S. Tax Court applied these rules to American Eagle gold coins in McNulty v. Commissioner, 157 T.C. 10 (2021). A taxpayer who took physical possession of coins purchased through a checkbook-control LLC had received a taxable distribution. The same logic applies to silver, platinum, and palladium under the same statute.

The dealer-vetting step is where the OPRS dealer screen does the work. Check this dealer against the 2026 OPRS list before any custodian onboarding. The 27+ dealers reviewed by OPRS span the BBB A+ end of the market down to operators with FTC consent orders and pending CFTC matters.

Funding paths and contribution limits across metals

A precious metals IRA is funded by one of three paths: a new annual contribution, a trustee-to-trustee transfer from another IRA, or a rollover from an employer plan (401(k), 403(b), 457(b), Thrift Savings Plan, or similar). Each path follows the standard IRA rules. The metal label does not change the funding rules.

The annual contribution path uses the standard IRA limits under IRC Section 219(b)(5). The 2025 limit is $7,000 for participants under age 50 and $8,000 for participants age 50 and older (the $1,000 catch-up under IRC 219(b)(5)(B)). The 2026 figures are released by IRS Revenue Procedure for the 2026 tax year. The contribution limit applies across all of a participant’s IRAs in aggregate, not per IRA and not per metal.

The trustee-to-trustee transfer path moves funds from an existing IRA at a different custodian (often a brokerage IRA) into the new self-directed custodian. The transfer is not a distribution. No 1099-R is issued. There is no annual cap on transfer amounts. This is the path most participants use when consolidating a brokerage IRA into a multi-metal sleeve.

The rollover path moves funds from a qualified employer plan into the new precious metals IRA under IRC Section 408(d)(3). The direct rollover (trustee-to-trustee, plan-administrator-to-custodian) avoids the mandatory 20 percent federal withholding that applies to indirect rollovers. The 60-day clock starts on receipt and is rigid. For a beginner, the simpler rule is to always use a trustee-to-trustee or direct rollover wherever possible.

A separate constraint is the IRS “one-rollover-per-12-month” rule under IRC Section 408(d)(3)(B), as interpreted by the U.S. Tax Court in Bobrow v. Commissioner, T.C. Memo. 2014-21. A participant may complete only one indirect 60-day rollover across all IRAs in any rolling 12-month window. Trustee-to-trustee transfers and direct rollovers from employer plans are not counted toward the limit.

For OPRS readers, the most common funding path is a rollover from a 401(k), TSP, or 403(b) at job separation or retirement. The 401(k) to gold IRA mechanics apply identically when the participant is funding a silver, platinum, or palladium sleeve. The TSP to precious metals IRA path for federal employees adds a TSP-specific Form TSP-77 step. The 2026 IRA contribution limits guide applies on the same per-IRA aggregate basis regardless of metal mix.

Tax treatment, RMDs, and distributions for a multi-metal IRA

A precious metals IRA can be opened as a traditional IRA or as a Roth IRA. The two carry the same physical-metal mechanics. The tax treatment follows the standard IRA rules and is identical across the four metals.

A traditional precious metals IRA follows IRC Section 408. Contributions may be deductible up to the IRC 219(b)(5) limit, subject to the income and active-participant rules in IRS Publication 590-A. Earnings grow tax-deferred. Distributions are taxed at ordinary income rates in the year of distribution under IRC Section 72. Pre-age-59-and-a-half distributions are subject to the additional 10 percent tax under IRC Section 72(t), with the standard exceptions.

A Roth precious metals IRA follows IRC Section 408A. Contributions are not deductible. Earnings grow tax-deferred. Qualified distributions (five-year period satisfied and either age 59 and a half or another qualifying event) are tax-free. Non-qualified distributions follow the basis-ordering rules of IRC 408A(d).

Required minimum distributions apply to a traditional precious metals IRA under IRC Section 401(a)(9), as amended by the SECURE Act of 2019 and SECURE 2.0 (the Consolidated Appropriations Act, 2023). The RMD age is 73 for participants born between 1951 and 1959, and 75 for participants born in 1960 and after. A Roth precious metals IRA is not subject to RMDs during the original participant’s lifetime under IRC 408A(c)(5).

An RMD on a multi-metal IRA can be satisfied in cash (the depository sells metal at spot, the custodian wires cash to the participant) or in-kind (metal ships from the depository to the participant). The participant chooses which metal to draw down. The cash route is more common because it avoids shipping logistics and per-shipment fees from the depository’s contracted carrier.

The federal estate-tax treatment of a precious metals IRA is the same as any other IRA. The account value at death is included in the gross estate under IRC Section 2039 at the fair market value of the metals on the date of death. The federal estate-tax exclusion for 2025 was $13.99 million per individual; the Tax Cuts and Jobs Act doubling sunsets January 1, 2026 absent congressional action.

Gold or silver: the metal-mix decision inside a single IRA

The either/or framing between a “gold IRA” and a “silver IRA” is a marketing artifact. Both wrappers use identical plumbing under IRC 408(m). One self-directed IRA can hold gold, silver, platinum, and palladium at the same time, subject to each metal’s fineness floor. Once the wrapper is in place, five variables decide the metal mix.

Volatility: silver historically swings harder than gold

Silver is more volatile than gold as a factual matter. The gold-silver ratio (the number of ounces of silver required to buy one ounce of gold) has ranged widely across decades. Ratios above 80 are not unusual. Ratios below 40 have also been recorded.

The mechanism is structural. Silver has a smaller market cap than gold, meaningful industrial consumption tied to the business cycle, and smaller total above-ground reserves on a dollar basis. Any of these three factors amplifies price moves in both directions.

For a retiree focused on capital preservation, higher volatility is a cost, not a feature. For a pre-retiree with a long horizon inside a Roth, the same volatility is closer to an opportunity. The wrapper does not change the price behavior of the metal.

Storage bulk: silver takes more vault space per dollar

Gold and silver both trade by the troy ounce. One dollar of gold occupies far less physical volume than one dollar of silver because gold trades at a much higher price per ounce. A $50,000 silver position occupies many times the vault space of a $50,000 gold position.

IRS-approved depositories bill for storage in part on a floor-space or weight basis. The billing mechanism varies by facility. Some flat, some scaled, some hybrid. The storage-line friction is small on a $5,000 silver sleeve. It is meaningful on a $100,000 silver-only IRA. Ask each candidate custodian for the published fee schedule for gold, silver, and mixed accounts.

Premiums and spreads: percentage cost typically higher on silver

Dealer spread is the difference between the dealer’s ask and the underlying spot price, expressed in percent of the transaction. Silver product premiums tend to run higher in percentage terms than gold product premiums. Silver has a lower absolute price per ounce, so a fixed fabrication cost per coin represents a larger percentage of the sale.

Larger silver bars (10-ounce, 100-ounce) narrow the percentage spread meaningfully. The round-trip spread (buy plus eventual sell) is a first-order cost and matters more than the annual storage fee on a 5-year holding period. Ask each dealer for a written buy-back quote alongside the initial ask.

Demand structure: gold monetary, silver half industrial

Silver has a large industrial demand base. Solar panels, electronics, and medical applications consume a meaningful share of annual silver supply. Reference data on U.S. and global mineral supply and demand sits at the USGS National Minerals Information Center.

Gold demand is dominated by monetary and jewelry uses. Central bank buying and retail investment drive most of the annual price signal. The distinction matters because it changes what each metal responds to. Silver’s industrial exposure means it can rally on manufacturing strength and fall on recession fears. Gold’s monetary role means it tends to respond to real interest rates, dollar strength, and geopolitical stress. The two metals are not interchangeable exposures.

Verdict per retiree profile

• The 55-to-65 pre-retiree with a rollover balance above $50,000: gold-heavy with a small silver sleeve. A 70-30 or 80-20 gold-silver split inside a single self-directed IRA is a defensible starting point.
• The 65-to-75 retiree drawing down the portfolio: gold-only or gold-heavy. Silver’s higher volatility is a poor fit for sequence-of-returns exposure at this stage. Trim any pre-existing silver position into gold on a favorable ratio.
• The pre-retiree with a long horizon and higher risk tolerance: a larger silver sleeve is defensible. A 50-50 split inside a Roth IRA on a 15-year window is inside the range of reasonable choices, though not the default here.
• The investor considering a silver-only IRA: reconsider. The storage and spread economics get uneconomical faster on silver-only. A gold-anchored account with a silver sleeve is almost always the better structure at any sleeve size above $20,000.

Common mistakes new multi-metal IRA holders make

1. Assuming “precious metals IRA” means gold only. The IRC 408(m)(3) rule covers four metals, not one. A participant who funds a self-directed IRA expecting to hold silver bars later may find that the chosen custodian’s product list does not include silver bars from the participant’s preferred refiner. Confirming the four-metal product menu with the custodian before funding is the cleanest step.
2. Buying silver rounds or bars that fail the 0.999 floor. Pre-1965 U.S. 90 percent silver coins, sterling silver products (0.925), and many private-mint “silver rounds” do not meet the silver fineness floor. They are not eligible for the IRA. A dealer who offers “junk silver” or “constitutional silver” inside an IRA is selling a product the IRS does not allow.
3. Treating a “home storage” structure as legal for any of the four metals. The IRS position, supported by the U.S. Tax Court in McNulty v. Commissioner, 157 T.C. 10 (2021), is that the IRA trustee must hold the metals at all times before a qualified distribution. The McNulty case involved American Eagle gold coins. The same IRC 408(m)(1) deemed-distribution outcome applies to silver, platinum, and palladium held outside an approved depository.
4. Triggering a 60-day rollover failure or the one-per-12-months rule. A participant who takes a check from an existing IRA and re-deposits into the new self-directed IRA has 60 days to complete the move under IRC 408(d)(3). Missing the deadline turns the move into a taxable distribution. A second indirect 60-day rollover within 12 months across any IRAs fails the rule in Bobrow v. Commissioner, T.C. Memo. 2014-21. The cleaner path is a trustee-to-trustee transfer or a direct rollover from an employer plan.
5. Buying proof or “semi-numismatic” coins instead of bullion. Proof coins outside the named statutory exceptions and “semi-numismatic” coins that do qualify still typically carry dealer markups well above standard bullion markups, sometimes 5 to 10 times higher. The metal content is the same. The premium pays the dealer. A dealer who steers a first-time IRA buyer toward proof or “rare” coins is signaling a higher-markup sales motion regardless of which metal is on the order.
6. Skipping the dealer-screening step before the multi-metal order. The custodian, depository, and fee disclosures are usually documented in writing. The dealer markup and the dealer’s product mix are not. The dealer is the role with the most enforcement actions on record across all four metals (FTC, CFTC, state attorney general). A pre-call screen against the 27+ dealers OPRS has reviewed is the single highest-leverage step a beginner can take before any conversation.

The reader who finishes this guide has the structural picture. That picture is a self-directed IRA holding IRC 408(m)(3) qualifying gold, silver, platinum, or palladium across one or more metal sleeves. Three operator roles run the account (custodian, depository, dealer). One of three funding paths gets it open. A standard traditional or Roth tax framework applies. The year-one cost structure is dominated by the dealer markup line.

The next decision is which dealer (and by extension which custodian and depository) actually delivers the four-metal structure at a fair markup with clean disclosures.

The dealer-side trust signal stack OPRS uses to screen any operator includes four markers that travel across all 50 states. The markers are listed below.

• Money Magazine Best Overall Gold IRA Company (2022 to 2026)
• Investopedia Most Transparent Gold IRA Company (2022 to 2026)
• BBB A+ Rating with Zero Complaints (accredited since 2014)
• Education-First Process with non-commissioned customer success agents

Augusta Precious Metals carries all four markers and its industry-reported minimum sits around $50,000. That figure fits a rollover from a 401(k), a TSP, a 403(b), or a transferred prior-employer IRA at retirement. The Learn-Talk-Decide process is run by salaried non-commissioned educators. The free company comparison checklist walks through the custodian, depository, fee schedule, and disclosure questions a first-time multi-metal IRA holder should ask before any purchase order.

Is a precious metals IRA different from a gold IRA?

No, the legal structure is the same. A “gold IRA,” a “silver IRA,” a “platinum IRA,” and a “palladium IRA” are all marketing labels for the same product: a self-directed IRA holding metals that meet IRC Section 408(m)(3) standards. The label simply points at which metal the participant funded first or holds most heavily. A single account can hold any combination of the four metals if the custodian and depository support each one.

Can I hold silver, platinum, and palladium in the same IRA as gold?

Yes, if the custodian’s product list and the depository’s vault support each metal. The IRC 408(m)(3) rule treats the four metals under one section. A single account can hold a mix of gold bars, silver Eagles, platinum Eagles, and palladium Maple Leafs. The custodian logs each holding by serial number or bar lot. Some smaller custodians do not offer platinum or palladium. Confirming the four-metal menu at account opening avoids a forced second custodian later.

What is the fineness rule for silver in an IRA?

Silver bullion must meet 0.999 fineness (99.9 percent pure silver) to qualify under the IRC 408(m)(3) bullion branch. The American Silver Eagle (0.999) also qualifies under the statutory coin exception. Pre-1965 U.S. dimes, quarters, and half dollars (90 percent silver) do not qualify because they fail both the bullion floor and the named statutory exception. Sterling silver flatware and jewelry (0.925) also fails the floor.

Are platinum and palladium IRAs worth opening?

The IRS allows platinum and palladium under the same IRC 408(m)(3) structure as gold and silver, both at the 0.9995 fineness floor. Whether opening a sleeve for either metal makes sense for an individual portfolio is a question for a licensed financial advisor and a tax advisor. The mechanics are identical: same custodian, same depository, same dealer process. The product menu is narrower than gold or silver, and not every custodian offers full platinum or palladium product lines.

Can I take an in-kind RMD in any of the four metals?

Yes. An in-kind RMD on a traditional precious metals IRA at age 73 or 75 (per SECURE 2.0) can be satisfied by shipping gold, silver, platinum, or palladium from the depository to the participant. The depository’s contracted carrier (typically Brink’s or Loomis) handles the shipment with insured value. The per-shipment fee is borne by the participant. The cash route is also available: the depository sells metal at spot and the custodian wires the proceeds.

Sources cited

1. IRC Section 408, Individual Retirement Accounts (traditional IRA)
2. IRC Section 408(m), Collectibles Rule and Bullion Exception (four metals)
3. IRC Section 408A, Roth IRA Rules
4. IRC Section 219(b)(5), IRA Contribution Limits
5. IRC Section 408(d), IRA Distributions and Rollovers (60-day rule)
6. IRC Section 401(a)(9), Required Minimum Distributions (SECURE 2.0 amended)
7. IRC Section 72(t), Additional Tax on Early Distributions
8. IRC Section 4975, Prohibited Transactions
9. 31 U.S.C. Section 5112, U.S. Mint Coinage Program (fineness standards)
10. Treasury Regulations Section 1.408-2(e), Nonbank Trustee Approval
11. IRS Publication 590-A, Contributions to Individual Retirement Arrangements
12. IRS Publication 590-B, Distributions from Individual Retirement Arrangements
13. McNulty v. Commissioner, 157 T.C. 10 (2021)
14. CFTC Customer Advisory: Beware of Gold and Silver Schemes Designed to Drain Your Retirement Savings

More on OPRS

• What is a gold IRA: 2026 complete beginner guide
• Can I move my 401(k) to gold without penalty?
• TSP to gold IRA rollover (federal employee guide)
• Run the 2026 dealer screen before any custodian conversation