Dealer, custodian, depository
| Role | What it does | You pay |
|---|---|---|
| Dealer | Sells and buys back metal, helps with paperwork | Markup on each purchase |
| Custodian | Legally holds the IRA, executes your instructions, reports to the IRS | Setup and annual admin fee |
| Depository | Stores and insures the metal | Annual storage fee |
What a custodian does
- Opens and administers the self-directed IRA in your name.
- Receives transfers and rollovers from your old accounts.
- Pays the dealer when you buy metal, and receives proceeds when you sell.
- Records which products the depository holds for you.
- Files IRS reports on the account's value and any distributions.
It doesn't give investment advice or pick your metals.
Common self-directed custodians
Names you'll see often in gold IRAs include Equity Trust Company, STRATA Trust Company and Kingdom Trust, among others. Most gold IRA companies work with one or two, and you can usually choose. A custodian's appearance here isn't a recommendation; check each one yourself.
Let the company coordinate it
Our recommended provider's free kit explains which custodian it works with and how account setup works. Best fit if you have $50,000 or more to diversify.
Request the Free KitHow to check a custodian
- Confirm it's a bank, trust company or IRS-approved non-bank trustee, and which state regulates it.
- Get its full fee schedule, including fees to sell, transfer out or close.
- Ask how statements show your metal: you want products and quantities, not just a dollar figure.
- Check that it lets you choose or confirm the depository.
Related: storage, fees and how to open a gold IRA.