What is the difference between an IRA custodian and a precious metals dealer?

The custodian is the IRS-required trustee that holds and administers your IRA account. The dealer is the company that sells you the actual gold, silver or other metals. They are separate entities, and in most cases you can choose your own dealer independently of your custodian.

Can I transfer my existing IRA to a precious metals custodian?

Yes. You can transfer funds from an existing Traditional or Roth IRA to a self-directed precious metals IRA through a trustee-to-trustee transfer. This is a non-taxable event when done correctly. Our gold IRA guide explains the process.

How much does a precious metals IRA custodian charge per year?

Total annual costs including custodian fees and storage typically range from $200 to $500 or more, depending on account size, storage type and the custodian's fee structure. See our IRA fees breakdown for detailed comparisons.

Can I have more than one precious metals IRA custodian?

Yes. There is no IRS rule against having multiple IRAs with different custodians. However, total annual contribution limits apply across all your IRAs combined. Some investors use multiple custodians to diversify custodian risk or access different depository options.

How long does it take to set up a precious metals IRA?

The account can typically be opened within a few business days. Funding via rollover or transfer may take one to three weeks depending on the source institution. Once funded, metals can be purchased and shipped to the depository within days.

What happens to my precious metals IRA if the custodian goes out of business?

Your metals are held at a separate, independent depository and remain your property. If a custodian ceases operations, your account would be transferred to a successor custodian. Your metals are not commingled with the custodian's business assets.

Do I need a custodian if I just want to buy physical gold?

Only if you want to hold the gold inside an IRA for tax advantages. If you are buying gold for personal, non-IRA possession, you do not need a custodian—you simply purchase from a dealer and store the metals yourself or at a depository of your choice.

Best Precious Metals IRA Custodians: How to Choose the Right One

Choosing the right precious metals IRA custodian is one of the most consequential decisions you will make when setting up a gold or silver retirement account. The custodian serves as the IRS-required trustee that holds your assets, facilitates transactions, ensures regulatory compliance and interfaces with the depository where your metals are physically stored. A poor choice can mean excessive fees, limited product selection, slow service and unnecessary headaches. This guide explains what custodians do, the criteria that matter most and how to compare your options so you can open your gold or silver IRA with confidence.

What Does a Precious Metals IRA Custodian Do?

The IRS requires that all IRA assets—including physical precious metals—be held by a qualified trustee or custodian. You cannot simply buy gold, store it at home and call it an IRA. The custodian's responsibilities include:

Account administration – Opening the account, processing contributions and distributions, and maintaining records.
IRS reporting – Filing required tax forms including Form 5498 (contributions) and Form 1099-R (distributions).
Transaction facilitation – Directing the purchase and sale of metals on your behalf through approved dealers.
Depository coordination – Arranging storage at an IRS-approved depository and maintaining custody records.
Regulatory compliance – Ensuring that all metals, transactions and storage arrangements comply with IRS rules.

In practice, you direct the custodian on what to buy and sell, and the custodian executes your instructions within the regulatory framework. Understanding this relationship helps you evaluate which custodian will serve you best.

Key Selection Criteria

1. Fee Structure and Transparency

Custodian fees are one of the most important factors and one of the most variable. Common fee types include:

Account setup fee – A one-time charge to open the account, typically ranging from $50 to $150.
Annual custodian or administration fee – An annual charge for maintaining your account, typically $75 to $300 depending on the custodian and account size.
Storage fee – Charged by the depository but often collected through the custodian. Ranges from 0.5% to 1% of stored value annually or a flat fee.
Transaction fees – Charged when you buy or sell metals within the IRA. Can be a flat fee per transaction or a percentage of the transaction value.
Wire transfer fees – Typically $25 to $50 per outgoing wire.
Account closing or termination fee – Some custodians charge a fee to close the account or transfer to another custodian.

The best custodians publish their complete fee schedule on their website. Be wary of custodians who are vague about fees or bundle them in ways that make comparison difficult. Our detailed IRA fees breakdown helps you estimate total annual costs across different custodian models.

2. Approved Metals and Dealer Network

Not all custodians offer the same range of eligible metals or allow you to work with any dealer. Some key questions to ask:

Does the custodian support gold, silver, platinum and palladium, or only gold and silver?
Can you choose your own dealer, or are you restricted to the custodian's preferred dealer list?
Does the custodian verify that products meet IRS purity requirements before approving purchases?

Custodians that allow you to select your own dealer give you more control over premiums and product selection. Custodians with restricted dealer networks may offer convenience but could limit your options or steer you toward higher-premium products.

3. Storage Options and Depository Partnerships

Your custodian should work with reputable, IRS-approved depositories and offer you a choice of storage arrangements:

Segregated storage – Your specific metals are stored separately from other clients' holdings.
Commingled (allocated) storage – Your metals are pooled with others of the same type; you own a specific quantity but not specific items.
Multiple depository options – The ability to choose between depositories in different geographic locations adds a layer of diversification and disaster protection.

Learn more about how depository storage works and what the IRS requires in our IRA storage rules guide.

4. Reputation and Track Record

Evaluate custodians based on:

Years in business handling precious metals IRAs specifically.
Ratings with the Better Business Bureau and independent review platforms.
Regulatory history—check with your state's financial regulatory authority for any complaints or enforcement actions.
Client testimonials and case studies.

5. Customer Service and Responsiveness

A gold or silver IRA involves more moving parts than a standard brokerage IRA. You want a custodian with:

Dedicated account representatives rather than rotating call-center agents.
Multiple contact channels (phone, email, secure online portal).
Reasonable response times—particularly important when market conditions are volatile and you want to execute trades promptly.
Clear, jargon-free communication about processes, fees and timelines.

6. Technology and Account Management Tools

Modern custodians should offer an online portal where you can:

View your account balance and holdings in real time.
Initiate buy and sell transactions.
Access tax documents and account statements.
Track pending transactions and shipments.

The Setup Process: What to Expect

Opening a precious metals IRA typically follows these steps:

Choose a custodian – Research and select based on the criteria above.
Complete the application – Provide identification, beneficiary designations and funding instructions.
Fund the account – Options include a direct rollover from an existing 401(k) or IRA, a transfer from another IRA custodian, or a new annual contribution.
Select your metals – Work with your chosen dealer to select IRA-eligible products.
Custodian approves and executes – The custodian verifies eligibility, sends payment to the dealer, and coordinates shipment to the depository.
Metals arrive at depository – The depository receives, verifies and stores your metals, updating the custodian's records.

The entire process typically takes one to three weeks, depending on the funding method. Rollovers from employer plans may take longer due to the former plan administrator's processing times. Our complete gold IRA guide walks through each step in detail, and our 401(k) to gold IRA rollover guide covers the specific mechanics of moving employer plan funds.

Common Custodian Red Flags

Avoid custodians that exhibit these warning signs:

Hidden or unclear fee schedules.
Pressure to buy specific products, especially high-premium numismatics or collectibles.
Claims that home storage of IRA metals is legal (it is not for most investors).
Extremely low advertised fees that are offset by inflated product premiums from a captive dealer.
Lack of a verifiable physical office or regulatory registration.

If something feels off, trust your instincts and continue your research. The top IRA mistakes guide details the most costly errors investors make when choosing custodians and setting up accounts.

Frequently Asked Questions

What is the difference between an IRA custodian and a precious metals dealer?: The custodian is the IRS-required trustee that holds and administers your IRA account. The dealer is the company that sells you the actual gold, silver or other metals. They are separate entities, and in most cases you can choose your own dealer independently of your custodian.
Can I transfer my existing IRA to a precious metals custodian?: Yes. You can transfer funds from an existing Traditional or Roth IRA to a self-directed precious metals IRA through a trustee-to-trustee transfer. This is a non-taxable event when done correctly. Our gold IRA guide explains the process.
How much does a precious metals IRA custodian charge per year?: Total annual costs including custodian fees and storage typically range from $200 to $500 or more, depending on account size, storage type and the custodian's fee structure. See our IRA fees breakdown for detailed comparisons.
Can I have more than one precious metals IRA custodian?: Yes. There is no IRS rule against having multiple IRAs with different custodians. However, total annual contribution limits apply across all your IRAs combined. Some investors use multiple custodians to diversify custodian risk or access different depository options.
How long does it take to set up a precious metals IRA?: The account can typically be opened within a few business days. Funding via rollover or transfer may take one to three weeks depending on the source institution. Once funded, metals can be purchased and shipped to the depository within days.
What happens to my precious metals IRA if the custodian goes out of business?: Your metals are held at a separate, independent depository and remain your property. If a custodian ceases operations, your account would be transferred to a successor custodian. Your metals are not commingled with the custodian's business assets.
Do I need a custodian if I just want to buy physical gold?: Only if you want to hold the gold inside an IRA for tax advantages. If you are buying gold for personal, non-IRA possession, you do not need a custodian—you simply purchase from a dealer and store the metals yourself or at a depository of your choice.

Choose Your Custodian and Get Started

The right custodian simplifies your precious metals IRA experience, keeps costs reasonable and ensures full regulatory compliance. Take the time to compare fee structures, storage options and customer service before committing. When you are ready to select your metals, explore MintBuilder's IRA-eligible gold and silver products and pair them with the custodian that best fits your retirement goals. For additional guidance, review our silver IRA guide and fee comparison to make the most informed choice possible.