There is one possible way to avoid having a custodian and the costs associated with one: You can open what’s known as a “checkbook IRA,” a self-directed IRA that does not require custodial management. Setting up a checkbook IRA is complicated because you must be a limited liability company (LLC) and have a business checking account, to name two requirements.

However, as Sentell points out, it does allow investors to purchase gold American Eagles, a U.S. Treasury–minted coin, for their retirement accounts and hold them personally, sidestepping custodian and storage fees. No other coin enjoys this tax-code exception, described in the Internal Revenue Code (IRC) 408(m).

 The IRS is said to scrutinize this type of IRA, so proceed cautiously with this option.

Rolled Gold

If you already have an IRA or 401(k), either regular or Roth, you have the option of rolling over some or all of its funds into a gold IRA. The rollover process is the same as for any other retirement fund. You typically fill out an account application (whether online or on paper), and the account is usually established within 24 to 48 hours of completion and receipt of the application.

“Once all parties receive the signed transfer request, the two custodians will communicate to transfer the funds to the new custodian and fund a new gold IRA,” says Gottlieb. When funds are available in the new IRA account, an account representative will review the current precious metal options a consumer can purchase. “You advise them as to the exact type you want to purchase, and prices are locked up at that time,” adds Gottlieb