How to Open a Gold IRA: A Texas Walkthrough
Affiliate disclosure: we may earn a commission when a reader opens an account through links on this page. The commission has no effect on what you pay or on what we publish. We are not a financial or tax advisor; consult a licensed advisor for your situation. Last reviewed June 2026.
Short on time? The essentials
- A gold IRA is a self-directed IRA that holds physical bullion or coins meeting the IRC Section 408(m)(3) fineness rules: 99.5 percent gold, 99.9 percent silver, 99.95 percent platinum and palladium.
- You cannot open a gold IRA at a bank or a standard brokerage. It must be a self-directed IRA custodian or non-bank trustee approved by the IRS.
- Funding paths: a direct trustee-to-trustee rollover from an old 401(k), 403(b), 457(b), TSP, or existing IRA; an IRA-to-IRA transfer; or a new-year contribution capped at 7,500 dollars for tax year 2026, plus 1,100 dollars catch-up at age 50 or older.
- You cannot store the metal at home. Home storage is treated as a full distribution under McNulty v. Commissioner (2021).
- Texas has no state personal income tax under Article 8, Section 24 of the Texas Constitution. A taxable IRA distribution is taxed at the federal level only.
- The Texas Bullion Depository, an agency of the State of Texas in Leander, is available for IRA storage through its vendor Lone Star Tangible Assets. Verify current process and fees with your custodian before signing.
- Fee stack to expect: custodian setup, annual custodian admin, annual storage, dealer markup on the metal, and per-event wire and shipping charges.
On this page
- Who can open a gold IRA
- The gold IRA opening walkthrough in ten steps
- How to fund the new IRA
- What the IRA can actually hold
- How to pick the custodian
- How to pick the depository
- What Texas changes
- The fee stack you will see
- Check that your source account is eligible
- Worked example: an Austin retiree opens with 180,000 dollars
- When opening a gold IRA is a bad idea
- Opening a gold IRA FAQ
Who can open a gold IRA
Any US taxpayer with earned income or a rollover-eligible retirement account can open a self-directed IRA that holds precious metals. The account type is not exotic. It is a traditional or Roth IRA that names a self-directed IRA custodian instead of a bank or a standard brokerage.
The practical gate is usually the funding source, not eligibility to open. A traditional or Roth contribution is limited to 7,500 dollars for tax year 2026, plus a 1,100 dollar catch-up for account holders age 50 or older. That is the entire yearly ceiling on new contributions, regardless of provider.
Most gold IRAs are funded by rolling in a larger balance from a prior employer plan or an existing IRA. Common source accounts include a former-employer 401(k), a 403(b), a 457(b), a Thrift Savings Plan (TSP), a traditional IRA, a Roth IRA, a SEP IRA, and a SIMPLE IRA. Pensions can only be rolled when the plan offers a lump-sum refund of member contributions or a partial lump-sum option.
Roth and traditional buckets must be routed to matching Roth and traditional IRAs. A traditional-to-Roth conversion is a separately taxable event in the year it happens. Consult your tax advisor before electing a conversion inside a gold IRA opening.
The gold IRA opening walkthrough in ten steps
The sequence below is the standard operating flow across self-directed IRA custodians. The paperwork and the wiring details change by provider. The order of operations does not.
- Clarify your funding source and eligibility. Identify whether you will contribute new money, transfer an existing IRA, or roll in a 401(k), 403(b), 457(b), or TSP. Confirm the source is eligible to distribute or transfer today.
- Shortlist a self-directed IRA custodian. A gold IRA needs a qualified non-bank trustee. Names commonly used in Texas include Equity Trust Company, STRATA Trust Company, and GoldStar Trust Company. Compare fee schedules and Texas Bullion Depository compatibility if that matters to you.
- Shortlist a precious-metals dealer. The dealer sources the IRS-approved bullion or coins and coordinates with the custodian. Confirm the dealer works with your chosen custodian and depository before you sign anything.
- Open the self-directed IRA. Complete the custodian application. You will name a beneficiary, provide identification, and choose between a traditional or Roth account type matching your funding source.
- Fund the IRA. Request a direct rollover from a 401(k)-type plan, an IRA-to-IRA transfer from an existing IRA, or a new-year contribution wire from your bank. Direct rollovers avoid the 20 percent federal withholding under IRC Section 3405.
- Choose the depository. Approved options include Delaware Depository, Brinks Global Services, International Depository Services (IDS), CNT, Texas Precious Metals Depository (Shiner), and the state-run Texas Bullion Depository (Leander) through Lone Star Tangible Assets. Segregated or commingled storage is elected on the depository form.
- Place the metal order with the dealer. Once cash arrives inside the IRA, instruct the custodian to pay the dealer for IRS-approved bullion or coins meeting IRC Section 408(m)(3) fineness rules. Stay with common bullion. Avoid premium or numismatic upsells.
- Confirm the depository entry. The dealer ships the metal directly to the depository. The depository issues a receipt to the custodian. The metal shows up as an inventory line on your next IRA statement.
- Review the custodian statement and reconcile. Check that the depository, storage type (segregated or commingled), coin or bar description, weight, and fineness match what you paid for. Flag anything that does not line up.
- File the right forms next April. A rollover-funded open shows Form 1099-R with distribution code G from the releasing plan and Form 5498 from the receiving custodian. You report the gross on Form 1040 line 4a or 5a with a taxable amount of zero on line 4b or 5b when the direct rollover was clean.
How to fund the new IRA
Three funding channels reach a gold IRA. Which one you pick shapes the tax mechanics and the timing.
New-year contribution
A contribution is capped by federal law. For tax year 2026 the ceiling is 7,500 dollars, plus 1,100 dollars catch-up for account holders age 50 or older. Contributions require earned income, and Roth contributions phase out at higher modified adjusted gross incomes. Consult your tax advisor for your specific situation. The full annual ceiling applies across all your IRAs combined, not per account.
IRA-to-IRA transfer
A transfer moves money between two IRAs of the same tax type: traditional to traditional, or Roth to Roth. The funds pass trustee-to-trustee. There is no reporting event, no 60-day clock, and no 12-month limit. Transfers are the cleanest way to move an existing IRA into a self-directed structure.
Direct rollover from a workplace plan
A direct rollover from a 401(k), 403(b), 457(b), or TSP sends the balance from the plan trustee straight to the receiving IRA custodian. Under IRS Topic 413 and IRC Section 402(c), a direct rollover between accounts of the same tax type is not taxable. Federal withholding does not apply because the check is not paid to the participant.
Indirect rollover
An indirect rollover sends a check to the account holder. IRC Section 3405 requires the plan to withhold 20 percent for federal tax before cutting the check. The account holder then has 60 days to redeposit the full pre-withholding amount into the new IRA, replacing the missing 20 percent from personal cash. This path is high-risk and rarely necessary for a gold IRA opening.
What the IRA can actually hold
IRC Section 408(m) bans collectibles inside an IRA. It carves out an exception for bullion and specific coins meeting a fineness threshold and refiner-standard rules.
The floor rules are straightforward. Gold must be 99.5 percent pure or higher, silver 99.9 percent, and platinum and palladium 99.95 percent. Bars must come from a refiner or assayer approved by NYMEX, COMEX, LBMA, or a national government mint. Verify each product against the current IRS-approved list before purchase.
Two coins are statutory exceptions written into IRC Section 408(m)(3). The American Gold Eagle is IRA-eligible at 91.67 percent (22-karat) because Congress named it. The American Silver Eagle is IRA-eligible at 99.9 percent. Proof Eagles qualify only when held in original mint packaging with the certificate.
Common eligible coins include the American Gold Eagle (statutory), American Gold Buffalo at 99.99 percent, Canadian Gold Maple Leaf at 99.99 percent, Austrian Gold Philharmonic at 99.99 percent, and Australian Gold Kangaroo at 99.99 percent. The South African Krugerrand sits at 91.67 percent gold with no statutory exception, so it is not IRA-eligible.
How to pick the custodian
The self-directed IRA custodian is the legal owner of the account for IRS purposes. The custodian holds the paperwork, processes contributions and distributions, tracks the metal inventory, issues Form 5498, and handles required minimum distributions when they start. The custodian is not the dealer and does not sell you the metal.
Common self-directed IRA custodians used for gold IRAs include Equity Trust Company, STRATA Trust Company, GoldStar Trust Company, Kingdom Trust, Madison Trust, and New Direction Trust. Fee models split into two shapes: a flat annual fee regardless of balance, or a scaled fee that grows with account value. For a mid-sized account (50,000 dollars to 250,000 dollars), the flat model usually costs less.
Vetting checklist for a custodian. Confirm IRS non-bank trustee approval. Read the current published fee schedule end to end. Check whether the custodian coordinates with the depository you want, especially the Texas Bullion Depository if that is on your list. Verify how long it typically takes to complete a rollover once paperwork is signed. Ask about the process to transfer to a different custodian later.
How to pick the depository
The IRA metal must be held by an IRS-approved depository. The account holder cannot take personal possession. The 2021 Tax Court ruling in McNulty v. Commissioner confirmed that home storage triggers a full taxable distribution, plus penalties for account holders under age 59 and a half.
National options commonly used by gold IRA custodians include Delaware Depository (Wilmington, Delaware), Brinks Global Services (multiple US vaults), International Depository Services (Wilmington and Ohio), and CNT Depository (Massachusetts). In-state Texas choices are the Texas Precious Metals Depository (Shiner) and the state-run Texas Bullion Depository (Leander). Segregated storage means your specific bars and coins are held in your name. Commingled storage means your holdings are booked as claims against a shared pool of the same product.
Vetting checklist for a depository. Confirm insurance coverage and audit cadence. Check the difference in fees between segregated and commingled storage. Verify shipping logistics and turnaround from the dealer. Read the release policy for taking an in-kind distribution later. Check whether the custodian you chose already has an active account there.
What Texas changes
Federal IRA rules apply identically in every state. What Texas changes is the wrapper around them.
No state personal income tax
Texas has no state personal income tax under Article 8, Section 24 of the Texas Constitution. Any taxable IRA event, including a botched indirect rollover, a Roth conversion, or a future required minimum distribution, is taxed by the IRS only. A Texas resident does not pay a state layer on top. This is a genuine advantage against high-tax states.
The Texas Bullion Depository
Texas offers a storage option no other state provides. The Texas Bullion Depository is an agency of the State of Texas, authorized by HB 483 signed by Governor Greg Abbott on June 12, 2015. It has operated since 2017 on a purpose-built campus in Leander, north of Austin. Lone Star Tangible Assets (LSTA) is the contractor.
The depository accepts gold, silver, platinum, palladium, and rhodium. IRA storage is supported through LSTA, which received IRS non-bank trustee approval in 2023. Equity Trust Company was the first self-directed IRA custodian wired in for coordination with LSTA. Confirm the current IRA-storage process, custodian list, and fees directly with your dealer and custodian before signing. Source: texasbulliondepository.gov, checked June 2026.
The practical takeaway. A Texas resident opening a gold IRA can keep the metal inside the state at a state-audited depository instead of Delaware or Salt Lake City. The federal tax mechanics do not change, and the state tax line is zero. Neither point makes the underlying decision right or wrong for your situation.
The fee stack you will see
A brokerage IRA typically has one all-in expense ratio. A gold IRA has several stacked fees. The table below shows the standard categories and where each dollar goes.
| Fee | What it pays for | How it is usually charged |
|---|---|---|
| Custodian setup | Opening the self-directed IRA account | One-time at account open |
| Annual custodian fee | Recordkeeping, tax reporting (Form 5498), statements | Flat annual fee or tiered by account size |
| Annual storage fee | Depository vault, insurance, audits | Flat annual fee, sometimes scaled by value |
| Dealer markup on metal | Spread between spot price and the price you pay | Embedded in the metal price; rarely itemized |
| Wire and shipping | Funding wire, dealer-to-depository shipping | Per-event flat fee |
| Buyback spread | Difference between dealer bid and current spot | Only when you sell back to the dealer |
| Segregated storage upgrade | Storing your bars and coins under your name only | Add-on to commingled storage, per year |
Sourced from public fee schedules at Equity Trust Company, STRATA Trust Company, GoldStar Trust Company, Delaware Depository, and Brinks Global Services. Confirm current pricing with each provider before signing. Checked June 2026.
The dealer markup is the line item with the widest range. Common bullion coins and bars carry tighter spreads. Premium or proof coins sold as exclusive or limited carry markups that can be several times higher. A clean rollover gets undone fast if the metal is bought at a 25 percent or 35 percent markup.
Check that your source account is eligible
Before you call a custodian or a dealer, confirm the source account you plan to fund with is actually eligible to move. The tool below walks through plan type, employment status, and basic timing rules. It is a triage step, not legal or tax advice.
Can you roll your account into a gold IRA? Eligibility checker
Most retirement money can move into a gold IRA once it is an eligible rollover distribution. Pick your account and situation for a general answer. Always confirm the specifics with your plan administrator or custodian.
General guidance only, not tax or financial advice. Eligibility depends on your specific plan document and IRS rules; confirm with your plan administrator and a tax advisor. A direct trustee-to-trustee transfer avoids the 60-day rule and 20% withholding.
Picking a company that explains every fee up front is the first step. Get the free gold IRA company checklist.
Worked example: an Austin retiree opens with 180,000 dollars
Your next step
If opening a gold IRA looks like the right move, the highest-leverage action before you call anyone is to vet the provider on the same criteria across the board. Augusta Precious Metals is our primary affiliate partner and publishes a free gold IRA company checklist built for that step.
Get the Augusta Precious Metals gold IRA company checklistSponsored link. Use it to evaluate any provider you call, including Augusta itself. Past performance is not a guarantee of future results.When opening a gold IRA is a bad idea
A gold IRA is not the right structure for every retirement saver. The patterns below are where an opening tends to backfire. We list them without any CTA attached.
Your balance is small. A 12,000 dollar IRA carrying a 200 dollar annual custodian fee and a 150 dollar storage fee pays close to 3 percent per year on flat operating costs alone, before any dealer markup. Fee drag compounds against a small base.
You need the money inside 5 years. Physical metal inside an IRA is liquid in principle and slow in practice. Buyback spreads and depository release timing add friction to the exit.
You are between 55 and 59 and a half and need cash from a 401(k). The Rule of 55 lets a separated worker take penalty-free 401(k) distributions from that plan. Rolling the balance into an IRA cancels that exception.
Your 401(k) holds employer stock with built-in gains. A Net Unrealized Appreciation (NUA) election under IRC Section 402(e)(4) can preserve long-term capital-gains treatment on the appreciation. Rolling the stock into an IRA loses that election forever.
You are already over-concentrated in physical metals. If a sizable share of your net worth is already in gold and silver, another metal-only account can compound single-asset risk instead of reducing it.
The dealer is pushing premium or proof coins. Wide markups on graded coins are the most common way a gold IRA opening goes wrong. Stay with common bullion coins and bars.
You want the metal at home. An IRA cannot hold metal at your house. McNulty v. Commissioner (2021) treats a home-storage IRA as a full distribution. The Texas Bullion Depository does not change that rule.
Opening a gold IRA FAQ
Can I open a gold IRA at a bank?
No. A gold IRA needs a self-directed IRA custodian or non-bank trustee approved by the IRS. Standard banks and brokerages do not custody physical bullion in an IRA. Common names for the custodian role include Equity Trust Company, STRATA Trust Company, and GoldStar Trust Company.
Is there a minimum balance to open a gold IRA?
Federal law does not set a minimum. Dealers and custodians often set their own floors, commonly between 5,000 dollars and 50,000 dollars. Small balances usually make fee drag disproportionate to the account, which is a reason many providers set a minimum in the first place.
How long does it take to open a gold IRA?
The account itself opens in a few business days at most custodians. A direct rollover from a workplace plan adds two to four weeks depending on the releasing plan. Metal shipment and depository booking add another few business days on top of that. Confirm timing with the custodian and the releasing plan before signing.
Can I hold silver, platinum, or palladium in a gold IRA?
Yes. The account is legally a self-directed IRA and can hold any IRS-approved bullion or coins. The fineness thresholds are 99.9 percent for silver, 99.95 percent for platinum, and 99.95 percent for palladium. Most providers accept all four metals inside the same account.
Does Texas tax a gold IRA?
No, at the state level. Texas has no state personal income tax under Article 8, Section 24 of the Texas Constitution. A taxable IRA distribution is taxed by the IRS only. The 10 percent federal early-withdrawal penalty still applies if the account holder is under 59 and a half and no exception fits.
Is home storage allowed in a gold IRA?
No. IRA metal must be held by an IRS-approved depository. The 2021 US Tax Court ruling in McNulty v. Commissioner confirmed that a home-storage arrangement is treated as a full distribution of the IRA. The account holder cannot take personal possession without triggering tax and, if under 59 and a half, a 10 percent penalty.
Can a Texas resident use the Texas Bullion Depository for an IRA?
Yes. The Texas Bullion Depository supports IRA storage through Lone Star Tangible Assets (LSTA), which received IRS non-bank trustee approval in 2023. Equity Trust Company was the first self-directed IRA custodian wired in for coordination with LSTA. Confirm the current process and fees with your custodian before signing.
What forms will I get after opening?
A rollover-funded opening produces Form 1099-R from the releasing plan with distribution code G (direct rollover) and Form 5498 from the receiving IRA custodian. You report the gross on Form 1040 line 4a or 5a with a taxable amount of zero on line 4b or 5b when the direct rollover was clean. Consult your tax advisor for your specific situation.
Sources
- Internal Revenue Service. Publication 590-A: Contributions to Individual Retirement Arrangements (IRAs). irs.gov/publications/p590a. Checked June 2026.
- Internal Revenue Service. Publication 590-B: Distributions from Individual Retirement Arrangements (IRAs). irs.gov/publications/p590b. Checked June 2026.
- Internal Revenue Service. Topic No. 413, Rollovers from Retirement Plans. irs.gov/taxtopics/tc413. Checked June 2026.
- Internal Revenue Service. Topic No. 558, Additional Tax on Early Distributions from Retirement Plans. irs.gov/taxtopics/tc558. Checked June 2026.
- Internal Revenue Code Section 408(m). Collectibles rule and bullion exception. uscode.house.gov. Checked June 2026.
- Internal Revenue Code Section 402(c). Rollovers from qualified plans. uscode.house.gov. Checked June 2026.
- Internal Revenue Code Section 3405. Withholding on retirement plan distributions. uscode.house.gov. Checked June 2026.
- Internal Revenue Code Section 402(e)(4). Net Unrealized Appreciation on employer securities. uscode.house.gov. Checked June 2026.
- United States Tax Court. McNulty v. Commissioner, 157 T.C. No. 10 (November 18, 2021). Home-storage IRA confirmed as a full distribution.
- Texas Bullion Depository. About the Depository and IRA Storage. texasbulliondepository.gov. Checked June 2026.
- Office of the Texas Comptroller of Public Accounts. Texas Bullion Depository overview. comptroller.texas.gov. Checked June 2026.
- Texas Constitution, Article 8, Section 24. Prohibition on a state personal income tax. statutes.capitol.texas.gov. Checked June 2026.
- Texas Legislature. House Bill 483 (2015): Texas Bullion Depository authorization. Signed June 12, 2015. capitol.texas.gov. Checked June 2026.