To comply with IRS requirements, all IRAs, including Gold and precious metals IRAs, must be in the possession of an IRS approved trustee or custodian and cannot be in the IRA owner’s individual possession. Home storage is not allowed.
As per IRS Publication 590 which specifies that for all IRAs, “The trustee or custodian must be a bank, a federally insured credit union, a savings and loan association, or an entity approved by the IRS to act as trustee or custodian.”
Once you have set up and funded your Gold IRA and purchased your precious metals and have had them placed in an IRS approved storage facility, there will be annual maintenance and administrative fees paid to your gold IRA custodian and gold storage vault .
Plan on paying a yearly storage fee of between $200 and $300. Be sure to ask your Gold IRA specialist for a disclosure on these annual maintenance and administration fees.
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