Answers before
the call.
The questions we are asked most often, answered straight. If yours is not here, call and ask it.
Will I be taxed or penalized for moving funds?
A direct custodian-to-custodian transfer is not a distribution, so there is no tax and no early withdrawal penalty. A 60-day rollover can be done without tax as well, but it has to be completed inside the window. Your own advisor and tax professional should confirm how this applies to your particular account — we are not tax advisers.
Can I keep the metals at home?
No. Metals held inside an IRA must be kept with an approved trustee or depository. Storing IRA metal at home — including in a safe or a personal bank box — risks the whole account being treated as distributed, with tax and penalties following. Be wary of anyone marketing a "home storage IRA".
Which coins and bars qualify?
Gold must generally be .995 fine or better and silver .999, from an accredited refiner or a national mint. The American Gold Eagle is eligible at .9167 because it is named in the statute. Collectibles and most numismatic coins do not qualify. There is a full breakdown on the Approved Gold and Silver Coins page.
Do I have to move my whole retirement account?
No. Many clients move a portion and leave the balance invested exactly as it is. There is no requirement to convert the full amount, and we would not usually suggest it.
What does it cost?
Three components: the premium over the spot price on the metal itself, an annual custodian fee, and an annual storage and insurance fee. We put all three in writing before you decide. There is no separate advisory or management fee.
Is the metal actually mine?
Yes. It is titled to your IRA, held in segregated or allocated storage depending on the arrangement, and it is not pooled or lent out. Your statements show exactly what is held. The custodian administers the account; the depository stores the metal; you own it.
Is it insured?
The depositories we work with carry all-risk insurance on the holdings and are audited annually. The specific policy and audit details are available from the depository on request, and we will point you to them rather than paraphrase.
How do I get my money out later?
You can sell the metal back and take cash, or take physical delivery of the metal itself. Both follow the standard IRA distribution rules for your age and account type. If you are subject to required minimum distributions, those apply as they would with any other IRA.
How quickly can this be done?
Opening the self-directed account usually takes a day or two. The funding step depends entirely on how fast your current provider releases the money — typically one to three weeks. Buying and shipping the metal is quick once funds have landed.
Are you a financial adviser?
No. Winfield Scott Metals is a precious metals dealer. We are not a bank, custodian, trustee, broker-dealer or registered investment adviser, and nothing we provide is investment, tax or legal advice. We can explain what the asset is and how the mechanics work. Decisions about whether it suits your circumstances should be taken with your own professionals.
Still have a question?
Ask it on the phone — there is no obligation and nothing is sold on a first call.