Precious Metals Rollover Checklist

By the Bullion Beacon Editorial Team · Updated October 31, 2026

This checklist walks through a precious metals rollover in the order things actually happen: research, opening the receiving account, moving the money, buying eligible metal, and checking the paperwork afterward. Work through it with your own plan documents in hand, and pause wherever a step raises a tax question for a licensed professional.

Phase 1: Before You Contact Anyone

1. List every account you might move. Note the type (401(k), 403(b), 457(b), TSP, pension, traditional IRA, Roth IRA) and who holds it.
2. Pull recent statements. You'll need account numbers, balances, and the holder's address and phone number.
3. Separate pre-tax and Roth money. Each goes to a matching IRA type. The Roth 401(k) rollover guide explains why.
4. Confirm the money is movable. For employer plans, check for a distributable event such as leaving the job, or ask about in-service rollovers.
5. Check for exit costs. Annuity surrender charges, CD early withdrawal penalties, and account closing fees can change your timing.
6. Decide how much to move. All, or part? See partial rollovers.
7. Get professional input on tax questions, especially for pensions, inherited accounts, employer stock, or after-tax money.

Phase 2: Choosing Who You'll Work With

8. Pick a self-directed IRA custodian that holds physical precious metals.
9. Pick a depository. Ask whether storage is segregated or commingled; see segregated vs commingled storage.
10. Pick a metals dealer and read its written terms on pricing, spreads, and any buyback program.
11. Get every fee in writing: custodian setup and annual fees, storage, shipping, and dealer spreads.
12. Verify each company through public sources such as the BBB and the CFTC's consumer education resources.

Phase 3: Opening the Receiving Account

13. Complete the custodian's application. Expect to provide identification, contact details, and beneficiary designations.
14. Name beneficiaries carefully. They control who inherits the account.
15. Save the custodian's receiving instructions: exact payee name, account number, and mailing or wire details.

Phase 4: Moving the Money

16. Choose a direct route. A direct rollover from an employer plan or a trustee-to-trustee transfer from an IRA avoids withholding and the 60-day clock. See direct vs indirect rollovers.
17. Submit the request. For employer plans, you usually file the distribution election yourself. For IRA transfers, the receiving custodian usually sends the request to the current custodian.
18. Handle spousal consent if your plan requires it.
19. Sell holdings to cash if needed. Funds, stocks, or CDs inside the old account generally need to be sold first; see brokerage IRA transfers.
20. Track the payment. If a check made out to the custodian comes to you, forward it promptly and keep a copy.

Phase 5: Buying and Storing Metal

21. Confirm the funds posted to the self-directed IRA.
22. Choose IRS-eligible products. Gold must be .995 fine and silver .999 fine (platinum and palladium .9995), with an exception for American Eagle coins, under 26 U.S.C. 408(m). Check our eligible gold coins list.
23. Review the purchase confirmation for product names, quantities, and prices before the custodian pays.
24. Confirm depository receipt on your custodian statement.

Phase 6: After the Move

25. Check your tax forms. Early the following year, the paying plan sends Form 1099-R; the receiving custodian later sends Form 5498. Make sure the codes match a rollover. See rollover paperwork and forms.

Then file everything together: requests, confirmations, statements, and tax forms. Good records make future questions, from a tax return to an inheritance, much easier to answer.

Documents to Keep in One Folder

• Statements from each old account, dated just before the move.
• The custodian's account-opening confirmation and beneficiary designation.
• Every distribution election or transfer request you signed.
• Copies of checks or wire confirmations.
• Each metals purchase confirmation showing product, quantity, and price.
• The first custodian statement listing the metal at the depository.
• Forms 1099-R and 5498 for the year of the move.

The IRS describes how rollovers are reported on its Form 5498 page. If a question comes up years later, these records are the quickest way to answer it.

Red Flags to Stop On

• Anyone urging you to take a check in your own name "to save time."
• Suggestions to store IRA metal at home.
• Pressure to buy collectible or proof coins without explaining IRA eligibility and pricing.
• Fees or buyback terms that aren't provided in writing.

Our guide to high-pressure sales red flags covers more warning signs.

Using This Checklist With Goldco

Goldco is a precious metals company that offers gold and silver for IRAs funded by transfer or rollover, and it says it works with all major self-directed IRA custodians. Its account setup checklist covers its own steps. Its precious metals specialists can explain paperwork but are not licensed to give financial, legal, or tax advice.

Frequently Asked Questions

Which step causes the most delays?

Usually the release of funds from the old plan or custodian, especially when paper checks, annuity surrenders, or spousal consent are involved.

Do I have to sell my old holdings myself?

Often, yes. Many self-directed custodians need cash to buy metals, so you may need to place sell orders in the old account first.

Can I skip the professional review?

Many rollovers are straightforward, but pensions, inherited accounts, and after-tax money can carry tax consequences that are worth checking first.

Sources

• IRS — Rollovers of Retirement Plan and IRA Distributions
• Cornell LII — 26 U.S. Code § 408
• CFTC — Learn and Protect
• Better Business Bureau