What questions to ask a Gold IRA rep
The 12 questions every prospective Gold IRA buyer should ask before signing: custodian, depository, fee schedule, markup, and exit terms.
Who is the custodian and where are they chartered
**Why it matters**: The custodian (not the Gold IRA marketing company) is the legal IRA fiduciary. The custodian's published fee schedule controls the account-level fees. The custodian's state of charter determines which regulator examines the trust company.
**Ask**: "Which custodian will my IRA be opened with — Equity Trust, STRATA Trust, Kingdom Trust, or another? Please send me the custodian's published fee schedule before we proceed."
**What you want**: A named custodian (typically Equity Trust or STRATA Trust for the major Gold IRA marketers) with a publicly accessible fee schedule. If the rep cannot or will not name the custodian in advance, that is itself a data point — you are being asked to sign without knowing the legal fiduciary on your account.
Which depository options are available
**Why it matters**: The depository holds the physical metal under IRC § 408(n). The depository's storage rates and the segregated-vs-commingled choice affect ongoing costs.
**Ask**: "Which IRS-approved depositories can hold my metal — Delaware Depository, Brink's, IDS of Texas, or others? What are the segregated and commingled storage rates at each? Can I choose between them?"
**What you want**: At least one named, IRS-approved depository with a published storage rate schedule and a clearly stated segregated-vs-commingled price difference. If the rep insists on a single bundled depository without showing the published rates, you cannot verify what you're paying.
Full written fee schedule
**Why it matters**: First-year promotional pricing on the IRA fees can mask higher year-two-and-beyond rates. The custodian fee, the storage fee, and any wire-transfer or transaction fees are separate line items that compound over the hold period.
**Ask**: "Please send me a full multi-year written fee schedule showing year-one, year-two, and year-five total IRA-side costs at my expected account size. Include any promotional waivers, the conditions of those waivers, and the standard rates that apply after the promotional period ends."
**What you want**: A written multi-year fee schedule. The one-year-only quote is the common pattern; the multi-year schedule is what protects you. The custodian's published rate is the floor; the marketing company cannot quote below it.
Markup on the initial purchase
**Why it matters**: This is the single largest cost in year one and the most opaque element of a Gold IRA transaction. The disclosed annual fees are typically `$200-$300` total; the markup on a `$100,000` bullion purchase can be `$5,000-$10,000`.
**Ask**: "For the specific bullion products you would source for my account, what is the markup percentage over the LBMA daily fix? Please provide a written quote on a representative `$50,000` order broken out by product, with spot price, premium, and total cost."
**What you want**: A written markup disclosure on a representative order, against an objective spot benchmark (LBMA fix or a major bullion dealer's same-hour quote). A rep who refuses to disclose the markup in writing is signaling that the markup will not survive comparison; that is the most important diagnostic in the entire conversation.
Buyback policy and exit terms
**Why it matters**: At some future point you will exit the position — either by distribution at retirement age, by Roth conversion, by RMD, or by full account close. The buyback spread the Gold IRA marketer offers determines whether the exit is at a fair price or at a discount to the market.
**Ask**: "What is your written buyback policy? What spread below the then-current ask price do you quote on resale of products you sold me? Are there any time-on-hold restrictions, minimum-size requirements, or product-specific exclusions?"
**What you want**: A specific written buyback spread (e.g., `2-3%` below current ask), a clear process timeline, and no surprise restrictions. The buyback spread is part of the total economic story; an opaque buyback policy converts what looks like a bullion holding into something closer to a private-equity stake.
What products will be offered (bullion vs proof)
**Why it matters**: Some Gold IRA sales scripts steer buyers into "premium" or "proof" coins that carry markups several times higher than bullion-grade coins of equivalent metal content. The proof coins are not better as a long-term hold; they are higher-margin for the dealer.
**Ask**: "What specific products will be sourced for my account? Bullion-grade American Gold Eagles? Proof Eagles? Premium-branded products? What is the markup percentage on each, and how does that compare to a buying a comparable bullion-grade product from a transparent online dealer?"
**What you want**: A bullion-grade product mix (American Gold Eagles, Canadian Maple Leafs, IRA-eligible bullion bars from approved refiners). If proof or premium products are presented, ask why and request a comparison to bullion-grade equivalents. The framing should be: "What is the lowest-markup IRA-eligible product I can hold in this account?"
Cancellation and cooling-off rights
**Why it matters**: Some states have specific cancellation rights for precious-metals transactions. Some Gold IRA companies offer voluntary cooling-off windows. The right to undo a transaction within a specified window protects you against high-pressure sales tactics.
**Ask**: "What is your written cancellation policy? If I sign the account paperwork today and change my mind in the next `7` days, what is the process and what fees apply? Are there state-specific cancellation rights that apply to my state of residence?"
**What you want**: A documented cancellation window of at least `7-14` days from signing, with the IRA-side fees fully refundable. Most state laws on precious-metals cooling-off rights are narrower than what a fair-minded company offers voluntarily; insist on the voluntary protection regardless of state-law specifics.
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Frequently asked questions
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What's the single most important question?
'Please send me your full written fee schedule and a representative quote on a $50,000 purchase of bullion-grade Eagles, including all markups, custodian fees, and storage costs for year one and year two.' The answer in writing protects you from later surprises. -
Why ask about bullion vs proof products?
Some sales scripts steer buyers into high-markup proof coins. Bullion-grade coins typically carry far lower markups. Ask which products will be presented and at what markup over spot. -
Where does BullionLens get its data on this topic?
Primary sources cited in the article. For market data we lean on the LBMA daily fixings, COMEX volume reports, IRS publications, SEC filings, and the World Gold Council's annual reports. We do not cite secondary aggregators as authority. -
When was this page last reviewed?
See the 'Last reviewed' date at the bottom of the page. We commit to a quarterly minimum review cycle; fee schedules, IRS rules, and company arrangements can change between reviews — confirm with primary sources before transacting.
In plain English We're an editorial desk. Educational only — talk to a licensed adviser before doing anything with retirement assets.