Opening a Precious Metals IRA Account through GBI Direct
IRA Account with GBI Direct as Precious Metals Dealer and Equity as managing IRA custodian
More knowledge for Understanding Your Precious Metals IRA
IRA Accounts — Frequently Asked Questions
What IRA types are available? You can open one of four IRA types: Roth, Traditional, SIMPLE, or SEP. All IRA accounts are custodied by Equity Trust Company, one of the largest custodians for alternative assets, administering more than $25 billion in qualified funds for its clients.
What fees are associated with an IRA account? There are two main costs to be aware of:
- Annual custodian fee: $125, paid directly to Equity Trust
- Storage fee: 0.06% of asset value per month ($4 minimum), billed quarterly. For example, $10,000 in stored metals would incur a $6 monthly fee. Fees accrue daily based on the resale value of your metals and are automatically withdrawn from your cash balance each quarter. If no cash balance is available, you will be notified and given a grace period to deposit sufficient funds.
Where are my metals stored? Your IRA metals are securely stored at the Brinks Salt Lake City of Brinks New York vault, an IRS-approved depository. The IRS requires that all IRA assets be held by a qualified custodian and stored in an approved facility — an individual may not act as their own IRA custodian.
How can I fund my IRA? There are three ways to deposit funds into your IRA:
- Transfer — If you already have an existing IRA, you can transfer some or all of it into your new account. Transfers are tax-free, not reportable on your tax return, and typically completed in 5–7 business days. There are no limits on how many transfers you can make per year.
- Rollover — If you have a former or current employer retirement plan (such as a 401k, 403b, or 457), you can roll those funds over into an IRA to invest in precious metals. The transferred funds retain their tax-advantaged status and are generally free to move.
- Contribution — You may contribute cash directly to your IRA up to the annual limits set by Congress. Contributions may be tax-deductible depending on your IRA type, and qualified Roth IRA proceeds may be tax-free.
What is Equity Trust responsible for? As your IRA custodian, Equity Trust handles all recordkeeping and IRS reporting for your account. This includes tracking contributions, rollovers, transfers, distributions, and investments made through your IRA. They are also responsible for filing two required annual IRS forms:
- Form 1099 — Reports any distributions taken from your IRA
- Form 5498 — Reports contributions made during the year and the Fair Market Value of your account
For specific questions regarding IRA deposits or account administration, please contact Equity Trust directly or our service team for more details.