Gold IRAs are becoming an increasingly popular option for American savers, with prices at over $5,000 per ounce. However, investors may be confused about where the gold goes from, as it is stored in a home safe or a bank box, or anywhere else under the account holder’s direct control. The IRS requires all precious metals held in a Gold IRA to be held in an approved depository, which carries a 10% penalty for early withdrawals for investors under age 59 1/2. The full value of the metals stored at home will be treated as ordinary income and subject to federal and state income tax. Companies advertising “home storage Gold IRA” options are marketing a structure the IRS does not recognize.