Gold IRAs, which work like regular IRAs but store physical metal in retirement accounts, have been gaining popularity due to the recent surge in gold prices. Gold IRAs follow the same tax code with a completely different operating system, allowing for the same contribution limits and tax treatment as any standard IRA. However, the difference is in the operational structure surrounding your actual assets. Gold must be stored in an IRS-approved depository, a high-security vault operated by a third party, and must meet a minimum purity standard of 99.5% to qualify for inclusion in an IRA. If you store any gold in your home safe or personal bank deposit box, you will owe income taxes on the full value of the metals plus a 10% early withdrawal penalty. Some companies have marketed "home storage gold IRAs" using LLC structures as a legal workaround, but these have been rejected by the IRS and U.S. Tax Court.