Segregated vs Commingled (Non-Segregated) Gold IRA Storage

When IRA metal is vaulted, one of the first choices is how it is stored: on its own, or alongside other customers' metal. Sellers and depositories call these options "segregated" and "commingled" or "non-segregated." This page explains how some depositories use the words, what the tax code says about "commingling," and why you should not assume two providers use the terms the same way. For the wider picture of where IRA metal is kept, see Gold IRA Storage.

Two cautions. First, we found no IRS or Treasury page that defines "segregated," "commingled," "allocated" or "unallocated" for precious metals. The meanings below come from depositories' own websites, so they are company claims, not legal definitions. Second, how these terms line up with the tax code is a question for a qualified tax professional.

What is segregated storage?

In plain terms, segregated storage is meant to keep your metal apart from other customers' metal. The depositories below describe it in their own words, and the details differ.

Here is how three providers describe it on their own sites.

• According to Delaware Depository's FAQ page (accessed 2026-10-06), its segregated storage option has metal that is allocated on its system and "physically separated by customer." Customers "receive their own container where the metal is separate and apart from all other metal," and the page says "The exact material deposited is returned upon withdrawal."
• According to CNT's FAQ page (accessed 2026-10-06), CNT Depository "only offers segregated, allocated storage."
• According to the Texas Bullion Depository's IRA storage page (accessed 2026-10-06), "Your precious metals are stored separately, never commingled."

What is commingled (non-segregated) storage?

Commingled storage, as we use the term here, means identical items from different customers are stored together. Delaware Depository describes its non-segregated option in that way: customers who own the same product have it stored together.

According to Delaware Depository's FAQ (accessed 2026-10-06), in its non-segregated option metal is "physically separated by product," so a customer who owns 1-oz. Gold American Eagles will have them "stored with other customers' 1-oz. Gold American Eagles." The same page says non-segregated storage is "the preferred choice for fungible products." "Fungible" means interchangeable: one coin of the same type and condition is worth the same as another.

That page says "The exact material deposited is returned upon withdrawal" for segregated storage. It does not make that statement about non-segregated storage. The question to ask is whether you get back the same pieces or equivalent pieces.

The Texas Bullion Depository's FAQ page (accessed 2026-10-06) says the depository "will offer a pooled method for storing gold or other precious metals in the future," so at that date it described only the separate option.

How do the two options compare?

We do not state which costs more or less. We did not find a source that sets this for all providers, and fee schedules differ. See Gold IRA fees for the costs to ask about.

What do "allocated" and "unallocated" mean?

These words are easy to confuse with the storage types above. We did not find a source that defines them for all providers, and providers define them differently, as the examples on this page show.

Delaware Depository says "All bullion is fully allocated" and also offers a non-segregated option in which customers' identical products are stored together. It describes that option as allocated. Our reading is that, for that provider, "allocated" and "commingled" can go together. CNT's FAQ says that for its storage, "At no time is your metal comingled with other metal." That shows why you cannot infer one term from the other.

For a Gold IRA, the question that matters is whether the custodian's records and the depository's records show the specific metal or quantity as belonging to your IRA, and whether the provider lends or leases metal. According to Delaware Depository's FAQ, it "does not lend or lease metal." Ask every provider the same question and get the answer in writing.

Does the tax code say anything about commingling?

Yes, but about a different kind of mixing. 26 U.S.C. 408(a)(5) (accessed 2026-10-06) says: "The assets of the trust will not be commingled with other property except in a common trust fund or common investment fund." This is a requirement for the IRA trust itself.

Separately, the IRS collectibles page describes the bullion exception as covering "Any gold, silver, platinum, or palladium bullion of a certain fineness if a bank or approved non-bank trustee keeps physical possession of it." See the collectibles rule for the full explanation.

Our reading, which is an interpretation: the statute speaks of trust assets not being mixed with other property, and the IRS page speaks of trustee possession. Neither uses the depository terms "segregated" or "non-segregated," and we found no IRS statement saying whether pooled storage of identical bullion with a trustee's control satisfies, or fails, either point. The IRS also lists approved nonbank trustees and custodians, but the page we reviewed covers trustees and custodians, and we did not see it address depositories or storage types. Ask your custodian how it applies the rule to each storage option, and consider a tax professional or attorney for a legal opinion.

What is clearly different is keeping the metal yourself. In home storage arrangements, the Tax Court treated coins kept at an owner's home as taxable distributions in McNulty v. Commissioner, 157 T.C. No. 10 (2021). That case concerned personal possession, not the type of vault storage.

What should I ask before choosing a storage type?

Start with the custodian, since storage is arranged through or with the custodian; confirm how it works with yours. See custodian vs dealer vs depository for who does what. Then ask:

1. How does the depository (not only the seller) define segregated, non-segregated, allocated and unallocated?
2. In my account, would I get back the same pieces or equivalent pieces?
3. Does the depository lend, lease or pledge any stored metal?
4. What does each option cost per year, and what other fees apply?
5. Which statements will I receive, and how often? Do they list items or only quantity?
6. Is the metal covered by insurance, and what does the policy cover? See Gold IRA storage insurance.
7. Can the custodian confirm in writing where my metal is held?

The CFTC's customer advisory lists storage among the potential costs of buying metals through a retirement account, and says metals in a self-directed IRA must be held by the IRA trustee or custodian. Also read IRA-approved depositories for what "approved" does and does not mean.

Common mistakes

• Assuming "segregated" has one meaning. Delaware Depository defines it by customer container; other providers may define it differently, so read their documents.
• Mixing up allocated with segregated. On our reading of Delaware Depository's page, metal can be allocated and still stored with other customers' identical products.
• Choosing by the label alone. Compare the written account terms, fees and statements, not the sales brochure.
• Skipping the buyback and withdrawal terms. If you plan to take a distribution in metal, ask how pieces are returned. See in-kind distributions.

This page is general education, not tax, legal or investment advice.