IRA-Eligible Gold Bars: Refiners, Sizes and Premiums

Gold bars can be held in an IRA. They also raise more questions than coins do, because the law describes bars by purity and custody, not by a list of named products. This page explains what the law says about bars, what the futures-market and London standards look like, and what to ask before an IRA buys one. For the full picture, see our guide to IRA-eligible precious metals. This page is general education, not personal advice.

Can gold bars go in an IRA?

Yes, if they meet the law's tests. The tax code treats metals and coins as collectibles, with exceptions (26 U.S.C. 408(m)(2) and (m)(3)), and an IRA that buys a collectible is treated as paying out its cost. Bullion is an exception. Section 408(m)(3)(B) of the tax code excludes from "collectible":

"any gold, silver, platinum, or palladium bullion of a fineness equal to or exceeding the minimum fineness that a contract market (as described in section 5 of the Commodity Exchange Act, 7 U.S.C. 7) requires for metals which may be delivered in satisfaction of a regulated futures contract, if such bullion is in the physical possession of a trustee described under subsection (a) of this section."

Source: 26 U.S.C. 408(m)(3)(B). The IRS summarizes the same exception as bullion "of a certain fineness if a bank or approved non-bank trustee keeps physical possession of it" (IRS).

That gives two tests:

1. Fineness. Fineness is how much of the bar is pure metal. The statute sets the minimum by pointing to what a regulated futures market requires, not by printing a number.
2. Custody. The bar must be in the physical possession of the IRA's trustee. The rule requires a trustee, not the account owner, to hold the bullion. Our collectibles rule page goes through the statute.

What fineness does a gold bar need?

Because the statute points to futures contracts, a common reference point is the COMEX gold futures contract. Its rulebook says: "Gold delivered under this contract shall assay to a minimum of 995 fineness" and the gold "must be a brand approved by the Exchange" (CME Group, Chapter 113). To assay generally means to test a metal's purity. Fineness is generally described as parts of pure metal per 1,000, so 995 fineness would be .995.

This is how the statute works as we read it. We did not find an IRS statement saying which exchange's contract applies to which product, so treat the link as an interpretation, not a legal conclusion. Exchange rules can change. Your custodian should check the current standard.

Whether a particular bar qualifies depends on the bar itself, the current futures-contract standard and your custodian's rules. Ask the custodian to confirm fineness in writing for the exact bar.

What is an accredited refiner, and does it matter?

A refiner is the company that melts, purifies and casts the bar. The tax code does not mention refiners. The refiner question comes from the futures and London markets, and from custodians.

• COMEX. The contract requires a "brand approved by the Exchange." The rulebook also says "Each bar of eligible gold must have the weight, fineness, bar number, month and year of production (for bars produced as of January 1, 2026), and brand mark clearly incised on the bar" (CME Group).
• LBMA Good Delivery. The LBMA (London Bullion Market Association) says "Good Delivery is a system that enables the global trade of gold and silver bars," and that its lists name "gold and silver refiners who are accredited by the LBMA to supply gold and silver bars into the London market" (LBMA).

The tax code does not require an LBMA or COMEX listing, and we did not find an IRS rule that does. Some custodians may use lists like these; we did not verify any custodian's policy. We did not find a source that says custodians must accept every bar that meets the law, so a bar that meets the law may still be refused.

What sizes do IRA gold bars come in?

The law does not set bar sizes. Two sets of published standards show how large bars can be:

These are large wholesale bars. They show what the exchange and London standards describe. They are not a list of the bars sold to IRA investors. Smaller bars are sold by dealers, but we did not find a government or industry source listing common retail bar sizes, so we are not listing sizes. Ask the dealer and the custodian which sizes and brands they handle.

How do bar premiums compare with coins?

A premium is the amount a dealer charges above the metal's market price. Our guide to dealer premiums and markups explains how to work out what you are really paying.

We do not have a regulator or industry source that gives typical premiums for bars or coins, so we won't state any figures or claim that one is cheaper. Premiums vary by product, size and dealer, and they change over time. To compare, ask for written quotes on each specific bar or coin, including the buy price now and the price the dealer would pay if the IRA sold. Our page on coins vs. bars covers other differences. Our guide to IRA-eligible gold coins covers the coin side, and the page on coins that are not IRA eligible, including Krugerrands covers products that don't fit.

What can go wrong when buying gold bars for an IRA?

• Buying before the custodian approves the bar. Get approval of the exact bar, refiner and size in writing first.
• Assuming "approved" means the same thing everywhere. An exchange listing, an LBMA listing and a custodian's list are three different things.
• Taking the bar home. For bullion, trustee possession is part of the exception.
• Treating a bar as a numismatic item. The tax code lists "any metal or gem" and "any stamp or coin" as collectibles, with exceptions (IRS), so whether a piece falls in an exception depends on the item. See bullion vs. numismatic.
• Skipping the quote comparison. We cannot support a claim that bars cost less than coins, or the reverse. Compare actual quotes.

What should I ask before an IRA buys a gold bar?

1. Does the custodian accept this exact bar: refiner, size and fineness?
2. Does it use a list of approved refiners, and which one?
3. What is the dealer's buy price now and its buyback price?
4. Where will the bar be stored, and who holds it? See gold IRA storage.
5. What fees does the custodian charge for this holding?

A qualified tax professional or the custodian can tell you how these rules apply to your own account.