Six paths to gold ownership, from a $200 coin to a $500,000 IRA rollover. Which fits depends on three questions: how liquid the position has to be, whether you want tax-deferred growth, and how much metal you want to hold.
The Six Paths.
Physical bullion held privately. Physical bullion in a depository. Physical bullion inside a Self-Directed IRA. Gold ETFs (GLD, IAU, SGOL). Gold mining equities. Royalty and streaming companies. Each carries distinct tax, liquidity, and counterparty-risk profiles. The IRA route dominates retirement allocation because it is the only structure that lets pre-tax dollars buy physical metal.
On IRA Rollovers.
Open a Self-Directed IRA with a custodian. Transfer from an existing 401(k), Traditional IRA, or Roth. Instruct the custodian to buy IRS-approved bullion. The custodian stores it at an approved depository. Direct trustee-to-trustee transfers are non-taxable. Taking funds in hand mid-process triggers tax. and a penalty if you are under 59½.
On Cash Purchases.
Non-IRA gold is the oldest form and the most operationally demanding: you are your own custodian, insurer, and liquidity provider. JM Bullion and APMEX lead on retail spread. A $10,000 purchase typically runs 2, 4% over spot. Larger orders compress the spread; smaller coin buys widen it.
On ETFs.
GLD and IAU together hold over $100 billion in gold for shareholders. The metal is vaulted in London. HSBC for GLD, JPMorgan for IAU. Shares trade continuously on U.S. exchanges. The structure suits allocators treating gold as a portfolio hedge. It is not a substitute for physical metal in major counterparty-risk events or jurisdictions with plausible asset-freeze risk.
Augusta Precious Metals.
For the $50,000+ allocator executing a Gold IRA rollover, Augusta is the custodian we recommend without reservation. The firm's contractual buy-back, named-analyst relationship, and segregated-default storage at Delaware Depository place it at the top of our register for the fourth consecutive cycle.
Allocation Ranges.
Professional allocators typically suggest 5, 15% in precious metals. A 10% anchor is reasonable for standard portfolios. Above 25% is hard to defend on risk-adjusted return, though reasonable given specific inflation or currency views. Size to the thesis, not a round number.