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Gold Bullion in Hands of Non-IRA Custodian Under Direction of IRA Trustee Ruled a Collectible
Internal Revenue Service [IRS] 
[Official Guidance] Apr. 29, 2002
Excerpt: This limited exception applies only if a certain type of bullion is in the physical possession of the IRA trustee. In this case, all of the bullion coins and bullion bars at issue are in the physical possession of Company M or Company N, not the IRA trustee.... IRAs that deposit such bullion coins and bullion bars with Company M or Company N would have to treat such deposit as a distribution from the IRA in an amount equal to the cost to the IRA of such collectible.
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