A Traditional Individual Retirement Account, is a special type of account which allows investors to make tax-deductible contributions. The money can be invested in stocks, bonds, precious metals, mutual funds, etc., and the earnings grow tax-free until the account's owner turns 59 1/2 years old (if money is withdrawn before this age, a 10% penalty is incurred). At this time, the account holder is allowed to begin withdrawing money from the account to fund their retirement. The distributions are fully taxed by the U.S. government. Money must be withdrawn from the account no later than the April 1 following the year the owner turns 70 1/2. (Source:, Traditional IRA By Joshua Kennon, Guide)


The Taxpayer's Relief Act of 1997 (Public Law 105-34-August 5, 1997) is the law which specifies these rules in Section 304 (a) through Section 304 (b). The IRS has further refined this in their IRS Code Section 408, dealing with IRA accounts in general. Section 408 (IRC) (3) (A) (i) lists these specifics for metals acceptable in an IRA plan: (all precious metals must be of a fineness acceptable for fulfilling a futures contract on an exchange as set forth in the Commodity and Exchange Act 7 USC 7), e.g.: