No single agency regulates gold IRA companies. The CFTC, the SEC, the FTC and state regulators can each act after something goes wrong, but none licenses the dealer or checks the price before you buy. So who checks the company before your retirement money moves?
The dealer is the company that sells the metal, often called a "gold IRA company". The custodian is the trust company that holds the IRA itself.
That gap is the reason most gold IRA scams are stopped only after the money is gone. This page maps the 8 agencies, the two CFTC rules people misquote, the SEC and state routes, and the narrow role of the IRS. It ends with the 5 gaps and the 5 checks that replace them.
Every rule on this page links to the statute, the Federal Register or the court record.
Who Regulates Gold IRA Companies?#
Eight government bodies hold power over part of a gold IRA: the IRS, CFTC, SEC, FINRA, FTC, your state securities regulator, your state attorney general and state banking regulators. Each covers one slice: taxes, fraud, investment advice, brokers, sales calls and ads, state law, or the custodian's charter.
The table shows what each of the 8 agencies can do about a gold IRA and what it cannot.
| Agency | Who it oversees | What it can do | What it cannot do | Legal basis |
|---|---|---|---|---|
| IRS (Internal Revenue Service) | The account | Sets which metals qualify and that a trustee must hold them; taxes rule breaks | Does not approve dealers, coins or depositories | 26 U.S.C. 408(m)(3) and 408(a)(2) |
| CFTC (Commodity Futures Trading Commission) | Any seller of a commodity | Sue for fraud; win restitution (money ordered back to customers), penalties and bans; enforce the 28-day rule on financed sales | Does not license or inspect metals dealers; its power is contested in court and was upheld on August 3, 2026 | 7 U.S.C. 9(1); 17 CFR 180.1; 7 U.S.C. 2(c)(2)(D) |
| SEC (Securities and Exchange Commission) | Investment advisers, brokers, securities | Sue a dealer that advises on your stocks or funds | Metal is not a security; the SEC does not oversee coin prices or custodians | 15 U.S.C. 80b-2(a)(11) |
| FINRA (Financial Industry Regulatory Authority) | Brokers at member firms | Discipline a broker involved in the sale; run a helpline for seniors | No power over metals dealers | FINRA rules for member firms |
| FTC (Federal Trade Commission) | Sales calls, ads, reviews | Act on deceptive telemarketing, fake reviews and "free" offers | One metals case identified by SafeOunce; money remedies narrowed in 2021 | 16 CFR Parts 310, 465, 251 and 255 |
| State securities regulator | Advice and commodity sales in the state | Issue cease-and-desist orders, win refund offers, join CFTC suits | Acts state by state | State securities and commodity laws; 7 U.S.C. 13a-2 |
| State attorney general | Any business selling to state residents | Bring consumer-protection suits and settlements | Has no license to revoke | State consumer law |
| State banking regulator | Trust companies (custodians and trust-company depositories) | Charters and examines the custodian | Does not review the dealer or the price | 26 U.S.C. 408(n)(3); state trust law |
Status as of October 2026.
SafeOunce's tracker holds 9 retirement-account dealer actions filed from 2020 to 2023. The CFTC led 6, state regulators alone brought 3, and the FTC brought none. State regulators joined 4 of the 6 CFTC cases, and the SEC filed parallel suits in 2.
Four of the CFTC-led cases are cited below: Metals.com, Safeguard Metals, Red Rock Secured and Regal Assets. The fifth, CFTC v. Fisher Capital LLC (E.D.N.Y. No. 1:23-cv-03121), is pending, and its claims are alleged. The sixth is CFTC v. Moran (N.D. Tex. No. 3:23-cv-02077), against Crown Bullion Inc. A consent order on liability was entered on September 5, 2024, with no money amounts set yet.
The 3 state-only actions are the GSI Exchange and Rosland Capital orders below and a Texas emergency order against First Class Wealth Preservation LLC (No. ENF-21-CDO-1845, August 2021, outcome not found). Each case, with its docket, is in our list of gold and precious metals IRA enforcement actions.
Why is there no federal license for gold IRA companies?#
There is no federal license because physical gold and silver are commodities, not securities. A commodity is a raw good such as gold, oil or wheat. A security is a stock, a bond or a fund. Federal law registers, meaning signs up and supervises, people who sell futures, securities and advice. It does not register people who sell coins and bars for full payment.
The CFTC and FINRA say so in "10 Things to Ask Before Buying Physical Gold, Silver, or Other Metals" (March 20, 2024): "Retail metal dealers are not regulated at the federal level." A CFTC advisory of August 4, 2020 (release 8215-20) adds that dealers "often times are not licensed or registered ... They are typically salespeople who are paid commissions".
The National Futures Association's BASIC database lists firms registered with the CFTC. A search for a gold IRA dealer there usually shows nothing, which is normal and proves nothing either way. The words "gold IRA company" have no legal meaning.
Which companies are behind a gold IRA, and who oversees each?#
A gold IRA involves a dealer, a custodian, a depository and often a salesperson, and only the custodian must hold a government charter. A depository is the vault that stores the metal. A charter is a government permit to act as a bank or trust company. The table shows who oversees each of the 4 parties.
| Party | What it does with your money | Who oversees it | Does anyone check the price you pay? |
|---|---|---|---|
| Dealer ("gold IRA company") | Sells the metal and sets the price | No licensing body; the CFTC and states can sue for fraud | No |
| Custodian | Holds the IRA, pays the dealer's invoice, files tax forms | A state banking regulator, or the IRS if it is a nonbank trustee (a non-bank firm the IRS has approved to hold IRAs) | No: custodians "generally do not evaluate the quality or legitimacy of any investment ... or its promoters" (SEC and NASAA investor alert) |
| Depository | Stores the metal | Varies: a state bank commissioner for a trust-company vault such as Delaware Depository; a state agency for the Texas Bullion Depository; others hold no charter of this kind in the documents read | No |
| Salesperson | Recommends what to buy | None, unless licensed as an adviser or broker | No |
STRATA Trust Company states that it "does not provide due diligence to third parties regarding prospective investments, platforms, sponsors, dealers or service providers" (STRATA page (SafeOunce earns nothing from this link.), read October 2, 2026). The SEC once charged Equity Trust Company over frauds run by promoters. Those charges were dismissed on June 27, 2016 (SEC Admin. Proc. File No. 3-16594, Initial Decision Release No. 1030). The decision notes that "Equity Trust is not registered with the Securities and Exchange Commission in any capacity".
What gold IRA custodians do and charge is covered on its own page.
What Can the CFTC Do About Gold IRA Dealers?#
The CFTC can sue a gold IRA dealer for fraud and ask a court for refunds, penalties and bans, but it does not license dealers or set prices. A penalty is a fine, and a ban bars a person from the trade. The CFTC has 3 tools against a metals dealer.
- Sue for lies or hidden facts in any commodity sale (17 CFR 180.1).
- Treat a financed metal sale without delivery in 28 days as an illegal off-exchange futures deal (7 U.S.C. 2(c)(2)(D)). Off-exchange means not traded on a regulated market.
- Work with states, which can sue under the same federal law (7 U.S.C. 13a-2).
The CFTC filed 6 dealer cases tied to retirement savings from 2020 to 2023. They involved about $380 million of customer money, counting the highest figure each CFTC release gives, and part of that is alleged. The last new CFTC complaint against a retail metals dealer was filed on September 27, 2023 (release 8791-23). None followed through September 25, 2026, in the CFTC's release list. That is about 36 months without a new case.
A short definition of what the CFTC does and does not do for gold IRA buyers is in the glossary.
The CFTC's power over retail gold and silver sales is an anti-fraud power, in force since August 15, 2011#
Since August 15, 2011, the CFTC has had the power to sue anyone who uses fraud in a cash sale of gold or silver, under 17 CFR 180.1. That power is an anti-fraud power only: it does not include licensing or inspecting dealers. The rule appeared in the Federal Register, the government's daily rule journal, at 76 FR 41398 on July 14, 2011. Its text says: "These final Rules will become effective August 15, 2011." The rule carries out 7 U.S.C. 9(1), which Congress added in the Dodd-Frank Act of July 21, 2010.
A cash sale, also called a spot sale, means you pay in full and own the metal. Interstate commerce means business across state lines.
"The CFTC regulates gold dealers" is wrong: it polices fraud after the fact and registers none of them. "The CFTC has no power over physical gold" is also wrong: it has held this power since 2011, and a court upheld it on August 3, 2026.
Atlantic Bullion & Coin ran a silver Ponzi scheme, which pays old investors with new investors' money, from 2001 to 2012. The CFTC's jurisdiction began on "August 15, 2011" (CFTC release 6524-13), so its case reached only the last months. That case ended with $11.53 million in restitution and a $23 million penalty. The criminal case covered the whole scheme: 235 months in prison and $57.4 million in restitution.
The timeline shows the 9 dates behind this power.
| Date | Event | Source |
|---|---|---|
| 1978 | CFTC v. Muller, the precedent later used to uphold CFTC power over gold | 570 F.2d 1296 (5th Cir. 1978) |
| July 21, 2010 | Dodd-Frank Act signed; it adds 7 U.S.C. 9(1) and the retail commodity rule in 7 U.S.C. 2(c)(2)(D) | 7 U.S.C. 9; 7 U.S.C. 2 |
| August 15, 2011 | 17 CFR 180.1 takes effect | 76 FR 41398 |
| September 22, 2020 | The CFTC and 30 states sue Metals.com (TMTE, Inc.), N.D. Tex. No. 3:20-cv-02910-X; pending, and all markup figures are alleged | CFTC release 8254-20 |
| April 1, 2024 | The Red Rock Secured court orders the CFTC to show cause on its authority (C.D. Cal. No. 2:23-cv-03680, Doc 111); the case ends by consent order on April 23, 2024 | CFTC release 8898-24 |
| July 21, 2025 | In the Metals.com case, Doc 911 holds that precious metals are not "commodities" under 7 U.S.C. 1a(9) | Doc 911 |
| August 3, 2026 | Doc 1038 reverses that holding under Muller and sets trial | Doc 1038 |
| September 24, 2026 | The defendants ask for reconsideration or an appeal (Doc 1048); no ruling as of October 2, 2026 | Docket |
| March 1, 2027 | Civil jury trial date | Doc 1038 |
The CFTC's 28-day actual delivery rule covers only leveraged, margined or financed retail sales#
Under 7 U.S.C. 2(c)(2)(D), added on July 21, 2010, a financed retail metal sale counts as a futures contract unless actual delivery follows within 28 days. The text, added by the Dodd-Frank Act, sits in subclause (ii)(III)(aa) of 7 U.S.C. 2(c)(2)(D). The CFTC explained how it reads "actual delivery" at 78 FR 52426 on August 23, 2013. The rule has applied to sales since July 16, 2011, the start of the period in the Monex consent order (Doc 416, paragraph 19).
Leverage, margin and financed all mean you pay part and the seller lends the rest. A futures contract is a regulated promise to buy or sell later.
The common version, that the CFTC requires every gold dealer to deliver within 28 days, is wrong. The statute reaches only financed sales. A purchase paid in full, which is what a gold IRA purchase is, sits outside this rule.
The CFTC's own 2020 advisory limits the rule the same way. Unless the company "actually delivers the metal within 28 days, this sort of leveraged transaction is a violation" (release 8215-20).
In the Goldline and A-Mark order of September 22, 2022 (CFTC Docket No. 22-30, release 8588-22), more than 230 customers bought on financing. None took delivery within 28 days. The settled order required $627,801.78 in disgorgement (giving up profits) and a $450,000 penalty. The respondents neither admitted nor denied the findings. The order is covered in our Goldline review.
CFTC v. Hunter Wise Commodities, LLC, 749 F.3d 967 (11th Cir. 2014) went to trial and involved more than 3,200 customers. The court ordered $52.6 million in restitution and a $55.4 million penalty in May 2014 (CFTC release 6935-14).
CFTC v. Monex Credit Co., 931 F.3d 966 (9th Cir. 2019) set the test for vaults. Metal in "the broker's chosen depository ... subject to the broker's exclusive control" is not actual delivery. The consent order of December 19, 2022 (C.D. Cal. No. 8:17-cv-01868) set $33 million in restitution and a $5 million penalty, without admitting or denying. It was a leveraged-account case, not an IRA case.
The term actual delivery has its own glossary entry.
What counts as actual delivery within 28 days?#
Actual delivery means the whole quantity is physically handed to you, or to an independent depository, with title passed to you, within 28 days of the contract date. Title is legal ownership. The table lists the CFTC's 5 examples from 78 FR 52426 to 52429.
| CFTC example | What the seller did within 28 days | Actual delivery? |
|---|---|---|
| 1 | Delivered the full quantity into the buyer's possession and transferred title | Yes |
| 2 | Delivered the full quantity to a depository that is not the seller or its affiliate (for example a financial institution or an exchange-approved warehouse) and transferred title | Yes |
| 3 | Made a book entry (a line in the seller's own records) saying the metal was delivered, or hedged the sale with a third party, without physical delivery | No |
| 4 | Delivered to a depository, but the title document does not name the depository, the quality, the party passing title, and whether the metal is segregated (stored apart) or allocated (assigned to you) | No |
| 5 | Rolled, offset, netted or cash-settled the deal without physical delivery | No |
The CFTC counts the 28 days from the date the contract is entered into. It looks at how the deal is "marketed, managed, and performed", not only at the contract wording (78 FR 52426).
Does the 28-day rule apply to a gold IRA purchase?#
No: a gold IRA purchase is paid in full from the IRA's cash, so the federal 28-day rule does not apply to it. Still, 28 days is the best yardstick you have. The example shows one purchase under 3 sets of rules.
| You paid $100,000 from your IRA on Monday, March 2, 2026 | Deadline in law | Source |
|---|---|---|
| Federal 28-day rule | None, because nothing was financed | 7 U.S.C. 2(c)(2)(D)(i)(II) |
| Washington resident | Metal due by Monday, March 30, 2026 (28 calendar days after payment) | RCW 21.30.010(10) |
| Other states | No date in the laws read for this page; treat March 30 as your own check date | SafeOunce benchmark, not a legal deadline |
An IRA also cannot use this kind of leverage in practice. Pledging IRA assets for a loan is treated as a distribution, a payout, of the pledged part (26 U.S.C. 408(e)(4)).
How to check delivery on your custodian statement is explained step by step.
Can the CFTC still police gold sales after the 2025 and 2026 court rulings?#
Yes, as of October 2026: the federal judge who ruled in July 2025 that gold and silver were not "commodities" reversed himself on August 3, 2026. The case goes to trial on March 1, 2027.
The case is CFTC et al. v. TMTE, Inc., known as Metals.com (N.D. Tex. No. 3:20-cv-02910-X). The CFTC and 30 states filed it on September 22, 2020, and it is pending. The CFTC alleges that over $185 million was taken from at least 1,600 people.
Doc 911 (July 21, 2025) said the legal definition "does not encompass precious metals as commodities because they are neither agricultural products nor movie tickets". Doc 1038 (August 3, 2026) said: "Fifth Circuit precedent binds it to hold that the CFTC has that authority ... But that could change if the Fifth Circuit adopts Justice Gorsuch's view of the major questions doctrine."
A precedent is an earlier ruling that binds later courts. The major questions doctrine is a rule that big new powers need clear words from Congress.
On September 24, 2026, the defendants asked the judge for reconsideration (a second look) or an early appeal (Doc 1048). The court had not ruled as of October 2, 2026. An appeal would go to the Fifth Circuit, which covers Texas, Louisiana and Mississippi.
A separate criminal case over the same scheme, N.D. Tex. No. 3:25-cr-00343-X, is set for jury trial on February 1, 2027. Its charges are alleged, not proven. The full record of the Metals.com case, including what victims have received, is tracked separately.
Is a Gold IRA Regulated by the SEC?#
No: the SEC does not regulate gold IRAs, gold coins or the dealers that sell them, because physical metal is not a security, with one exception that matters. The exception is advice. A seller who tells you to sell stocks, funds or annuities to buy metal can fall under securities law.
The SEC does not vouch for custodians either. Its investor alert with NASAA, the association of state securities regulators, says custodians "generally do not evaluate the quality or legitimacy of any investment in the self-directed IRA or its promoters".
SIPC, the Securities Investor Protection Corporation, covers securities at a failed broker. The FDIC, the Federal Deposit Insurance Corporation, covers bank deposits. Neither covers IRA metal.
When a gold salesperson becomes an investment adviser#
A gold salesperson becomes an investment adviser under SEC rules when paid, even through the markup, for telling you what to do with your securities. An investment adviser is a person paid to advise others on securities. The definition is in section 202(a)(11) of the Investment Advisers Act, 15 U.S.C. 80b-2(a)(11).
A court applied that definition in SEC v. Safeguard Metals LLC (C.D. Cal. No. 2:22-cv-00693). The defendants advised on securities risks, market trends and asset allocation (how savings are split), and were paid through markups. The court found that this "fits squarely within the definition of an investment adviser" (Doc 69).
The final judgment came on May 2, 2025: $25,569,303 in disgorgement, $4,821,263 in interest and a $25,569,303 penalty (SEC Litigation Release LR-26307). They are offset against the CFTC judgment of September 30, 2025 in No. 2:22-cv-00691 (CFTC release 9139-25). The Safeguard Metals judgments are set out in full on the company page.
3 statements move a sales call toward investment advice.
- Advice to sell stocks, mutual funds or annuities
- Claims about how your current investments will perform
- A recommended share of your savings to move into metal
The CFTC and FINRA put it this way in "10 Things" (2024): "If someone tries to persuade you to buy, suggests what to buy, how much, or when, that's advice and they might be required to register with the CFTC, SEC, FINRA or your state regulator."
Who owes you a fiduciary duty: an investment adviser, a broker-dealer or a metals dealer?#
A registered investment adviser owes you a fiduciary duty, a broker-dealer owes a best-interest duty when it recommends securities, and a precious metals dealer owes you neither. A fiduciary is someone legally bound to put your interest first. The table compares the 4 seller types.
| Who is selling | Duty owed to you | Source | Where to look them up |
|---|---|---|---|
| Registered investment adviser | Fiduciary duty of care and loyalty | Investment Advisers Act of 1940; SEC Release IA-5248, 84 FR 33669 (July 12, 2019): "an investment adviser is a fiduciary" | adviserinfo.sec.gov |
| Broker-dealer (a firm licensed to trade securities for customers) | Must "act in the best interest of the retail customer at the time the recommendation is made", for securities | Regulation Best Interest, 17 CFR 240.15l-1; compliance date June 30, 2020 (84 FR 33318) | brokercheck.finra.org |
| Anyone advising a retirement plan or IRA for a fee | Fiduciary only if all 5 parts of the 1975 test are met, including advice "on a regular basis" | 29 CFR 2510.3-21(c)(1); Labor Department notice 91 FR 13503, effective April 20, 2026 | No public lookup |
| Precious metals dealer | No fiduciary duty; an ordinary seller | No statute imposes one; dealer contracts disclaim it | State business registry only |
Dealers put this in writing. Five customer agreements read for SafeOunce say so, for example "no fiduciary relationship exists" (American Hartford Gold, Shipping and Transaction Agreement (SafeOunce earns nothing from this link.), 2026, paragraph 7). Another says representatives "owe no fiduciary duty to Customer" (Rosland Capital customer agreement, section 12.7, archived January 11, 2024). Two custodians, GoldStar Trust and Provident Trust Group, also write that they are not a "fiduciary".
What a fiduciary is, and how the Labor Department's rule changed in 2024 and 2026, has its own page.
What Does the FTC Regulate in Gold IRA Sales?#
The FTC regulates how gold IRAs are sold, not the gold itself: its rules cover sales calls, "free" offers, fake reviews and paid endorsements. The table lists the 4 FTC rules that reach gold IRA sales.
| Rule | What it requires | Citation |
|---|---|---|
| Telemarketing Sales Rule (telemarketing is selling by phone) | Before you pay, the seller must state "the total costs to purchase ... and the quantity of" the goods. Calls you make in response to an ad for an "investment opportunity" are still covered | 16 CFR 310.3(a)(1)(i); 16 CFR 310.6(b)(5) |
| "Free" offers | The cost of a free item may not be recovered "by marking up the price of the article which must be purchased" | 16 CFR 251.1(b)(1) |
| Consumer Reviews and Testimonials Rule (effective October 21, 2024) | Bans fake reviews and company-controlled "independent" review sites | 16 CFR Part 465 |
| Endorsement Guides (revised July 26, 2023); an endorsement is a recommendation in an ad or review | Paid connections must be disclosed clearly | 16 CFR Part 255 |
The Telemarketing Sales Rule's definition of an investment opportunity covers anything sold on claims of "income, profit, or appreciation". How to stop gold IRA cold calls and robocalls is covered with your do-not-call rights.
The FTC rarely uses these rules against metals sellers. SafeOunce found no FTC case against a gold IRA dealer. The only FTC metals case it has identified is FTC v. Premier Precious Metals, Inc. (S.D. Fla. No. 0:12-cv-60504). The court froze assets on March 20, 2012. A stipulated injunction (a court order to stop) and a money judgment followed on February 25, 2014.
Since AMG Capital Management v. FTC, 593 U.S. 67 (2021), the FTC cannot win refunds under section 13(b) of the FTC Act. Its civil penalty, a fine set by law, is up to $53,088 per violation. That amount took effect on January 17, 2025 (16 CFR 1.98).
What Do State Regulators Do About Gold IRA Companies?#
State regulators do the work no federal license does: they issue stop orders, win refunds, join the CFTC's lawsuits and, through banking departments, supervise the custodians. A stop order is called a cease-and-desist order. Under 7 U.S.C. 13a-2(1), "the State may bring a suit in equity or an action at law on behalf of its residents".
Thirty states joined the Metals.com case as co-plaintiffs, parties that sue together. In the Safeguard Metals case, 27 states joined at filing and 30 by the final judgment.
State securities regulators#
State securities regulators act when a metals seller gives investment advice without a license or sells in a way the state's commodity law forbids. Texas shows how. On July 22, 2021, the Texas State Securities Board issued Emergency Cease and Desist Order No. ENF-21-CDO-1844 against True Bullion LLC, doing business as GSI Exchange. The order alleged "an illegal nationwide advisory scheme involving more than 450 investors and more than $32 million".
The outcome was Consent Order No. ENF-23-CDO-1875, effective September 15, 2023. It required a refund offer, or rescission, to eligible customers: you return the metal and get your money back. The company neither admitted nor denied the findings.
The 2021 order describes investor "R.H.", who paid $267,293.60 for 413 gold coins, or $647.20 per coin. The coins cost the dealer $207,739.00, or $503.00 each. The margin was $59,554.60, or 28.7% over cost. On December 31, 2020, the custodian valued the coins at $195,361.39. That is about 27% below the price paid.
State attorneys general#
A state attorney general can sue a gold IRA company under the state's consumer-protection law, with no need to prove the metal is a security or a commodity. New York did so in People of the State of New York v. Lear Capital, Inc. (N.Y. Sup. Ct., Erie County, Index No. 807970/2021), filed June 17, 2021. The petition alleged up to 33% in undisclosed commissions on more than $43 million of sales to nearly 1,000 New Yorkers.
The outcome was a $6 million consent decree, filed about December 30, 2021 and announced January 3, 2022, with no admission by Lear. In Lear's Chapter 11 case (Bankr. D. Del. No. 22-10165), 42 regulators obtained a $5.5 million refund pool. The plan was confirmed in 2023, with no admission (Texas State Securities Board release). Both matters are detailed in the Lear Capital review.
State commodity codes: Washington's 28-day delivery rule for fully paid metal#
Washington is the state whose commodity law puts a 28-day delivery limit on metal you have paid for in full, which is the limit federal law lacks. Washington is the state SafeOunce has verified.
The table compares the federal and Washington rules on 5 questions.
| Question | Federal rule, 7 U.S.C. 2(c)(2)(D) | Washington rule, RCW 21.30.010 |
|---|---|---|
| Which sales? | Financed, leveraged or margined retail sales only | Any metal bought mainly for investment, cash sales included |
| When does the clock start? | The date the contract is entered into (78 FR 52426) | "payment in good funds of any portion of the purchase price" |
| What must happen? | Actual delivery to you or an independent depository, with title | Physical delivery of the total amount |
| What is left out? | Paid-in-full purchases | "a numismatic coin whose fair market value is at least fifteen percent higher than the value of the metal it contains" (RCW 21.30.010(9)) |
| Who enforces? | CFTC and states | Washington Department of Financial Institutions |
The Washington Department of Financial Institutions entered Consent Order S-20-3045-22-CO01 against Rosland Capital LLC and Marin Aleksov on August 4, 2022. From December 2017 through at least April 2021, Rosland sold more than $1.6 million of coins to at least 14 Washington IRA customers. It shipped them "anywhere from 33 days to 168 days" after purchase. The order imposed a cease-and-desist and a $20,000 civil penalty. The respondents neither admitted nor denied the findings.
A span of 33 to 168 days is 5 to 140 days past the 28-day line. The $20,000 penalty equals about 1.25% of the $1.6 million of late-shipped sales.
The Washington definition leaves out a numismatic (collector) coin worth 15% or more over its metal value. So the 28-day protection attaches to plain bullion.
Rosland filed for bankruptcy in 2026 (Bankr. C.D. Cal. No. 2:26-bk-16650, Chapter 11, filed July 2, 2026, pending); see the Rosland Capital bankruptcy page.
State banking regulators: who supervises gold IRA custodians and depositories#
Gold IRA custodians are supervised by state banking regulators as trust companies, and that supervision covers the custodian's safekeeping and records, not the dealer's prices. A trust company is a firm licensed to hold other people's assets. An IRA trustee must be a bank or an approved nonbank trustee (26 U.S.C. 408(a)(2)). A state-supervised trust company counts as a bank under 26 U.S.C. 408(n)(3).
The table gives 5 examples of charters and the regulator on record. A roster is the regulator's public list of chartered firms.
| Company | Role | Regulator, as recorded |
|---|---|---|
| Equity Trust Company | Custodian | South Dakota Division of Banking, public trust company TC.022-2 (state roster) |
| STRATA Trust Company | Custodian | Texas Department of Banking |
| New Direction Trust Company | Custodian | Kansas-chartered trust company |
| Depository Trust Company of Delaware (Delaware Depository) | Depository | Delaware Office of the State Bank Commissioner (limited purpose trust company, chartered October 30, 2009) |
| Texas Bullion Depository | Depository | A Texas state agency in the Comptroller's office (Tex. Gov't Code ch. 2116) |
Companies are named as examples of charters, not as recommendations. Rosters checked September 2026.
How to verify a charter is covered under IRS-approved gold IRA custodians.
What Does the IRS Regulate in a Gold IRA?#
The IRS regulates the tax rules of the account, meaning which metals qualify and who must hold them, and it approves no gold IRA company, coin, bar or depository. The rule is 26 U.S.C. 408(m)(3). It allows named US coins, and bullion of set fineness "in the physical possession of a trustee". Fineness is purity. A trustee is the bank or trust company that holds the IRA.
The IRS says the same in its retirement plan investments FAQ: "there is no list of approved investments".
The metals the tax code allows are listed under IRA-approved precious metals.
The IRS keeps one approval list, and 3 things people expect to be on it are not.
- Dealers and "gold IRA companies": no IRS approval exists
- Coins and bars: eligibility comes from the statute, not from a list
- Depositories: no IRS approval exists
The one list names nonbank trustees approved under Treasury Regulation 1.408-2(e). It held 73 entities as of April 1, 2026. The large metals custodians are not on it. They qualify as state-supervised trust companies instead.
So "IRS-approved" is wrong for a dealer, a refinery or a depository. Five of the 7 competing pages read for this guide use it that way.
What Are the 5 Gaps in Gold IRA Regulation?#
Gold IRA regulation has 5 gaps: no license, no markup limit, no duty to you, no federal delivery deadline for paid-up metal and no insurance fund or claims court. Each gap is a check that falls to you.
1. No license or exam before a company sells#
Anyone can open a gold IRA sales company without a federal license, an exam or an inspection. In CFTC and California DFPI v. Regal Assets LLC (C.D. Cal. No. 2:23-cv-08078), the CFTC said the company had never been registered in any capacity. Default judgments of October 15, 2024 ordered more than $21.9 million in restitution and more than $27.3 million in penalties (CFTC release 9001-24).
2. No limit on the markup#
No law caps what a dealer may charge over the metal's market price; the law only forbids lying about it. The markup is what the dealer adds to its cost. The spot price is the market price of raw metal. The spread is the gap between your buy and sell prices.
The CFTC gives benchmarks, not caps. Its August 4, 2020 advisory puts bullion "between 5 percent and 10 percent" over spot and numismatic coins at "40 percent to 200 percent". It also cites a customer who rolled over a $300,000 retirement account and was "charged nearly $150,000 in commissions and fees". Its 2024 guide says fraud cases showed spreads of "more than 300 percent", while other dealers "may charge less than 20 percent".
In CFTC v. Red Rock Secured (C.D. Cal. No. 2:23-cv-03680), the consent order of April 23, 2024 found markups of 91.89% to 129.97% over the dealer's cost. At least 950 customers paid over $69 million for coins worth about $30 million. The order required $38,984,313.90 in restitution, $5,100,000 in disgorgement and a $12,250,000 penalty (CFTC release 8898-24). How dealers set gold IRA markups is the largest cost most buyers never see.
3. No duty to act in your interest#
A metals dealer is a seller, not a fiduciary, so it may recommend the coins that pay it most. The duty table in the SEC section above shows the 4 seller types.
A one-time rollover pitch generally fails the "regular basis" part of the 1975 five-part test (29 CFR 2510.3-21(c)(1)). Commission pay adds to the conflict (CFTC release 8215-20, 2020).
4. No federal delivery deadline for metal you paid for in full#
Federal law sets no date by which a dealer must deliver metal you paid for in full, and that covers every gold IRA purchase. The 28-day section and the Washington table above give the rules that do exist.
Non-delivery is the costliest failure. In CFTC v. First State Depository Co., LLC (D. Del. No. 1:22-cv-01266-RGA), stored metal was misappropriated. Orders of June 2023 required $112.7 million in restitution and a $33 million penalty (CFTC release 8741-23).
A dealer, a custodian and a depository each stand between you and your metal. The chance that one of these companies fails is called counterparty risk.
5. No insurance fund and no low-cost claims court#
No government fund repays gold IRA losses: FDIC and SIPC do not cover IRA metal, and the CFTC's reparations program hears claims only against firms registered with it. Reparations is the CFTC's own claims process. A complaint lies against "any person who is registered under this chapter", within two years (7 U.S.C. 18(a)(1)). Its summary procedure handles claims up to $30,000 (17 CFR 12.13).
Court-ordered restitution is also narrower than it sounds. The measure is "the total amount of funds solicited ... less the value of precious metal provided ... at the time of sale" (CFTC v. Safeguard Metals, Doc 239, September 30, 2025). The table shows what came back in 3 cases.
| Case | What was at stake | What came back, and when |
|---|---|---|
| Metals.com (pending; N.D. Tex. No. 3:20-cv-02910-X) | Approved claims of $72,260,999 | Interim payment of $8 million, or 11.07% of approved claims, mailed about May 1, 2025, which is 4 years 7 months after filing (report of the receiver, the court-appointed manager of the money, Doc 1022) |
| Monex (C.D. Cal. No. 8:17-cv-01868; consent order December 19, 2022, without admitting or denying; leveraged accounts, not IRAs) | About $290 million of alleged customer losses | $33 million restitution, or about 11.4% |
| Safeguard Metals (C.D. Cal. No. 2:22-cv-00691) | $66,948,960 received from more than 450 customers | $25,569,303 restitution ordered September 30, 2025 (CFTC release 9139-25); amount collected not public |
Ordered is not the same as paid. The CFTC warns that such orders "may not always result in the recovery of any or all funds" (release 9139-25).
How Do You Protect Yourself Where No Regulator Checks?#
Five checks replace the missing regulator: the written price per coin, the sell-back price, the custodian's charter, the day-28 statement and the seller's legal status. The table pairs each gap with your own check and a good answer.
| Gap | Your check | What a good answer looks like |
|---|---|---|
| No license | Look up the company's legal name with its Secretary of State (the state office that registers businesses) and in court and regulator records | A real entity; any case found is explained |
| No markup limit | Ask for the price per coin, the percent over spot and the sell-back price in writing before paying | A dollar figure per coin, not a range such as "2% to 33%" |
| No fiduciary duty | Ask "are you my fiduciary, and how are you paid?" in writing | A plain "no, by commission" is honest; a claimed license must show on adviserinfo.sec.gov or brokercheck.finra.org |
| No delivery deadline | Check your custodian statement by day 28 after the money leaves the IRA | The coins, by name and count, in an account titled to your IRA |
| No insurance fund | Confirm the custodian's state charter and ask the depository for its insurance terms | A roster entry and a written answer |
The full list of questions is in how to choose a gold IRA company.
A range can hide the price. Metals.com's agreements said bullion spreads were "generally between one and five percent". The CFTC alleges average spreads of 91% to 128% on three coins (N.D. Tex. No. 3:20-cv-02910-X, Doc 911). Those figures are alleged, and the case is pending.
What Else Do Readers Ask About Gold IRA Oversight?#
Five questions follow once you learn that no agency licenses gold IRA companies: legitimacy, the safest company, BBB grades, where to report and whether money comes back.
Are gold IRAs legitimate?#
Yes: holding gold, silver, platinum or palladium in an IRA is lawful under 26 U.S.C. 408(m)(3); what is unregulated is the price the dealer charges you. How a gold IRA works, with its costs and risks, is on the main guide.
Which gold IRA company is considered the safest?#
No regulator rates gold IRA companies for safety, so "safest" can only be judged from records: court and regulator history, the contract and the price in writing. No company can pay to change its rating or its place on SafeOunce. Our list of the best gold IRA companies ranks by cost, contract terms and legal record.
Does a BBB rating mean a gold IRA company is regulated?#
No: the Better Business Bureau is a private nonprofit, not a regulator, and 90 of the 100 points in its grade relate to how a company handles complaints. The BBB's "Overview of Ratings" gives 15 points for complaint volume, 40 for unanswered complaints, 30 for unresolved ones and 5 for delays, as read September 29, 2026. Customer reviews are not used in the grade, and BBB accreditation is paid.
Monex's BBB profile showed A+ and no government action on September 29, 2026. Yet a federal consent order was entered against Monex on December 19, 2022 (C.D. Cal. No. 8:17-cv-01868, without admitting or denying). Whether gold IRA reviews are paid is a separate question.
Where do you report a gold IRA company?#
Report price lies to the CFTC and your state securities regulator, advice to sell your funds to the SEC, and unwanted calls or fake reviews to the FTC. Phone numbers, forms and the 9 problem types are in how to report a gold IRA company.
Can you get money back after a regulator wins?#
Sometimes, in part and slowly: restitution covers the overcharge, not your whole purchase, and it depends on what the defendants still have. In the table under gap 5, Metals.com victims were paid about 11% of approved claims, and Monex customers were awarded about 11.4% of alleged losses. What Safeguard Metals customers received is not public. The routes to get your money back from a gold IRA company are compared separately.