What is IRA platinum?

A platinum IRA is a self-directed individual retirement account that holds physical platinum bullion instead of the paper assets most conventional IRAs are limited to. It functions under the same tax rules as a traditional or Roth IRA, meaning contributions may be tax-deductible or growth may be tax-free depending on which version you choose, but the underlying asset is a tangible metal rather than a stock or mutual fund.
To qualify for IRA inclusion, the platinum must meet IRS purity standards of 99.95 percent or higher, and it must be produced by a recognized refiner, assayer, or national mint. Acceptable forms include American Platinum Eagles, Canadian Maple Leafs, Australian Koalas, and qualifying platinum bars from approved manufacturers. Collectible coins, jewelry, and numismatic pieces are not allowed regardless of their platinum content.
You cannot take personal possession of the metal while it is inside the IRA. The platinum has to be stored at an IRS-approved depository under the custody of the IRA trustee. Attempting to hold the metal at home or in a personal safe would trigger a deemed distribution, along with taxes and potential early withdrawal penalties.
The account is established through a self-directed IRA custodian that specializes in precious metals. You fund it through a new contribution, a rollover from an existing 401k, or a transfer from another IRA. The custodian coordinates with a bullion dealer for the purchase and with the depository for storage.
Platinum IRAs appeal to investors who want exposure to a rarer metal with industrial demand from automotive, medical, and hydrogen energy sectors. It is often used alongside gold and silver to diversify a metals allocation rather than as a standalone holding. Fees include setup, annual custodial charges, and storage, which slightly reduce net returns compared to owning platinum outside a retirement wrapper.