A Self-Directed Solo 401(k) or Self-Directed IRA can be used to purchase certain precious metals in bullion, including....
The metals must meet certain purity or fineness requirements. The section of the Internal Revenue Code (IRC) 408m that covers this can be found here.
The metals must be stored at a bank, credit union, trust company, or IRS approved non-bank trustee or custodian (see this IRS ruling). There are depositories that also meet the requirements such as the Delaware Depository.
Purchases of precious metals should be made with an invoice in the name of the trust, IRA, or LLC, for example: John Doe EPSP 401(k) F.B.O. John Doe as Trustee.
Do not store the metals at home. Storing metals at home entails commingling them with your personal assets, and is a prohibited error often targeted by the IRS.
Yes. Your IRA LLC or 401(k) trust gives you checkbook control over any IRS approved asset you wish to target. Each asset is owned by your IRA LLC. You will sign up your IRA LLC at a precious metals purchasing and vaulting service, and transfer dollars to purchase the metals that you wish to own.