The IRS minimum fineness for gold bullion bars is .995. Asahi Refining standard gold bars are .9999, produced by a refiner accredited under the LBMA Good Delivery List for gold and recognized by NYMEX and COMEX. Legacy Johnson Matthey US bars (produced before the 2015 Asahi Holdings acquisition) carry the same accreditation lineage and remain widely accepted at IRS-approved depositories.
About Asahi Refining
Asahi Refining is a precious metals refiner headquartered in Salt Lake City, Utah. The company is the North American refining business of Asahi Holdings Co., Ltd., a Japanese precious metals group listed on the Tokyo Stock Exchange. Asahi Refining took its current form in 2015 when Asahi Holdings acquired the gold and silver refining operations of Johnson Matthey plc in North America, including the Salt Lake City refinery and a sister facility in Brampton, Ontario, Canada.
The Salt Lake City refinery holds accreditation from the London Bullion Market Association (LBMA) as a Good Delivery refiner for gold. The LBMA Good Delivery standard is the global benchmark for refinery accreditation and is recognized by NYMEX and COMEX, the major US commodity exchanges. That recognition is what makes Asahi Refining bars acceptable at the IRS-approved precious metals depositories used by US self-directed IRA custodians.
For US-based investors looking for a domestically refined option, Asahi Refining is one of the few LBMA Good Delivery gold refiners with a primary refining facility on US soil. The other major LBMA-accredited gold refiners with retail-investment bar lines are concentrated in Switzerland (PAMP, Valcambi, Argor-Heraeus, Metalor), Australia (Perth Mint), and Canada (Royal Canadian Mint). Asahi also operates a Comex-approved good delivery facility for industrial and exchange-grade bars, which is part of why the bars meet US futures-delivery standards.
For retail and IRA investors, Asahi produces investment-grade minted gold bars carrying the Asahi Refining hallmark, weight, fineness, and a unique serial number, sealed in tamper-evident assay packaging. Asahi gold bars use the company’s stylized Pegasus brand mark, the same hallmark that has appeared on the company’s investment bars since the rebrand from Johnson Matthey US.
The Johnson Matthey US Transition
Asahi Refining’s North American business has roots that pre-date the 2015 acquisition. The Salt Lake City refinery operated for decades as part of Johnson Matthey plc, the British precious metals group originally founded in London in 1817. Johnson Matthey’s US gold and silver refining business was an established LBMA Good Delivery refiner long before the change of ownership.
In May 2015, Asahi Holdings Co., Ltd. completed the acquisition of Johnson Matthey’s gold and silver refining business in the United States and Canada. The Salt Lake City and Brampton facilities were rebranded as Asahi Refining, and the Johnson Matthey hallmark on gold bars was replaced with the new Asahi Refining hallmark. The LBMA Good Delivery accreditation for the Salt Lake City facility was maintained through the ownership transition.
Asahi Refining Gold Bar Specifications by Size
Asahi Refining produces investment-grade minted gold bars in standard retail sizes. All current-production retail bars carry a fineness of .9999 (four nines, 24 karat), stamped on each bar along with the Asahi Refining hallmark, weight, and a unique serial number. Each bar is sealed in a tamper-evident assay card confirming weight, fineness, and serial.
| Weight | Troy Ounces | Fineness | Bar Format | IRA Eligible | Typical Premium vs Spot |
|---|---|---|---|---|---|
| 1 gram | 0.032 oz t | .9999 | Minted | ✓ Yes | 20 to 40 percent |
| 5 grams | 0.161 oz t | .9999 | Minted | ✓ Yes | 8 to 15 percent |
| 10 grams | 0.321 oz t | .9999 | Minted | ✓ Yes | 5 to 10 percent |
| 1 troy ounce (31.1 g) | 1.000 oz t | .9999 | Minted | ✓ Yes | 3 to 6 percent |
| 50 grams | 1.608 oz t | .9999 | Minted | ✓ Yes | 2 to 5 percent |
| 100 grams | 3.215 oz t | .9999 | Minted | ✓ Yes | 1.5 to 4 percent |
| 10 troy ounces (311 g) | 10.000 oz t | .9999 | Minted or cast | ✓ Yes | 1.5 to 3.5 percent |
| 1 kilogram | 32.151 oz t | .9999 | Minted or cast | ✓ Yes | 0.8 to 2 percent |
| 100 troy ounces (Comex-deliverable) | 100.000 oz t | .995 minimum | Cast bar | ✓ Yes | 0.4 to 1.5 percent |
Availability of each size in the US retail and IRA channels varies by dealer and market conditions. The 1-troy-ounce minted bar and the 10-troy-ounce minted bar are the sizes most commonly seen in self-directed gold IRA inventories. Cast bars, including the 100-troy-ounce Comex-deliverable size, are typically reserved for larger institutional and high-balance IRA accounts because of the higher capital commitment per bar.
IRS Eligibility: IRC 408(m)(3) Explained
The legal basis for holding physical gold in an IRA comes from IRS Publication 590-B and Internal Revenue Code Section 408(m)(3). The statute permits IRAs to hold two categories of precious metals: certain named coins, and bullion meeting minimum fineness standards.
For bullion bars, IRC 408(m)(3)(B) applies. It allows IRA-held gold bullion that meets the minimum fineness required by NYMEX or COMEX for delivery on a regulated futures contract. For gold, that minimum is .995 fine. Asahi Refining standard retail bars are .9999 fine, exceeding the threshold with substantial margin.
The statute also requires the bullion to be produced by a refiner accredited by a recognized commodity exchange or by the LBMA. The Asahi Refining Salt Lake City facility holds LBMA Good Delivery status for gold, which satisfies this requirement and is recognized by NYMEX and COMEX. The Salt Lake City facility is also Comex-approved as a good delivery refiner for gold, an independent accreditation that further supports IRA eligibility for Asahi-produced bars.
Two additional IRS rules govern the physical holding of IRA metals:
- No home storage: IRA-held metals must remain in the physical possession of a qualified trustee at an IRS-approved depository. Taking personal possession, even briefly, constitutes a taxable distribution. The Tax Court confirmed this in McNulty v. Commissioner, 157 T.C. No. 10 (2021), striking down home storage arrangements including LLC-based “checkbook IRA” structures.
- Original sealed packaging recommended: Depositories typically require bars to arrive in original manufacturer-sealed assay packaging to facilitate weight and serial number verification at intake. Asahi Refining assay card packaging satisfies this requirement.
Legacy Johnson Matthey Bars and IRA Acceptance
Many US investors and dealers still hold gold bars stamped with the Johnson Matthey hallmark produced at the Salt Lake City refinery before the 2015 transition to Asahi Refining. These legacy bars are a regular feature of the secondary market because Johnson Matthey was one of the most widely held bullion brands in North America for several decades.
For IRA purposes, the eligibility question turns on whether the bar was produced by an LBMA Good Delivery refiner at the time of manufacture. Johnson Matthey’s Salt Lake City facility held LBMA Good Delivery accreditation for gold throughout its operating history under Johnson Matthey ownership. That means Johnson Matthey US bars produced before May 2015 satisfy the same IRC 408(m)(3)(B) standard that current Asahi Refining bars satisfy.
- The bar is in its original sealed assay card with weight, fineness, and serial number visible.
- The depository’s intake process accepts legacy Johnson Matthey US-produced bars (in practice, all major US depositories do).
- The dealer can document the bar’s acquisition chain to support custodian record-keeping.
Bars with the Johnson Matthey hallmark that were produced at the UK refinery (the original London-area operation) follow a different production lineage and are not the focus of this US-centric guide. If you are evaluating a non-US Johnson Matthey bar, confirm refiner provenance directly with your custodian before purchase.
Premiums and What They Mean for IRA Holders
The “spot price” of gold is the raw market price per troy ounce for immediate delivery of unallocated gold. When you purchase a minted gold bar, you pay spot plus a dealer premium that covers refinery manufacturing, distribution margin, packaging, and dealer markup. For IRA investors, the premium has a specific implication: it is a real upfront cost, but the IRS values your IRA holdings at spot price, not at what you paid including the premium.
Why the Premium Varies by Bar Size
A 1-gram bar requires nearly the same setup, stamping, and packaging work as a 1-ounce bar, but contains 31 times less gold. The fixed cost per unit is spread across a tiny amount of metal, which is why small fractional bars carry premiums of 20 percent or more. Conversely, a 1-kilogram bar contains 32 troy ounces of gold, so a fixed per-unit handling cost translates to under 1 percent of the bar’s total value. Cast bars (rougher surface finish, simpler production) carry lower premiums than minted bars at the same weight.
Practical Bar Selection for IRA Accounts
For most self-directed gold IRA accounts, the 1-troy-ounce Asahi Refining bar is the standard denomination. Premiums of 3 to 6 percent over spot are competitive with other LBMA-accredited refiners at this size. Investors with larger IRA balances may find 10-troy-ounce or kilogram bars more cost-efficient per ounce of gold. Cast bars, when available, typically run another 0.5 to 1.5 percent below minted equivalents.
Fractional bars below 10 grams are rarely appropriate for IRA accounts. The premium percentage is high relative to the gold content, and for a tax-advantaged retirement account where the goal is efficient gold exposure, smaller fractional units do not serve that objective well. They are better suited for private physical possession outside an IRA context.
Premium ranges shown are estimates based on typical market conditions and vary by dealer, market volatility, and bar size. Premiums are not fixed and change with supply and demand. Past performance of any investment is not a guarantee of future results.
Where to Acquire Asahi Refining Bars for Your IRA
Under IRS rules, you cannot purchase gold bars independently and then deposit them into an existing IRA. The purchase must flow through your custodian: you direct funds within the IRA, the custodian authorizes a purchase from an approved dealer, and the dealer ships directly to the IRS-approved depository. You do not handle the bars at any point in the process.
The three companies below are covered by Goldiew user reviews and each offers access to IRS-eligible gold bars from LBMA-accredited refiners. Bar availability by specific refiner can vary by company and market conditions; confirm whether current Asahi Refining inventory (new production or legacy Johnson Matthey) is available during your initial consultation.
Augusta has operated since 2012 and structures their process around education before commitment: a one-on-one web conference with a salaried, non-commissioned educator before any account is opened. Their Education-First approach (Learn, Talk, Decide) gives investors time to evaluate product options including bar type, size, and refiner. Augusta has received zero BBB complaints since accreditation began in 2014 and was named Money Magazine’s Best Overall Gold IRA Company for five consecutive years (2022 to 2026). Industry-reported minimum: around 50,000 dollars in eligible retirement funds.
Get Augusta’s free Gold IRA guide
Free, no sales pressure. Current fee waiver terms reviewed during the consultation.
Birch has served 40,000 plus Americans since 2011. They assign a dedicated Birch Gold Specialist to each client and maintain an in-house IRA department that manages rollover paperwork directly. Birch works with depositories including Delaware Depository, Brink’s Global Services, and others. Endorsed by Ron Paul. Iowa-based, BBB A+ rated, AAA Business Consumer Alliance accredited. Industry-reported minimum: around 10,000 dollars.
Free, no obligation. Industry-reported 10,000 dollar minimum.
Noble’s marketing references industry experience going back to 2003. They have helped 16,000 plus investors safeguard over 2.5 billion dollars in wealth through Gold and Silver IRAs. Noble operates their own Texas-based depository, which some investors in the Southwest prefer for regional proximity. Industry-reported minimum: around 20,000 dollars.
Get Noble’s free Gold and Silver guide
Free, no obligation. Industry-reported 20,000 dollar minimum.
Pros and Cons of Asahi Refining Bars for IRA Holders
- Fully IRA-eligible: .9999 fine, LBMA Good Delivery, satisfies IRC 408(m)(3)(B) without question.
- US-refined option: One of the few LBMA Good Delivery gold refiners with a primary refining facility on US soil (Salt Lake City, Utah).
- Comex-approved facility: The Salt Lake City refinery is also recognized as a Comex good delivery refiner, an independent layer of accreditation.
- Wide size range: 1 g through 100 troy ounces, including a Comex-deliverable 100-oz cast bar for larger IRA balances.
- Legacy Johnson Matthey lineage: Pre-2015 Johnson Matthey US bars are widely available in the secondary market and remain IRA-eligible under the same accreditation lineage.
- Sealed assay card: Each minted bar ships in tamper-evident assay packaging with weight, fineness, and unique serial, simplifying depository acceptance.
- Competitive premiums at standard sizes: 1-oz bars carry 3 to 6 percent premiums, in line with other top LBMA-accredited refiners.
- Lower retail brand awareness than Swiss refiners: US dealer inventory of Asahi-branded bars is less prominent than PAMP or Valcambi at some retail outlets, although wholesale availability is strong.
- High fractional premiums: 1 g to 10 g bars carry 8 to 40 percent premiums over spot, a meaningful cost disadvantage for IRA investors seeking efficient gold exposure.
- Less name recognition than US Mint products: Some investors prefer American Gold Eagles or Buffalo coins for familiarity; dealer inventory of Asahi bars may vary by region.
- No optical anti-counterfeit feature on standard bars: Unlike the Argor-Heraeus KineBar or PAMP Veriscan, current Asahi Refining standard bars do not include a holographic security layer. Authentication relies on the sealed assay card and serial number system.
- Premium not reflected in IRA valuation: Your custodian values holdings at spot; the premium paid represents an upfront cost not recognized in annual account statements.
How to Add Asahi Refining Bars to Your Existing IRA
The process for purchasing IRS-approved gold bars within a self-directed IRA follows a standard flow. All transactions go through your custodian and an approved dealer; metals ship directly to the depository. You do not handle the bars at any stage.
- Contact a gold IRA specialist to confirm inventory and pricing.
Reach out to one of the companies listed above. Ask specifically whether they carry Asahi Refining bars in your preferred sizes (1 oz and 10 oz are most commonly stocked). If you want a legacy Johnson Matthey bar from the secondary market, confirm availability separately, since legacy inventory rotates and depends on what the dealer’s network has on hand. Confirm current premiums and lead times. - Identify or open your self-directed IRA.
If you already have a self-directed IRA with an approved custodian, you can direct a purchase within that account. If not, the gold IRA company will assist with opening a new SDIRA. Paperwork typically takes 1 to 5 business days. - Fund the purchase.
Wire funds from your IRA account, or initiate a rollover from an existing 401(k), 403(b), traditional IRA, or other eligible plan. Direct trustee-to-trustee rollovers are not taxable events. Consult your tax advisor before initiating any rollover from a retirement plan. - Confirm legacy bar acceptance if applicable.
All major US IRS-approved depositories accept Johnson Matthey US legacy bars produced at the Salt Lake City facility, since the refiner held LBMA Good Delivery status at the time of production. If you plan to purchase a legacy bar, ask the dealer to confirm the depository’s intake notes for that specific hallmark before paperwork is finalized. - The dealer ships directly to the depository.
Once the purchase is authorized, the dealer packages bars in original sealed assay packaging and ships to the IRS-approved depository designated by your custodian. The depository issues a receipt; your IRA account is updated to reflect the new holdings. - Annual statements reflect spot valuation.
Your custodian issues annual statements showing holdings at current spot prices, independent of what you paid in premiums. Retain purchase documentation showing your original cost basis for future reference.
The full process from initial contact to metals arriving at the depository typically takes 4 to 8 weeks, depending primarily on rollover source and custodian paperwork speed.
We are not financial advisors. This guide is educational and does not constitute tax, legal, or investment advice. Consult a licensed financial advisor and a licensed tax advisor before making any retirement account decisions. Past performance of any investment is not a guarantee of future results.
Alternative IRA-Eligible Gold Bars Worth Comparing
Asahi Refining is one of several LBMA Good Delivery refiners whose bars satisfy IRC 408(m)(3)(B). Investors sometimes compare refiners based on premium levels at a given dealer, refiner location preference, or availability through their chosen gold IRA company.
- Argor-Heraeus (Swiss, known for the KineBar with Kinegram hologram security): LBMA Good Delivery, .9999 fine, comparable premiums to Asahi at the 1-oz size.
- PAMP Suisse (Swiss, famous for the Lady Fortuna minted bar design with Veriscan security): LBMA Good Delivery, .9999 fine, the most widely available Swiss refiner brand at US gold IRA dealers.
- Perth Mint (Australia’s government refinery): LBMA Good Delivery, .9999 fine, competitive premiums on larger sizes.
- Royal Canadian Mint (Canadian government refinery): LBMA Good Delivery, .9999 fine. RCM bars carry the Maple Leaf hallmark and are widely available in the US dealer network.
- American Gold Buffalo coin (US Mint, .9999 fine, IRA-eligible): a national mint coin alternative for investors who prefer a government-issued product. Available through most US gold IRA companies.
- American Gold Eagle coin (.9167 fine, the most common IRA gold holding in the US): eligible by specific statutory designation in IRC 408(m)(3)(A) despite lower fineness. Carries higher premiums than .9999 bars of equivalent weight but offers strong secondary market liquidity and recognition in the US.
For investors focused solely on IRA-eligible gold exposure, any LBMA Good Delivery bar from a reputable refiner satisfies the IRS requirement equally. Refiner preference between Asahi, Argor-Heraeus, PAMP, Valcambi, Perth Mint, or RCM is largely a matter of availability, refiner location preference, and current premium spread at your chosen dealer. For a broader comparison of gold IRA providers and the products they carry, see the Goldiew best gold IRA companies guide and the LBMA refiner list for IRA-eligible bars.
Frequently Asked Questions
Are Asahi Refining gold bars IRA-eligible?
Yes. Standard Asahi Refining gold bars are IRA-eligible under IRC 408(m)(3)(B). The retail bars are .9999 fine, exceeding the IRS minimum of .995, and Asahi Refining’s Salt Lake City facility is LBMA Good Delivery accredited and Comex-approved. The accreditation is what satisfies the statutory refiner requirement; the fineness covers the bullion-quality test.
Where is Asahi Refining located and what is its history?
Asahi Refining is headquartered in Salt Lake City, Utah. The Salt Lake City refinery and a sister facility in Brampton, Ontario, Canada were originally part of Johnson Matthey plc, the British precious metals group. In May 2015, Asahi Holdings Co., Ltd., a Japanese precious metals group, acquired Johnson Matthey’s North American gold and silver refining business. The facilities were rebranded as Asahi Refining and the gold bar hallmark was updated to reflect the new ownership. The Salt Lake City refinery has held LBMA Good Delivery accreditation continuously through the transition.
Are legacy Johnson Matthey US gold bars still IRA-eligible?
Yes. Johnson Matthey US bars produced at the Salt Lake City refinery before the 2015 transition to Asahi Refining were issued by an LBMA Good Delivery refiner at the time of production. That accreditation lineage carries with the bar, which means legacy Johnson Matthey US bars continue to satisfy IRC 408(m)(3)(B) and remain widely accepted at IRS-approved US depositories. Confirm with your dealer that the bar is in its original sealed assay card to streamline the depository intake process.
What is the minimum fineness for gold bars in an IRA?
Under IRC 408(m)(3)(B), gold bullion held in an IRA must have a fineness of at least .995, the NYMEX/COMEX minimum for regulated futures contract delivery. Asahi Refining standard retail bars at .9999 fine exceed this requirement. The only gold product eligible below .995 is the American Gold Eagle, which is .9167 fine but listed by specific statutory name in IRC 408(m)(3)(A).
What is LBMA Good Delivery and why does it matter for IRA eligibility?
The LBMA (London Bullion Market Association) Good Delivery List is the global benchmark for gold and silver refinery accreditation. Refiners on the list meet strict standards for fineness accuracy, bar consistency, chain of custody, and responsible sourcing. NYMEX and COMEX recognize LBMA Good Delivery bars as acceptable for regulated futures delivery, which is the standard IRC 408(m)(3)(B) references for IRA-eligible gold bullion. The Asahi Refining Salt Lake City facility holds LBMA Good Delivery accreditation, and bars produced there are accepted at all major US IRS-approved depositories.
Can I store Asahi Refining bars at home as part of a gold IRA?
No. IRS rules require all IRA-held precious metals to be in the physical possession of a qualified trustee, meaning an IRS-approved custodian using an IRS-approved depository. Storing IRA-held metals at home, in a personal safe, or in a bank safe deposit box in your name constitutes taking personal possession, which triggers a taxable distribution of the full account value. The Tax Court explicitly ruled against home storage IRA arrangements, including LLC-based checkbook IRA structures, in McNulty v. Commissioner, 157 T.C. No. 10 (2021).
Which Asahi Refining bar size is best for a gold IRA?
For most IRA investors, the 1-troy-ounce bar is the standard choice: it carries a competitive premium of 3 to 6 percent above spot, is widely stocked by US gold IRA dealers, and is accepted at all major depositories. Investors with larger accounts may consider 10-troy-ounce or kilogram bars (premiums of 0.8 to 3.5 percent) for better cost efficiency per ounce. Fractional bars under 10 grams carry premiums of 8 to 40 percent, which is a significant upfront cost for a retirement account focused on efficient gold exposure. Consult your financial advisor for guidance specific to your account size and objectives.
How does Asahi Refining compare to PAMP Suisse for an IRA?
Both are LBMA Good Delivery-accredited refiners producing .9999 fine investment bars. Both satisfy IRC 408(m)(3)(B) and are accepted at all major US IRS-approved depositories. The main practical differences for US IRA holders: Asahi Refining is US-based (Salt Lake City), while PAMP Suisse is Swiss. PAMP is more widely stocked at US retail dealers and is known for the Lady Fortuna design with Veriscan and CertiPAMP optical security. Asahi’s standard bars do not include an optical security layer; authentication relies on the sealed assay card and serial system. Premium pricing on 1-ounce bars is typically comparable between the two.
Does Asahi Refining produce a Comex-deliverable bar?
Yes. The Salt Lake City refinery is recognized as a Comex good delivery refiner for gold, and Asahi produces a 100-troy-ounce cast bar that meets Comex futures delivery specifications. The 100-oz size is primarily of interest to institutional investors and high-balance IRA accounts; the capital commitment per bar is significant. Smaller minted sizes (1 oz through 1 kg) are more common for retail IRA accounts.
Sources and Methodology
This guide was compiled using primary IRS publications, federal statutes, LBMA public documentation, and established industry sources. Asahi Refining bar specifications and the Johnson Matthey acquisition history have been cross-referenced against LBMA Good Delivery documentation and published industry sources. Partner company facts (Augusta, Birch, Noble) are sourced from each company’s publicly available website. Last reviewed: 2026-06-06.
- IRS Publication 590-B: Distributions from Individual Retirement Arrangements (IRAs)
- Internal Revenue Code Section 408(m)(3): IRA permitted investments in coins and bullion
- LBMA Good Delivery List: Gold Refiners (Asahi Refining, Salt Lake City facility, listed)
- LBMA Responsible Sourcing Programme: Responsible Gold Guidance compliance requirements
- FINRA Investor Alert: Precious Metals Fraud (red flags for gold IRA scams)
- SEC Investor Alert: Gold, Silver, and Precious Metals Schemes
- McNulty v. Commissioner, 157 T.C. No. 10 (2021): Tax Court ruling against home storage IRA arrangements
- Asahi Holdings Co., Ltd. public corporate disclosures regarding the 2015 acquisition of Johnson Matthey’s North American gold and silver refining business
- Goldiew verified user reviews: moderated CCT review data (see our editorial methodology for the verification process)
Published by the Goldiew Editorial Team. Past performance of any investment is not a guarantee of future results. This guide is educational and does not constitute tax, legal, or financial advice. Consult a licensed tax advisor and a licensed financial advisor before making any retirement account decisions.