You can't hold the actual metals themselves in an IRA (believe me, I've tried- if somebody knows a way, please post it). The closest you can come is certificates for the metals. After age 59 1/2, you can get the metals out, but you pay ordinary income tax on the value drawn out.
I consider the certificates about a scosh better than worthless. Metals are an "Armageddon play"- a hedge against the possible collapse of the economy. If that happens, your metals will be on their way to parts unknown, in the hands of the managers of the certificate accounts. You can wave your certificates at them until the cows come home.
As for your old 401K, many others on here have it right- 10% penalty if you draw it out before 59 1/2, but you can roll it into a self directed IRA without penalty.
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