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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Today's Featured Article - Torque Wrenches - by Curtis Von Fange. When working with fasteners a torque wrench can play an important role in the correct assembly of critical equipment components. Lets examine in detail some of the reasons for using a torque wrench along with how to correctly use the variety of wrenches available. Applying the proper torque to a fastener accomplishes a number of tasks. First of all correct torque will hold the parts together. This may seem like a trite statement but � think about it for a second. Engineers have designed
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