Individual retirement accounts are accounts that can help someone to save retirement funds. How to invest in gold with retirement account like IRA? There are many types such as a traditional IRA, gold IRA, and Roth IRA. However, gold IRAs are becoming one of the most widely used for seniors investments. A gold IRA is used to store money in gold or other types of precious metals. Therefore, a gold IRA is also known as a precious metals IRA. Because gold IRAs require storage of physical gold, you need to use the services of a bank or brokerage firm to manage the account.