If your 401(k) comes from a company where you no longer work, you are able to rollover those funds into a traditional self-directed IRA. Once the fund from your 401(k) has been deposited in the IRA, you are able to use them to purchase gold or silver. Even if you still work in the corporate that hosts your 401(k) account, it is still possible to free the funds for a gold 401k rollover into physical gold with a gold-backed IRA.