Question re: self directed Ira metals purchases

To get the answer to you question, you will probably need to give some more information. Off course, at the same time I understand not wanting to give to much information out on a forum. I'll try to answer your questions the best I can and how I am understanding what you are asking.

With regard to taking physical possession - you actually take physical possession of the gold and silver under IRA distribution rules. This is not common knowledge and very few people know that this is an option. Also, when looking to purchase precious metals - there are strict guidelines as to what can be held in the IRA. Here's a link that should be able to answer most, if not all of your questions - http://bit.ly/UUuxdT

For storage - you are correct that it needs to be stored in a facility. Storage facility fees are minimal when you are talking about storing precious metals. You can find storage facilites that have flat annual fees regardless of the amount of metals. A good rule of thumb is not to pay more than 1% for a storage fee. 

I'm not sure what you mean when you say lock box - are you talking about safety deposit boxes at a bank? My parents refer to their safety deposit box as a lock box. If this is what you are talking about, I strongly advise against putting any precious metals in a safety deposit box. Safety depost boxes from what I understand are not FDIC insured. Plus, if your bank becomes insolvent - the precious metals in the safety deposit will be gone. I touch on this in another post. Here is the url linking to an article that talks about these risks-  http://bit.ly/WZJZ7S

And finally, if you should by GLD and SLV - It depends on what you want precious metals for in the first place. If you think that all the fiat currencies are going to be worthless, then it probably does make a whole lot of sense to buy GLD and SLV. On the other hand, if you want something that is tangible and will always have value - you should get the real thing. For me personally, I like the real thing since it's store of value.

Good luck!

You might want to watch this short video of Kyle Bass about the fractional reserves of the COMEX traded PMs. 

For trading purposes, as long as the price is "in a reasonable range" these ETFs are fine, but if you're looking for protection against a calamity, then you need the physical assets.

Keith