Is paper gold even worth considering for wealth preservation? My Gold IRA experience.

• •As a lawyer, my whole practice is about risk mitigation and preserving wealth for my clients, so it naturally bleeds into my own financial planning.
• •My concern with "paper gold," whether it's ETFs or even unallocated gold accounts, is just that – it’s paper.
• •It feels like adding another layer of counterparty risk to something I invest in specifically to *avoid* that risk.

I've been going back and forth on this for weeks now, trying to decide if I should allocate more of my portfolio into physical gold or if paper gold makes any sense for someone like me. My Gold IRA is sitting pretty at around $600k right now, and for the last few years, the peace of mind knowing that it's all physical, allocated, and stored locally here in Philly has been massive for me. As a lawyer, my whole practice is about risk mitigation and preserving wealth for my clients, so it naturally bleeds into my own financial planning.

My concern with "paper gold," whether it's ETFs or even unallocated gold accounts, is just that – it’s paper. It feels like adding another layer of counterparty risk to something I invest in specifically to avoid that risk. The whole point of a Gold IRA for me was to step away from the traditional financial system's vulnerabilities. I remember watching how quickly things can unravel during the 2008 crash, and even more recently with inflation worries eating away at my savings. That’s what pushed me into hard assets in the first place, and why I opted for physical gold in my IRA.

I've looked at the lower storage fees and ease of trading that come with ETFs, and I get the appeal for some investors, especially those focusing more on speculative gains than long-term preservation. But honestly, the thought of not having direct ownership, or relying on a custodian's balance sheet for my gold, just gives me the jitters. My goal is to ensure my assets are secure, especially as I approach retirement within the next 10-15 years. I'm not looking for astronomical returns; I'm looking to keep what I have and ensure it retains its value.

Am I being overly cautious here? Is there a tangible benefit to paper gold that I'm completely overlooking from a wealth preservation standpoint, especially for someone in my position? I’m genuinely curious to hear from others who have gone down this rabbit hole and landed on either side. What’s your rationale?