Rolled over to Palladium IRA - Tax question for the Atlanta crew

• •I moved about $150k from a pre-tax 401k into the palladium IRA.
• •The rollover itself was non-taxable, which was great.
• •What I'm wondering about is future distributions.

So, I finally pulled the trigger on rolling over a portion of my old 401k into a self-directed IRA this past year, specifically focusing on palladium. I’m an accountant here in Atlanta, so I thought I had a pretty good handle on the tax implications, but now I’m second-guessing one aspect and wanted to see if anyone else in a similar boat has experience.

I moved about $150k from a pre-tax 401k into the palladium IRA. The rollover itself was non-taxable, which was great. What I'm wondering about is future distributions. From my understanding, any gains on the palladium within the IRA would be tax-deferred until distribution, just like a traditional IRA. The whole point was to diversify away from just stocks, and with inflation fears, physical assets felt like a smart play. I’ve been keeping an eye on the Gold vs Stocks Comparison tool (https://goldvsstocks.goldirablueprint.com/?period=10Y) and while gold has done well, I saw palladium's potential as another valuable industrial and precious metal.

My main question is around the tax treatment of the physical metal itself upon distribution. Say, 15-20 years from now, I decide to take a distribution in the form of physical palladium bars. Is that considered a taxable event at its fair market value at that time, and then if I later sell those bars, is there a second taxable event for capital gains? Or is it simply that the distribution's fair market value is taxed as ordinary income, and then when I eventually sell the physical metal, any further appreciation beyond that distributed value is taxed as capital gains? This might seem like a nitpicky accounting question, but it affects my long-term planning for wealth transfer to my kids.

Anyone in Georgia, especially, who's gone through this or has a good tax advisor they'd recommend for these specific types of precious metal IRA distribution questions? I'm trying to make sure I'm not overlooking any obscure rules. Thanks in advance for any insights!