Seriously considering converting a chunk of my Gold IRA to Silver - What are the tax implications?

• •Okay, so I’m in a bit of a pickle here, mostly a good one, but a pickle nonetheless.
• •I’ve been a big believer in precious metals for a long time, especially after seeing more than a few market dips throughout my career.
• •Gold has been the anchor of my portfolio, no doubt about it.

Okay, so I’m in a bit of a pickle here, mostly a good one, but a pickle nonetheless. I retired from the energy sector here in Houston a few years back – had a good run, and thankfully, my 401k turned into a rather healthy Gold IRA, currently sitting comfortably north of the $2 million mark. I’ve been a big believer in precious metals for a long time, especially after seeing more than a few market dips throughout my career. Gold has been the anchor of my portfolio, no doubt about it.

Lately, though, I’ve been looking at silver. I’ve always held a bit, but I’m wondering if it's time to diversify a larger portion of my gold holdings within the IRA into silver. We're talking potentially a few hundred thousand dollars. My main concern is the tax implications of such a transaction inside an IRA. Is this considered a taxable event? My understanding is that as long as it stays within the IRA and I'm not taking a distribution, it's not, but I want to make sure I'm not missing some obscure IRS rule that bites me later. I’ve always been pretty hands-on with my investments, but tax law can be a labyrinth, especially when you’re dealing with larger sums and specific asset classes.

I usually lean on my financial advisor for these kinds of moves, but I like to come to the forums first to get some real-world perspectives from folks who have actually done it. Has anyone here converted a significant portion of their Gold IRA to Silver? Or vice versa? What was your experience like? Did you encounter any unexpected tax headaches? I've been using tools like the Gold vs Stocks Comparison to keep an eye on performance trends, which has been helpful for validating my long-term gold strategy, but now I need to dive into the nitty-gritty of internal IRA transactions.

Any insights, personal anecdotes, or even just pointing me to reliable resources would be massively appreciated. I want to make smart moves now so I can enjoy my retirement even more without stressing about unexpected tax bills down the line. Thanks in advance, y'all.