In a gold or silver IRA, you do own physical metals, not just on paper. Here’s a brief overview of how it works:

1. Physical Ownership: When you set up a gold or silver IRA, you are investing in tangible, physical metals. These metals are held in a secure, IRS-approved depository on your behalf.
2. Custodians and Depositories: The IRA custodian manages your account and ensures that the metals are stored in compliance with IRS regulations. The physical metals themselves are kept in a secure depository, where they are regularly audited and insured.
3. Actual Metals: Unlike paper assets, such as stocks or bonds, which are merely representations of value, the metals in your IRA are real and tangible. 
4. Access and Liquidity: While you own the physical metals, you cannot take possession of them until you are eligible with your IRA. You can also direct the sale of the metals or transfer them to another IRA or account according to IRS rules.

This structure ensures that your investment in precious metals is both real and secure while benefiting from the tax advantages associated with IRAs.