The IRA LLC allows for any investment that is not a prohibited transaction, including cash in the IRA LLC bank account, stocks, bonds, private placements, oil and gas leases, investment real estate, precious metals in your closet, etc…
An IRA LLC is not subject to annual audits, although anyone subject to U.S. taxes is subject to an IRS audit, so one would just need to be able to furnish the assets of the IRA LLC. The basic annual requirement is merely the reporting of the LLC’s assets.
The real advantage of the IRA LLC is that it acts as an emergency hedge, without requiring that you leave the system entirely. There is no penalty in using one, and you can still put the assets to work for you and leverage your precious metals as collateral.
American Eagles are the only coins eligible for personal holding within such an IRA LLC. Other bullion is allowable in traditional self-directed PM IRAs, but they cannot be held personally, only in a depository.