Yes - it is possible.
In 1933, the Roosevelt Administration declared it illegal for American citizens to own gold. The law forced Americans to turn over their gold for freshly printed-paper dollars. Since 1975, Americans have been allowed to own gold bullion.
You may set self-directed IRA - see some details here - http://www.daxdesai.com/2007/09/05/the-power-of-self-directed-iras/ - and used funds to invest into gold (consider additional security expenses), or
have a financial institution that will open IRA account, purchase and store gold for you - for instance - http://www.certifiedmint.com/ira_investments.htm
Tax Preparer
Personal Investment, Tax Preparation