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Yes - owning CEF is equivalent to owning physical bullion - but you do not store physical bullions in your home.
Why do you think that your IRA might be compromised?
Even for physical bullions - while there are special requirements - you may hold them in your IRA and even distribute to you at some point - without converting into currency - see this article - http://goldmoney.com/news-us-gold-and-silver-in-individual-retirement-account.html
But that is not an issue with CEF - so I am not clear why do you think that your IRA might be compromised? What regulation do you think might be violated?
I suggest to contact the administrator of your IRA account - because the administrator is in charge for all IRS compliance issues - and confirm with the administrator if there are any regulation might be violated if you hold CEF in your IRA.
I honestly - do not see any issues - but it might be better to have another opinion.
You may also contact the IRS and get their input on that issue - 1-800-829-1040.