Yes. A 401k to gold IRA transfer taken trustee-to-trustee triggers no tax and no penalty at any age, while the indirect route has 20% withheld at source and has to be completed inside 60 days.
Moving retirement money between qualifying accounts is not a withdrawal, so nothing is taxed and no early-withdrawal penalty applies at any age, provided the money travels from the old plan to the new custodian without ever passing through your hands.
The route matters more than the destination, because an indirect rollover pays the money to you first and a 401k paid to you carries mandatory 20% federal withholding. To complete the rollover in full you then have to replace that 20% out of your own savings inside 60 days and wait until you file to get it back, and anything you fail to replace counts as a distribution for that year.
A plan held with a former employer can almost always move, while one with your current employer usually cannot until you separate or reach the plan's in-service withdrawal age, and that age is set by the plan document rather than by the IRS. Only the plan administrator can confirm which of the two situations applies to you.
Related questions
Sources
-
Publication 590-A, Contributions to Individual Retirement Arrangements
Rollover and transfer mechanics, the 60-day window, and the one-per-year limit.
-
Publication 590-B, Distributions from Individual Retirement Arrangements
Mandatory 20% withholding on eligible rollover distributions.