Investing

How to Read Your Gold IRA Account Statement

2 min read

Your statement is provided by your IRA Custodian, not Goldco. We thought you’d like to get an explanation of how to read your statement straight from one of them.

In this two and a half minute video and FAQ, the Equity Trust team discusses the method used to value metals in your precious metals IRA.

Equity explains that when you log into your online portal or you view your account statement, you might find that the value of the underlying precious metals in your account is less than the value that you purchased the metals for, or the value for which you could sell those metals back to Goldco or another precious metals dealer. This is because Equity typically calculates the value of your assets based on just the spot or melt price of the underlying physical metals that comprise your precious metals assets.

Equity further explains that the “accurate” or “true” market value on any one given day can be found by visiting bullionvalues.org or by asking Goldco, your precious metals dealer, for the price at which you could sell those metals.

Watch Video: Valuing Metals in Your Equity Trust Account:

Read “Why does my Precious Metals value not match the purchase invoice?” on the Account Statement FAQs:

https://www.trustetc.com/statement-faqs/

Let’s walk through an example.

If you went to the US Mint website on February 29, 2024 and purchased a 2024 American Eagle One Ounce Silver Proof Coin, you would pay $80 for that coin.
If you paid for that coin using funds from your IRA and got a statement on the same day, your Equity statement would not report that the Market Value of that coin is $80.
The statement would show that the Market Value was something close to $22.41. In the video, Equity explains that the reason for the difference is that its statements only reflect the spot or melt price of metal.
In this case, the spot or melt price of silver on February 29, 2024 was roughly $22.41, which is why Equity would use that value on your statement.