Understanding Your Gold IRA Account Statement
Your account statement is issued by your IRA Custodian, not Gold Gate Capital. We thought you might appreciate receiving guidance on interpreting your statement directly from Equity Trust.
In this two-and-a-half-minute video and FAQ, the Equity Trust team delves into the methodology employed for valuing metals within your precious metals IRA.
Equity Trust clarifies that when you access your online portal or review your account statement, you may notice that the value of the underlying precious metals in your account is lower than the purchase price or the selling price back to Gold Gate Capital or another precious metals dealer. This discrepancy arises because Equity generally calculates the value of your assets solely based on the spot or melt price of the underlying physical metals in your precious metals assets.
Watch Video:
Understanding Metal Valuation in Your Equity Trust Account
Equity also elaborates that the “accurate” or “true” market value on any given day can be obtained by visiting bullionvalues.org or by contacting Gold Gate Capital, your precious metals dealer, for the current selling price of those metals.
Now, let‘s go through an example:
Suppose you visited the US Mint website on February 29, 2024, and bought a 2024 American Eagle One Ounce Silver Proof Coin; the cost for that coin would be $80.
If you utilized funds from your IRA to purchase that coin and received a statement on the same day, your Equity statement would not indicate that the Market Value of the coin is $80.
The statement would display a Market Value close to $22.41. Equity explains in the video that the variance is due to its statements reflecting solely the spot or melt price of metal.
We trust that the explanations provided by Equity, along with this example, have aided in clarifying your statement. Should you have any further inquiries, please don‘t hesitate to reach out to us at 1-800-604-0240
Disclaimer: This information is general in nature and not tailored to the specific goals of any individual. All investments carry risk. Some of those risks associated with precious metals include the following: prices may rise and fall, which means the value of your metals may go up or down over time and you may sell for more or less than you paid. Past performance does not guarantee future results. Gold Gate Capital cannot guarantee, assure, or promise future market movement, prices or profits. Gold Gate Capital and its representatives are precious metals specialists, we are not licensed financial advisors and do not give financial advice. Additionally, Gold Gate capital cannot provide tax or legal advice and will not advise as to the tax or legal consequences of purchasing or selling precious metals or opening a Precious Metals IRA. Individuals should consult with their investment, legal or tax professionals for such services.