Record-Keeping for Precious Metals Purchases
Good records for precious metals do three jobs: they prove what you paid when you sell, they support an insurance claim if metal is lost or stolen, and they let your heirs find and value what you own. At minimum, keep the purchase invoice for every order, a running inventory, and proof of where each item is stored.
Why Bullion Needs Its Own Records
A brokerage account tracks cost and dates for you. A coin in a safe does not. If you sell gold you own directly, the IRS expects you to report the gain based on your cost basis, and long-term gains on collectibles can be taxed at up to 28% federally, according to IRS Topic 409. Without proof of what you paid, it can be hard to support the basis you claim. Insurers and executors face the same problem: no record, no easy way to show what existed.
The Core Document: The Purchase Invoice
Keep the original invoice or order confirmation for every purchase. Check that it shows:
- the seller's name and contact details;
- the order date and, if different, the price-lock date;
- each product by name, year (if relevant), weight and fineness;
- quantity and per-unit price;
- shipping, insurance and any other charges;
- payment method and total paid.
Your cost basis generally includes the purchase price plus acquisition costs such as shipping you were charged. Save the matching bank or card statement too, as a second proof of payment. If the seller provided a written purchase agreement, keep it with the invoice; our guide to reading a precious metals purchase agreement explains which terms matter later.
A Running Inventory
A simple spreadsheet works well. One row per lot, with columns such as:
| Column | What to record |
|---|---|
| Lot ID | Your own reference, e.g. 2026-03-A |
| Date acquired | Starts the holding period |
| Product | Name, mint or refiner, year |
| Quantity and weight | Number of pieces and troy ounces of fine metal |
| Total cost | Including acquisition costs |
| Serial number | For bars that carry one |
| Location | Home safe, box, depository, IRA |
| Date and price sold | Filled in when you sell |
Lot-level tracking matters most if you buy on a regular schedule, because each purchase has its own date and cost.
Serial Numbers, Assay Cards and Photos
Many larger bars, and some smaller ones, carry a unique serial number. Record it, and keep any assay card or certificate that comes with the bar; some buyers pay more for bars that are still sealed in their original packaging. Graded coins have a certification number on the holder that can be looked up on the grading service's website, such as NGC or PCGS.
Photograph your holdings: a wide shot of each lot, close-ups of serial numbers and certification labels, and the packaging. Store the photos off-site or in encrypted cloud storage, not only on a phone kept in the same house as the metal.
Storage Logs
Write down where every item is, and update the log whenever metal moves.
- Home storage: note the location and keep the safe's documentation. Some insurers require a schedule of valuable items. See insuring precious metals.
- Safe deposit box: keep the box agreement and a dated list of contents. Contents are not covered by FDIC deposit insurance.
- Private depository: keep account agreements and periodic holdings statements, and check them against your inventory.
Records for Metals in a Retirement Account
For metals in a self-directed IRA, the custodian and depository keep the official records, but you should keep copies of:
- account opening and beneficiary forms;
- transfer or rollover paperwork, including any distribution forms from the old plan;
- trade confirmations for each purchase and sale;
- periodic statements and the annual Form 5498, which reports the account's fair market value;
- any Form 1099-R for distributions.
Goldco's FAQ references Equity Trust statements, and the company says it works with all major self-directed IRA custodians. Whichever custodian holds the account, compare its statements with the depository's holdings report. Our guide to reading your precious metals IRA statement explains each line, and Goldco storage and custodian partners covers how that setup works with one company.
How Long to Keep Records
For metal you own directly, keep purchase records for as long as you own the metal, then for several years after you report its sale, in line with your tax professional's advice on how long the IRS can review a return. IRA records are worth keeping for the life of the account and beyond, particularly anything showing after-tax contributions.
Making Records Usable for Heirs
An inventory is only helpful if someone can find it. Tell your executor where it is, keep a copy with your estate documents, and include contact details for sellers and custodians. See precious metals and estate planning.
Frequently Asked Questions
Are digital copies of receipts acceptable?
Clear digital copies are generally practical to keep. Back them up in more than one place, and ask a tax professional if you have questions about a specific situation.
What if coins were bought years ago with no receipt?
Reconstruct what you can from bank statements, emails and dealer account histories, and note how you arrived at the figure. A tax professional can advise on supporting it.
Should I record coins I inherited?
Yes. Note the date of death and the value at that date, since inherited property generally takes that value as its basis.
Do I need to track serial numbers on coins?
Bullion coins usually have no serial numbers. Record the product, year and quantity instead, plus certification numbers for graded coins.