What does fair market value measure?
It estimates an asset's market value under the relevant facts. The exact product, quantity and condition matter. Spot and melt value can help explain a bullion valuation, but they are not substitutes for identifying what is actually held. The IRS explains the general definition in Publication 550.
Why does the valuation date matter?
An IRA's prior year-end balance is generally the starting point for an RMD calculation. A distribution of metal is valued when distributed. Neither figure promises what a later sale will produce. Ask the custodian which date, method and holdings its number covers.
How does fair market value show up in practice?
A statement and a current buyback quote can show different numbers without describing different quantities of metal. Compare their dates, products, valuation methods and any sale costs before deciding what the difference means.