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How to track physical precious metal investments

How are precious metals tracked as investments?

Comments

  • Liegelord
    Liegelord Member ✭✭
    In the past, I did this in two ways:

    Originally just created a custom security and manually entered the price changes from time to time to get an accurate valuation.

    Then, once ETFs started tracking the value of various commodities, I just piggybacked on those and pretended that I owned an equivalent amount of the ETF (equal to the physical amount I owned). This method had the benefit of automatic price updates.

    The first method is more accurate, but more time-consuming.
  • Ps56k2
    Ps56k2 SuperUser ✭✭✭✭✭
    agree with both of the above techniques...
    The question is - what kind of precious metals... does the commodity all have the same price, or are they different as in valued coins vs just bars -
    Quicken 2020 Deluxe - Subscription - Windows 10
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    I have an old note.  Not sure I understand it anymore......

    One way to track gold or silver would be to set it up as a Security and use ounces for the number of shares.  Then put in the price per ounce.  Use SLV and GLD security tickers to price based on the number of ounces you purchase.  GLD prices at 1/10th the spot (or close to it).

  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    What @volvogirl is saying:  The SPDR ETF's with tickers GLD and SLV closely track the commodity prices (GLD at 1/10 of an ounce prices)  As such assigning those tickers to your precious metal holdings provides a pretty easy way to monitor the value changes 
  • GinRummy01
    GinRummy01 Windows Beta Beta
    I finally figured out how to track Bitcoin using "The NYSE Bitcoin index".  What I am still trying to figure out is how to track Gold and Silver.  I have found the Philly Gold & Solver Indexes values of XAU and XAG and have been able to defined them in the Security List with Quicken finding them.  Not being manually setup.  The issue is the prices are not downloading correctly.  Odd thing is Quicken created the symbol and is downloading the price quotes, but there is no price history.  
    Any advice?
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    XAU and XAG are indexes of stocks of gold and silver mining companies, not what you are looking for I think 
    https://indexes.nasdaqomx.com/Index/Overview/XAU
    https://indexes.nasdaqomx.com/Index/Weighting/XAG

    If you really want to track them in Quicken, you can use the tickers INDEX:XAU and INDEX:XAG 

    I suggest you use the ETFs SLV and GLD as described by @volvogirl and @q_lurker above.
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