Is there a way to record 1/2 ounce of gold automatically?

pshenefelt50

I own half ounces of gold in addition to full ounces. Is there a way to download the gold price and divide it by two so that it tracks automatically?

UKR

https://community.quicken.com/discussion/comment/20478527#Comment_20478527

In that case, I would keep tracking them each with their own "security" entry, e.g., x pieces of "gold coin, 0.5 oz", etc. and occasionally manually update their "share price" based on whatever price listing you can find for these collectibles.

My suggestion was more or less limited to gold bars and/or bulk gold, nuggets traded at the official gold price.

NotACPA

@q_lurker That's assuming that the OP values daily updates of the quote over accuracy in the count. IF the OP is only updating say weekly, the update effort becomes trivial.

BUT, since the OP hasn't weighed in on this, we'll just have to wait and see.

Jim_Harman

You can automatically download the price per ounce of gold but not other denominations. You can create a special security for the 1/2 oz. bars but you would have to compute and update the price yourself.

See this discussion for more info

https://community.quicken.com/discussion/7960306/tracking-gold-i-know-about-xauusd-thats-1-oz-how-to-track-100g-25g-etc-bars

UKR

How about recording your Half Ounce bars as owning
0.5 "shares" of the "Gold bar, 1 ozt." that you are already tracking?
OK, so that may not exactly be correct, but it allows you to use the downloaded 1 ozt. gold price automatically

pshenefelt50

That's what I'm going to do but it throws off the number of coins I have. i have 1/2 ounce and 1/4 ounce coins. Ill just have to put in a memo that the coin count is halved and quartered.

UKR

https://community.quicken.com/discussion/comment/20478527#Comment_20478527

In that case, I would keep tracking them each with their own "security" entry, e.g., x pieces of "gold coin, 0.5 oz", etc. and occasionally manually update their "share price" based on whatever price listing you can find for these collectibles.

My suggestion was more or less limited to gold bars and/or bulk gold, nuggets traded at the official gold price.

NotACPA

https://community.quicken.com/discussion/comment/20478527#Comment_20478527

OR, as discussed in the other thread that's linked above, you can create your own 1/2 oz and 1/4 oz security, each with it's own unique symbol, and manually input the quotes for each. Then, your count would be correct, but you'd have a tiny bit of labor whenever you wanted to update the non-1oz quotes.

q_lurker

Actually, you can the three different securities use the same ticker, if you sneak your way past Quicken’s safeguards. In that setup you would still buy 0.25 shares of the 1/4 ounce bars. 12 such buys would show that you own 3 ‘shares’ of those 1/4 oz. bars at $2925 per share. Separately, you might own 4.5 ‘shares’ of the 0.5 oz. security (9 bars) at the same price.

The trick to having different securities share the same ticker is to first create the second and subsequent securities with no ticker, and then edit those securities to apply the shared ticker to them. It is not a procedure I endorse, but some users with particular needs have used it successfully.

NotACPA

https://community.quicken.com/discussion/comment/20478576#Comment_20478576

Granted. But that doesn't meet the OP's add'l objective (that I quoted) of having the "count" of the coins be correct.

q_lurker

@NotACPA My premise is that it is easier to mentally multiply the number of 'shares' by 2 and/or 4 to get the coin count vs making frequent (daily?) price entries for the smaller weight bars at 1/4 or 1/2 the one-ounce price. I'll let the OP decide what is more important to them.

NotACPA

@q_lurker That's assuming that the OP values daily updates of the quote over accuracy in the count. IF the OP is only updating say weekly, the update effort becomes trivial.

BUT, since the OP hasn't weighed in on this, we'll just have to wait and see.

NotACPA

OK, after a Google search, I may have found the problems with the "1/2 sh of 1oz of Gold" approach.

Gold coins, which several posters have mentioned, no matter what their size, command a premium over the amount of gold they represent. Furthermore, the coins, like collected non-gold coins, vary in value based upon condition and issuer.

Also, even for gold bars, the multipliers (even if fractional) in size don't seem to precisely equate to the same multiplier in price.

SO, it seems to me that the 'fractional share" approach will result in multiple possible inaccuracies and a "custom security" is really the only accurate option.

q_lurker

SO, it seems to me that the 'fractional share" approach will result in multiple possible inaccuracies and a "custom security" is really the only accurate option.

Not surprised by that conclusion at all. And that “custom security” conclusion includes a custom price for the best accuracy of value.