XAU

[Divakar Ramachandran]

Thanks, I understand now. I was looking for a fairly automated way of
assessing the worth of gold and silver I own. The market price for the
alloy is a fair estimate IMO though the ornamental and sentimental value
of some pieces are much higher. The problem for me is ounce is an
unusual unit to think of for gold and there is no online update Indian
source for the price information in grams, so I would rather enter
manually the price as often as I can .

Regards,
Divakar


On 08/05/2010 08:01, Aleksandr wrote:
> Thanks. Actually I am interested in tracking my personal jewelery and
> stuff made of gold, silver etc, which I have added into Assets/Fixed
> Assets under Jewelry etc. I would like to track their monetary value as
> I do other stocks and mutual funds and have assigned the commodity as
> XAU. When I use the online fq update, it gets a number for XAU that is
> not related to what I want which is the cost of gold in the Indian
> market in Indian Rupees per gram, or other convertible unit of weight.
>
> So, when you say Gold was at a high of USD 1212, is this down loadable
> automatically in GnuCash / gnc-fq-dump? And is there an option somewhere
> to get it in INR instead?
>
> Thanks,
> Divakar
>
>
> Your gold jewelry on has only 2 values-  1.  Price of the item per ounce of it's alloy (14K is less expensive than .999 fine Gold)  2.  Collectible value.
>
> You won't be able to get a price for any of your jewelry unless it's appraised....that's something you can't reliably get on-line.
>
> XAU...isn't the price of Gold.  It's similar to the DJIA (Dow Jones Industrial Average) except that it reflects various precious metal mining companies stock values.
>
> A general price for Gold is to take the SPDR-  GLD price and then multiply it by 10.  That's a really bad way to get the price of Gold.
>
> The best way is to go to http://www.kitco.com/market/ where you can see the price of Gold and Silver and other precious metals.  It's much easier to just go to Kitco
> and get the price that way.  It's real time.  I do think they have a link somewhere to convert the price of a metal into any currency you'd like.
>
> Considering how lousy stock investments are precious metals and commodities are THE only wise thing to invest in....as The Central Bank of India
> demonstrated several months ago in buying a few tons of the Gold.
>
> 'Hope that helps.
>
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