[GNC] Accounting for gold coins

[Michael or Penny Novack]

On 2/24/2019 9:35 AM, Joseph Vernice wrote:
> Treat the gold coins as investments just like stocks. Instead of 
> shares just use your unit of purchase (ounces, grams, etc.).
>
> On 2/24/2019 9:30 AM, Gary Holtum wrote:
>> I purchased 3 lots of gold bullion coins at different times at different
>> prices. I physically have the coins. I want to keep track of their total
>> value over time, adjusted as the price of gold fluctuates. How do I 
>> set up
>> the asset and make the changes in value?
That is what you should do IF these coins only have bullion value.

If some of the coins also have value as COINS (to coin collectors) I 
would suggest THOSE coins be under another fixed asset account (say 
collectible coins) with separate sub accounts for each issue and 
condition. You would then on some periodic basis (once a year?) mark to 
current (looked up) value with the gain or loss going to an "unrealized 
capital gains" account.

But if you are actively trading those (not holding long term) discuss 
with your accountant.

Michael D Novack