[GNC] Price of gold

[Adrien Monteleone]

In the case of a specific coin, as opposed to bars or generic or mint rounds, there are several websites selling them that can give you a reasonable price. Of course, their premium from spot will itself vary from time to time.

The case will be similar for other country specific coins, even if they are ‘bullion’ like Maple Leafs, Eagles, Kuggerands, etc.

Ask a local reputable coin dealer (who you might well be selling to) and get their opinion on an ‘average’ premium. You can then take spot, add the premium, and use that for a manual price entry. (or just pick a website ‘buy’ price for the same coin and use that) If you use the purchase price (their selling price) then you’ll be overestimating. (you’ll never get that price on the same day)

Numismatics are a different animal entirely. For those you’d have to use some coin grading resource and even then, the value is a very subjective estimate until it is sold. I have some of this as well and they are booked at purchase price. I don’t bother with any adjustments unless I sell, then I’ll realize a gain or loss as with bullion.

Regards,
Adrien

> On Apr 8, 2020 w15d99, at 12:18 PM, Eric Coates via gnucash-user <gnucash-user at gnucash.org> wrote:
> 
> 
> Adrien
> 
> OK. Now that I understand where GnuCash's gold price comes from I've come to the conclusion that what I called the "retail price" of gold is a mirage!
> 
> My gold is in the form of Sovereigns (each of about 7.5gms) and I guess that the only reliable way to get a value of it is by offering it for sale.
> 
> But I now know more than I did when I woke up this morning which can't be bad. Thank you
> 
> Eric
> 
> A note for Long:
> It was your question about realised and unrealised losses that got me thinking (you used "gold" as an asset). I think, unless you actually have real gold, this thread is best ignored - except as an intellectual exercise. I do hold gold (in modest quantities) and that's how I'm thinking of this thread.