Jump to content
  • The above Banner is a Sponsored Banner.

    Upgrade to Premium Membership to remove this Banner & All Google Ads. For full list of Premium Member benefits Click HERE.

  • Join The Silver Forum

    The Silver Forum is one of the largest and best loved silver and gold precious metals forums in the world, established since 2014. Join today for FREE! Browse the sponsor's topics (hidden to guests) for special deals and offers, check out the bargains in the members trade section and join in with our community reacting and commenting on topic posts. If you have any questions whatsoever about precious metals collecting and investing please join and start a topic and we will be here to help with our knowledge :) happy stacking/collecting. 21,000+ forum members and 1 million+ forum posts. For the latest up to date stats please see the stats in the right sidebar when browsing from desktop. Sign up for FREE to view the forum with reduced ads. 

Record Keeping - how do you keep track of your stack?


Recommended Posts

Hey everyone - I have just done a video about record keeping and was hoping we could start a thread discussion sharing ideas etc.


Please share your thoughts on record keeping!

Bullion Tracking.xlsx

Visit my website for all my Hand Poured Silver: http://backyardbullion.com

And check out my YouTube channel 

https://www.youtube.com/backyardbullion

 

Link to comment
Share on other sites

Since I've only ordered a few shipments so far, I just have things in a really basic Notepad text file.

I write the date, spot, order total & quantities of each thing, postage, and then the magic number: an average per-ounce cost for that order when factoring all in.

I tend to rely mostly on having taken a snapshot of my checkout carts to back this up. I also make a small personal note of anything, like a spot dip, that made me buy.

Over time I will probably tidy that up a lot more.

 

I don't really bother too much about recording junk silver or flatware pickups, as they are a hobby thing.

Link to comment
Share on other sites

for those with trust issues & fondness for anonymity from family/spouses  

Step 1 - Rent safe deposit box

Step 2 - Place your precious metals acquisitions & invoices in safe deposit box

Step 3 - Make a mental note of all your purchases & keep stumm :ph34r: 

Link to comment
Share on other sites

When using money from gold sales as part of the deposit to buy property I had to prove buying and selling the coins, I assume to prove I did not receive them as a gift, and also to meet money laundering requirements - not sure what recipes prove in that department though to be honest. Keep your invoices when purchasing and stick them in a safe deposit box with your metals like paul says. 

There is another advantage if you stack only one or two types of coin. You can use invoices for the same type, say sovereigns, which will over the years have different values and this will allow you to play tax games - claim you are selling coins at a loss by using recent invoices if spot drops, or in the future if CGT free status is removed and you sell coins that were bought 10 years prior, use invoices from recent purchases. 'Mixed years' invoices are a good hedge against future tax changes.  

Link to comment
Share on other sites

18 minutes ago, tbone said:

I feel guilty now, I do keep invoices but I should probably get it together and use a spreadsheet like your BYB.  Thanks for sharing!

Don't feel guilty :-) 

Everyone is different and needs different levels of record keeping!

Visit my website for all my Hand Poured Silver: http://backyardbullion.com

And check out my YouTube channel 

https://www.youtube.com/backyardbullion

 

Link to comment
Share on other sites

I'm crap at technology so I use an old school note book.  A section for silver a section for gold. All dates of purchases noted and amount payed.  

I also cost average per oz for silver and per gram for gold.  I've kept some of the earlier invoices but not recently.  I think I'll start doing that again just in case I need them when I sell.  

Link to comment
Share on other sites

  • 3 months later...

I only been at for about 2 months and havent kept any records. Some of the things were given to me when i was young and never attracted to PM like now. Also the stuff i get from my local shop is all in cash. Get no receipt but also dont need to pay him VAT.

Link to comment
Share on other sites

For bullion bars I use a simple Excel spreadsheet. For everything else I use Exact Change (http://www.exactchange.info/) which is a piece of software for coin collecting. For just a bullion stack it would be complete, expensive overkill. I just happened to already have a license because of my regular numismatic collection and it covers everything from my King George I 1720s half pennies right through to the latest Chinese Silvers Pandas. Great software if you have a use that can justify the $80usd price tag. It allows you to enter prices, condition, add photos, etc, create custom fields (one of which I use for the spot price at purchase), as well as storage locations and that kind of thing.

Link to comment
Share on other sites

Excel, different tabs for silver bullion, silver proofs, gold bullion, gold proofs.  I have columns for type (so I can filter easily), price when bought, total ounces etc.

I think this is the only way to do it if you have set yourself certain targets such as ounces of silver or total value.  I would have no idea how much I have invested without the spreadsheet.

 

Link to comment
Share on other sites

  • 5 years later...
On 19/07/2017 at 13:24, KDave said:

When using money from gold sales as part of the deposit to buy property I had to prove buying and selling the coins, I assume to prove I did not receive them as a gift, and also to meet money laundering requirements - not sure what recipes prove in that department though to be honest. Keep your invoices when purchasing and stick them in a safe deposit box with your metals like paul says. 

There is another advantage if you stack only one or two types of coin. You can use invoices for the same type, say sovereigns, which will over the years have different values and this will allow you to play tax games - claim you are selling coins at a loss by using recent invoices if spot drops, or in the future if CGT free status is removed and you sell coins that were bought 10 years prior, use invoices from recent purchases. 'Mixed years' invoices are a good hedge against future tax changes.  

Sorry to necro-bump a old thread, but thought that better than the separation of a new thread.

Is same series gold not the same as for shares when selling the same stock, where tax reporting is based on the average costs rather than the prices paid for individual shares (gold coins)?

Buy three American Eagle one ounce gold coins at different times for £1000, £1200, £1300. Average price paid £1200. Sell one for £1200 and zero capital gain/loss, rather than being able to say you sold the one costing £1300 and made a £100 capital loss; Or alternatively saying you sold the one that cost £1000 and made a £100 capital gain.

Can't find anything in the HMRC manuals about that, but I didn't look that intensely. I guess even if not documented that push come to shove and HMRC would apply what worked in its favour.

Somewhat similar to if you FX exchanged Pounds for dollars at different times. Apply the average FX rate paid if/when converted back to Pounds again to identify the actual gain or loss, you wouldn't instead identify individual notes exchanged by their year/serial number.

Different series of coins and yes, distinctly different. Similar to if FX exchanging for US dollars and Euro's at multiple/different times. Two separate average price paid values for working out capital gains/losses when 'sold'.

If not recorded and reported correctly and you were investigated and found to have done things wrong I imagine the penalties could be harsh, even though you might not have been intentionally evading tax, found guilty of tax evasion and at risk of having (gold and other) assets confiscated on the basis of having been the proceeds from illicit activities.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Cookies & terms of service

We have placed cookies on your device to help make this website better. By continuing to use this site you consent to the use of cookies and to our Privacy Policy & Terms of Use