Re: [GNC] Price of gold
On Wed, 8 Apr 2020 18:18:32 +0100 Eric Coates via gnucash-user wrote: > 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. Actually, sovereigns nowadays are so close to being a 'currency' in themselves, frequently no 'conversions to a currency' are needed. But for a current up-to-the-minute valuation in multiple other currencies you can use the aforementioned kitco's buy price for sovereigns at the following link (it says 'sell' on the page because YOU are doing the selling :) https://online.kitco.com/sell/807/2354-oz-Gold-British-Sovereign-Coin-9167-807 note: the link may wrap due to length so cut n paste into your browser instead of clicking on the link, if that occurs. note2: I have no interest in Kitco, except as a customer who sells sovereigns to them on a frequent basis (received in payment for my products), so this is not spam and is presented as useful info. Ralph ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Price of gold
On 4/8/20 12:30 PM, Adrien Monteleone wrote: > To be clear, the spot price is per ozt, but it is based on a > transaction involving 1000 ozt of Silver or 1kg of Gold. If you are > buying or selling more or less, your exact price will be different, > but you can use the spot as a guide. Here in USA, a standard contract for gold is 100 troy ounces and for silver, it is 5000 troy ounces. The spot price may be useful if you are trading gold or silver contracts, but if you buy a contract because you want to take delivery of the gold, you are in for a rude shock. For example, there are an estimated 300 contracts out there for each 100 ounces of gold, so if all holders wanted to take delivery, 299 would have to do without. If you actually want to take delivery, you may have to pay a big premium. These days, some items are either not available at all (Canadian one-ounce silver Maple Leafs), or command a large premium ($177 premium over spot) to get a one-ounce US Gold Eagle. So it depends on how you intend to use the prices just what prices you should use. -- .~. Jean-David Beyer /V\ PGP-Key:166D840A 0C610C8B /( )\ Shrewsbury, New Jersey ^^-^^ 14:15:01 up 26 days, 17:44, 2 users, load average: 4.93, 5.19, 5.17 ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Price of gold
On 08 April 2020 at 8:40, John Ralls said: [...] > The > gold amount is Troy ounces, about 40 grams. That "about" is a bit of a stretch. One troy ounce is 31.1034768 g (one troy ounce is 20 pennyweights; one pennyweight is 24 grains; one grain is defined as 0.06479891 grams) ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Price of gold
Well, *officially* the U.S. Government still says the price is ≈$1.36 per gram :) if only we had such dollars! (price in law last I checked was $42. per ozt, with ≈31.10348 grams per ozt.) Just my 2¢ (or is that 1 FRN! now?) Regards, Adrien > On Apr 8, 2020 w15d99, at 12:22 PM, Les wrote: > > I use Kitco.com/markets for my prices of precious metals. It is as accurate > as one can get. (The real value of an ounce of gold or silver is currently > controlled by the paper markets. And of course it is priced in USD. It > would be more accurate to price USD in grams of gold. But that will probably > never happen in my lifetime. > > Les > ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Price of gold
But there is a premium on top of that. Regards, Adrien > On Apr 8, 2020 w15d99, at 12:36 PM, Les wrote: > > Eric: > > There are 480 grains per troy oz. > > So you can convert your Sovereigns using the above > > On 4/8/20 12:18 PM, Eric Coates via gnucash-user 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. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Price of gold
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 > 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. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Price of gold
Eric: There are 480 grains per troy oz. So you can convert your Sovereigns using the above On 4/8/20 12:18 PM, Eric Coates via gnucash-user 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. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Price of gold
I use Kitco.com/markets for my prices of precious metals. It is as accurate as one can get. (The real value of an ounce of gold or silver is currently controlled by the paper markets. And of course it is priced in USD. It would be more accurate to price USD in grams of gold. But that will probably never happen in my lifetime. Les On 4/8/20 11:33 AM, Long wrote: Sorry, I need help here ... Please help me. -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Price of gold
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. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Price of gold
Sorry, I need help here ... Please help me. -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Price of gold
To be clear, the spot price is per ozt, but it is based on a transaction involving 1000 ozt of Silver or 1kg of Gold. If you are buying or selling more or less, your exact price will be different, but you can use the spot as a guide. Regards, Adrien > On Apr 8, 2020 w15d99, at 11:28 AM, Adrien Monteleone > wrote: > > For the record, a troy ounce (ozt.) is 31.10348 grams. > > Spot pricing is usually based off a set contract amount. Usually 1000 ozt. > bars for Silver and 1kg bars (≈32.15 ozt.) for Gold. Transactions in smaller > amounts will vary in price accordingly. Also note that there are two quotes, > buy/sell or call/ask. The difference is the ’spread’ and where dealers > usually make their money. (with maybe a tad more padding here or there) > > I often forget to auto-update so I just enter them manually from the Kitco > website as of the 1st of the month. I use NY Spot since I’m in the U.S. but > you may prefer London Fix. (which is not really the market price however.) > > Regards, > Adrien > >> On Apr 8, 2020 w15d99, at 11:18 AM, Eric Coates via gnucash-user >> wrote: >> >> >> Hi >> >> A little earlier today, following Frank's contribution, I did an experiment. >> >> I have an account denominated in XAU (but my book currency is GBP) and I >> did a "get quotes" within GnuCash. The gold price that came back was about >> 1050 (I assumed this would be GBPs per Troy ounce) but looking at two >> different UK sites the "retail price" of gold was about £1330 per Troy ounce. >> >> It was the difference between these numbers that prompted my question and >> John's information doesn't help me resolve the difference.(I rather suspect >> that the problem arises because of the convolutions of the currency >> conversions. But what do I know?) >> >> For completeness: I'm running GnuCash 3.7 with Finance:Quote 1.49 using >> Yahoo as JSON as the source of quotes for my shares (I can't see how/where >> currency prices are obtained) on Ubuntu 19.10. >> >> Eric >> >> PS:As I only revalue my portfolio on a monthly basis it's no big deal to >> enter a gold price manually so, as I say, it's just out of interest. Thanks >> for indulging me. >> >> == > ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Price of gold
For the record, a troy ounce (ozt.) is 31.10348 grams. Spot pricing is usually based off a set contract amount. Usually 1000 ozt. bars for Silver and 1kg bars (≈32.15 ozt.) for Gold. Transactions in smaller amounts will vary in price accordingly. Also note that there are two quotes, buy/sell or call/ask. The difference is the ’spread’ and where dealers usually make their money. (with maybe a tad more padding here or there) I often forget to auto-update so I just enter them manually from the Kitco website as of the 1st of the month. I use NY Spot since I’m in the U.S. but you may prefer London Fix. (which is not really the market price however.) Regards, Adrien > On Apr 8, 2020 w15d99, at 11:18 AM, Eric Coates via gnucash-user > wrote: > > > Hi > > A little earlier today, following Frank's contribution, I did an experiment. > > I have an account denominated in XAU (but my book currency is GBP) and I did > a "get quotes" within GnuCash. The gold price that came back was about 1050 > (I assumed this would be GBPs per Troy ounce) but looking at two different UK > sites the "retail price" of gold was about £1330 per Troy ounce. > > It was the difference between these numbers that prompted my question and > John's information doesn't help me resolve the difference.(I rather suspect > that the problem arises because of the convolutions of the currency > conversions. But what do I know?) > > For completeness: I'm running GnuCash 3.7 with Finance:Quote 1.49 using Yahoo > as JSON as the source of quotes for my shares (I can't see how/where currency > prices are obtained) on Ubuntu 19.10. > > Eric > > PS:As I only revalue my portfolio on a monthly basis it's no big deal to > enter a gold price manually so, as I say, it's just out of interest. Thanks > for indulging me. > > == ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Price of gold
Hi A little earlier today, following Frank's contribution, I did an experiment. I have an account denominated in XAU (but my book currency is GBP) and I did a "get quotes" within GnuCash. The gold price that came back was about 1050 (I assumed this would be GBPs per Troy ounce) but looking at two different UK sites the "retail price" of gold was about £1330 per Troy ounce. It was the difference between these numbers that prompted my question and John's information doesn't help me resolve the difference.(I rather suspect that the problem arises because of the convolutions of the currency conversions. But what do I know?) For completeness: I'm running GnuCash 3.7 with Finance:Quote 1.49 using Yahoo as JSON as the source of quotes for my shares (I can't see how/where currency prices are obtained) on Ubuntu 19.10. Eric PS:As I only revalue my portfolio on a monthly basis it's no big deal to enter a gold price manually so, as I say, it's just out of interest. Thanks for indulging me. == On 08/04/2020 16:40, John Ralls wrote: On Apr 8, 2020, at 7:31 AM, Eric Coates via gnucash-user wrote: Good Afternoon On 08/04/2020 10:08, Frank H. Ellenberger wrote: The quotes are not from ISO-4217:XAU (troy ounce Gold), but from NASDAQ:XAU an share index of gold and silver producers. So, is there a relationship between this NASDAQ:XAU figure and (what might be termed) the real price of gold (ie the mid-value retail price of a gram of gold, using grams to avoid the confusion between troy ounces and the other ounce)? Just out of interest really It's https://en.wikipedia.org/wiki/Philadelphia_Gold_and_Silver_Index. It has a relationship to the spot price of gold but probably not close enough to be of much use. To get the current USD spot price of Gold in the Zurich Forex markets look for the XAU:USD exchange rate; that's what GnuCash will do if you have an account denominated in the XAU currency and your book currency is USD. The gold amount is Troy ounces, about 40 grams. (The "other ounce" is avoirdupois, about 28 grams each.) Regards, John Ralls ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Price of gold
> On Apr 8, 2020, at 7:31 AM, Eric Coates via gnucash-user > wrote: > > Good Afternoon > > On 08/04/2020 10:08, Frank H. Ellenberger wrote: > >> The quotes are not from ISO-4217:XAU (troy ounce Gold), but from >> NASDAQ:XAU an share index of gold and silver producers. > > So, is there a relationship between this NASDAQ:XAU figure and (what might be > termed) the real price of gold (ie the mid-value retail price of a gram of > gold, using grams to avoid the confusion between troy ounces and the other > ounce)? > > Just out of interest really > It's https://en.wikipedia.org/wiki/Philadelphia_Gold_and_Silver_Index. It has a relationship to the spot price of gold but probably not close enough to be of much use. To get the current USD spot price of Gold in the Zurich Forex markets look for the XAU:USD exchange rate; that's what GnuCash will do if you have an account denominated in the XAU currency and your book currency is USD. The gold amount is Troy ounces, about 40 grams. (The "other ounce" is avoirdupois, about 28 grams each.) Regards, John Ralls ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
[GNC] Price of gold
Good Afternoon On 08/04/2020 10:08, Frank H. Ellenberger wrote: The quotes are not from ISO-4217:XAU (troy ounce Gold), but from NASDAQ:XAU an share index of gold and silver producers. So, is there a relationship between this NASDAQ:XAU figure and (what might be termed) the real price of gold (ie the mid-value retail price of a gram of gold, using grams to avoid the confusion between troy ounces and the other ounce)? Just out of interest really Take care Eric ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
