Start tracking your first gold and silver
Short answer: Record the weight, purity, total price, date and seller for every piece the day you buy it, keep the invoice, and let live spot prices value the total.
Record the five facts of every purchase
These five facts are enough to calculate cost per gram, premium and gain for the life of the piece.
- Weight and its unit (grams or troy ounces)
- Purity, such as 0.999 or 22K
- Total price paid, including shipping and fees
- Purchase date
- Seller or source, and the invoice or receipt
Pick one unit and keep to it
Gold and silver are priced per troy ounce, but many buyers think in grams. Choose one for your records and convert the rest, so averages are not mixed across units. One troy ounce is 31.1035 grams.
Judge each buy by its premium
Compare what you paid with the metal's melt value at the time. A small premium on a large bar and a large premium on a collectible coin are both normal, but you should know which one you bought.
Set a target and review monthly
Decide a target weight for each metal, then check your progress once a month instead of reacting to daily price moves.
Questions
Should I track in grams or ounces?+
Either works as long as you are consistent. BullionKeeper shows both, so you can record in the unit your dealer uses and view totals in the unit you prefer.
Do I need to keep the invoice?+
Yes. The invoice proves the price and date, which matter for your cost basis, for insurance and for any future sale.
What is a good first goal?+
A target weight per metal, such as a number of grams of silver by a given date, is easy to measure and keeps buying steady.