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 Replies: 13 / Views: 1,976 |
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Pillar of the Community
Canada
1723 Posts |
So I know many of you keep track of what you have in your inventory and what not. I'm curious on how you mark your profits. You see, the way I do it is, I record what price I paid for what item. When that item gets sold it is removed from the list and the profits are deducted from the overall cost of another similar item. Same thing happens with a loss, the extra expense gets tacked onto a similar item. Then when I buy a new item it gets recorded and so on and so on. I've never just put it into a pot and let it sit there and build up....not sure why really, I guess because it would end up going to my albums which I don't keep track of, no need too. Its mine to hold forever so price is irrelevant. Unlike my silver bullion and junk silver which is adjusted to what I have invested in them. Obviously I'm not in the habit of taking losses but at the end of the day I just like knowing that if I had to sell for whatever reasons, I know where my bottom line is. I'm curious to other peoples methods are. I'm really not good with computers at all. I'm amazed I can navigate this forum. Everything is marked down in a little notepad so responses from people who also physically write things down are especially of interest to me, but obviously, NO ONE is excluded from this discussion. CHEERS!  |
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Pillar of the Community
Canada
834 Posts |
I have my .999, 90%, and 80% all listed separate
I work out my PPO (Price Per Ounce) for each category.
When I sell I know my bottom end despite when I bought and how much silver was at the time.
Profits generally go back into silver or gold and lowers my PPO.
Keep in mind the items I do sell are generally high premium pieces so my profits tend to be huge. IE recently sold a 2oz JM bar for close to $200.00
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Pillar of the Community
 Canada
1723 Posts |
That is a good profit. But yeh, exactly like you do. Broken into catagories and then averaged. I figured even if I did let the profits build up to buy another OZ, in the end my cost average will still be the same. :-)
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Valued Member
United States
381 Posts |
I also keep track of all coin or bullion purchases and sales. I take notes after I buy anything at the local coin shop and then enter into the computer later. This helps me not forget the details. I have created an Excel spreadsheet that helps me see everything at a glance. As for the coins that I have placed into albums, I will also track them. I download the current spot price onto my main spreadsheet and it will automatically update all the other spreadsheets. Some may think this is overkill for the amount of coins or bullion I have. I think it will be easier to do it now than to attempt to play catch up when my collection gets bigger.
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Pillar of the Community
Australia
7096 Posts |
As I very rarely sell any of my coins keeping track of my profit margin is simple. There aint any  |
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Valued Member
United States
228 Posts |
Just getting stated so the profit is the Enjoyment I receive hunting for my fist circulation IHC |
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Pillar of the Community
United States
1454 Posts |
Quote:
As I very rarely sell any of my coins keeping track of my profit margin is simple. There aint any Trout beat me to it. I haven't sold a single piece of silver in years and have little desire to start. But if I ever do, your system would most likely be the one I'd chose, Sam. |
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Pillar of the Community
United States
4008 Posts |
Well, to track your profits, first you have to have some profits to track! No, seriously, many of us do not sell our hoards so do not have any profits to track. I do keep track of all of the silver I buy, what form it is, what I paid for it, who I bought it from, it's condition, and when I bought it in a spreadsheet but that is about the extent of it. Not having sold any ozs. of silver, there are no profits to track. I suppose that I could eke out some paper profits using what I paid for various coins or bars and the current value but until I actually sell some of the hoard, no profits have been realized. |
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Pillar of the Community
Canada
1723 Posts |
Im surprised you guys dont sell ever. There are so many great ops for you to build on your stack slowly for free. Maybe you have enough fiat flow to satisfy your stacking need, small or large. try and make a trade that puts you up a bit, or finding a great deal below spot on 80 or 90% and then selling whatever amount off to recoup your money and bank the excess silver.
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Pillar of the Community
Canada
1502 Posts |
Unfortunately we have to sell to keep the collection going
Fortunately we are able to make a profit doing so
What I have going is an excel sheet too complicated for my own good. All purchases and sales are recorded, with dates, buyer info, fees and expenses, tracking numbers if I shipped +++ Just in case revenue Canada wants a piece of me :)
I wanted to do a last in last out system for the accounting, but that's too difficult for me to do in excel and I'm not well versed in databases.
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Pillar of the Community
United States
2120 Posts |
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Pillar of the Community
Canada
677 Posts |
Everything I received is hand wrote whether it is found or bought. Coins were first then silver coins, mint sets, paper money replacements, and now silver stacking. I have started variety collecting which is most interesting but now I,m thinking of selling some original coins to buy more maples.
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Pillar of the Community
United States
4008 Posts |
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Im surprised you guys dont sell ever. Much depends on why we own silver. For some of us, silver is our insurance policy against economic disaster. I don't cash in my life insurance all the time so why would I cash in my econ insurance by selling my silver hoard? I can and do make a lot more money in the stock market. That's where I spend my buying and selling time.  |
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Pillar of the Community
1283 Posts |
Who here sells? LOL. I will sell coins only to buy other coins, and I'm always trying to pick up weight so I quit keeping track. To be honest I have know idea where I am sitting oz wise in bullion.
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Replies: 13 / Views: 1,976 |
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Posted 08/08/2012 9:22 pm
