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What Spot Price Of Silver Should I Use?

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Pillar of the Community

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 Posted 07/19/2023  9:18 pm Show Profile   Bookmark this topic Add Ynnad to your friends list Get a Link to this Message Number of Subscribers
I have started keeping a Excel spreadsheet of most of my numismatic purchases lately. I keep track of the spot price of silver on the purchase date and the spot price of silver on the current date whenever I get around to updating that.

What spot price should I use? Google results can be all over the place. (Not really, they are usually pretty close but usually are not the same.) There is ask and bid, this market and that market, time of day, etc. etc.

I really don't care to narrow it down to the hour and minute. I just want a consistent way of recording it. I'd like to hear some of you all's opinions.

I am doing this for entertainment only. For tax purposes all that matters is the buy and sell price. And the only silver I have ever sold in my entire life is one flattened sterling silver spoon I found in the street in the early 1980s.
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HondoB's Avatar
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 Posted 07/19/2023  10:15 pm  Show Profile   Bookmark this reply Add HondoB to your friends list Get a Link to this Reply
Ynnad, you're overthinking this. It's fine to list the spot price in your spreadsheet for the day you bought an item, but there is really no need to update the daily price. Kitco has all of the information you need.
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 Posted 07/20/2023  07:32 am  Show Profile   Bookmark this reply Add Ynnad to your friends list Get a Link to this Reply
Like I said, it's for entertainment purposes only. It's fun when you see that the scrap metal value of your purchases has gone up. I don't edit it every day; just when I don't have anything better to do.

Edited by Ynnad
07/20/2023 07:35 am
Valued Member
United States
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 Posted 07/20/2023  1:30 pm  Show Profile   Bookmark this reply Add glenmorenee to your friends list Get a Link to this Reply
I've done the same thing for all my PM purchases. Once the spreadsheet is set up, you just input the current spot and all your paper gains and losses are updated. You can add an infinite amount of detail like where, when, what, who, etc. and not have scribbles on bits of paper.

Pro tip. Just update when prices are rising and skip it when prices are dropping.

Kitco is as good as any for spot prices.

For interday gold prices you can use the symbol GCY00 at barchart.com.
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BadDog's Avatar
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 Posted 07/20/2023  7:18 pm  Show Profile   Bookmark this reply Add BadDog to your friends list Get a Link to this Reply

Quote:
I have started keeping a Excel spreadsheet of most of my numismatic purchases lately. I keep track of the spot price of silver on the purchase date and the spot price of silver on the current date whenever I get around to updating that.
Since you're using Excel, why not just use the Stocks data type to update the price of silver? If you're unsure how to do this, then take a look at this YouTube video It has a pretty good explanation of it.

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channel=FarazShaikh
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 Posted 07/29/2023  08:43 am  Show Profile   Bookmark this reply Add DrPeper23 to your friends list Get a Link to this Reply
I wouldn't worry so much witch one since as you said they should all be relatively close to each other. What I would say is more important is to make sure to always use the same one. That way you aren't adding any fluctuations due to different sources.
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 Posted 08/02/2023  9:17 pm  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
I believe the only accurate price source for silver is from COMEX. They are the original source prices coming from actual market transactions.
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