What Spot Price Of Silver Should I Use?

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Author	Replies: 6 / Views: 1,118
Ynnad Pillar of the Community United States 684 Posts	Posted 07/19/2023 9:18 pm 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. Report this Post to the Staff

HondoB Bedrock of the Community United States 24977 Posts	Posted 07/19/2023 10:15 pm 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. Inordinately fascinated by bits of metal with strange markings and figures Report this Post to the Staff
Ynnad Pillar of the Community United States 684 Posts	Posted 07/20/2023 07:32 am 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 Report this Post to the Staff
glenmorenee Valued Member United States 311 Posts	Posted 07/20/2023 1:30 pm 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. Report this Post to the Staff
BadDog Pillar of the Community United States 1374 Posts	Posted 07/20/2023 7:18 pm 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. 8w7FW-zwkEA channel=FarazShaikh Report this Post to the Staff
DrPeper23 Valued Member United States 63 Posts	Posted 07/29/2023 08:43 am 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. Report this Post to the Staff
fistfulladirt Pillar of the Community United States 4333 Posts	Posted 08/02/2023 9:17 pm I believe the only accurate price source for silver is from COMEX. They are the original source prices coming from actual market transactions. When I listen to LED ZEPPELIN...so do my neighbors... Roll hunting since '77 Dirt fishing since '72 Report this Post to the Staff
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