What records to keep?

H

HateFiat

New Member
Hi everyone!

I am new to silver/gold stacking, and I am wondering what kind of records I need to keep for insurance purposes and so that I can keep track of what I have.

Is this sort of thing necessary? Or would I be better off just keeping receipts and invoices from purchases?

Thanks eyerone!
 
This depends a lot on whether your insurance will cover it (some won't cover bullion even as an extra) or whether your just keeping records for yourself. If your going to do some buying and selling I would keep a running total out what you have on hand and what it cost as well as what you sold out for, a proper ledger, especially if you buy or trade through the forum where you might not get receipts.

I would also take some pictures of each piece of metal you own, particularly if it has any identifying Mark out serial number, this might come in handy if it's ever stolen. I have some bars that have pretty distinctive dings and scratches, unless a thief thought to intentionally damage the bar before they sold it I think many of them could be identified through photos.
 
I am mainly wanting to keep records for my own purposes. A ledger sounds like a good idea, as does taking photos of what I have.

Would I need to keep any information other than what I have, what I purchased it for, and what I eventually sell it for in the ledger? Would things like the spot price on the day of the purchase be worth noting or would that be unnecessary?
 
HateFiat said:
I am mainly wanting to keep records for my own purposes. A ledger sounds like a good idea, as does taking photos of what I have.

Would I need to keep any information other than what I have, what I purchased it for, and what I eventually sell it for in the ledger? Would things like the spot price on the day of the purchase be worth noting or would that be unnecessary?
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noting the premium couldn't hurt, particularly out your evaluating what's fair inn the future when it comes the similar items. I tend just to keep purchase and sale price but then I try and stay up to date on premiums so I can catch a bargain but if your not following prices week to week it could definitely be helpful.

Apart from the basic minimum there's no real rule, anything you might find helpful is worth keeping.

Just realised your new today here, WELCOME!
 
HateFiat said:
Thanks! I hope prices stay low for a little while while I establish myself as a stacker. :3
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Silver just dropped 4.5% overnight. Best time in 5 years to start!
 
HateFiat said:
Hi everyone!

I am new to silver/gold stacking, and I am wondering what kind of records I need to keep for insurance purposes and so that I can keep track of what I have.

Is this sort of thing necessary? Or would I be better off just keeping receipts and invoices from purchases?

Thanks eyeryone!
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Keep track of every transaction.

Use an Excel spread sheet to log all of your purchases and sales.

The ATO actively tracks this forum and all members as does AUSTRAC.

If you can't prove how you got it you will loose it.

Keep accurate records.
 
Sweet! For me anyway. ;)

As for what records I am going to keep, I am planning on a book/table with the following information:

Date, Description, Debit (-), Credit (+), Balance, Notes

The Description section will be for the purchases/sales. The Balance will include the starting balance (what I am prepared to convert to silver/gold), money made from sales, and any credit that goes into my "stacking fund". The Notes section will have the premiums paid on each given item.

I think that will to nicely! :D
 
yeah I would like to see some more info on that...I have no doubt they might look into it if they were auditing someone and found out about transactions here but actively monitoring? Is there really enough business done here to justify that?
 
SilverDJ said:
Holdfast said:
The ATO actively tracks this forum and all members as does AUSTRAC.
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Proof?

If you can't prove how you got it you will loose it.
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Can you prove that one too?
Please cite one case where this has happened.
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Are you kidding?

Do you think folk here on SS don't know who you are and what forum you just fluttered away from? :lol:
 
Here is another quick question - how to you calculate what the premium of silver is?

For example, is someone hypothetically paid AUD$29 for a 1oz silver bar/coin/round, and the spot price at the time was AUD$18.95, what would the premium on the silver be?
 
SilverDJ said:
Holdfast said:
The ATO actively tracks this forum and all members as does AUSTRAC.
Click to expand...

Proof?

If you can't prove how you got it you will loose it.
Click to expand...

Can you prove that one too?
Please cite one case where this has happened.
Click to expand...

Thats what i was thinking as well, ATO and Austrac tracking this forum ???

Cheers, HAPPY STACKING :-)
 
It is funny you bring this up because my home computer where I kept my spreadsheets on bullion just crapped out. The Mrs. downloaded an update and it is stuck in a "start up loop" and won't start up. I'm going to take it to our IT department here at work next week to see if they can help. I made what will likely be my last purchase for the year and I'd really like to add the numbers to my sheet.

Anyway, for me I keep an excel spreadsheet. Each column has the type of coin at the top and then in each row of the column I have the date of purchase and the price and at the bottom I have the average price per coin. This helps me keep my average down. In this most recent dip my average has dropped $3 US per coin type. If I had more $ I could really get that average down but it is what it is. I'm still happy with my progress. Example:

ASE
12/15/2013 $23.74
10/30/2014 $20.32
11/29/2014 $19.00

Average $21.02

In the next column I'd place maples, then Philharmonics, then Libertads, etc. The averages at the bottom really help me quickly scan the numbers and figure out where I need to focus my attention to get an average price down. Right now I need a little more work on Libertads and Britannias since they tend to have higher premiums than the other coins I stack. Hopefully 2015 will see some nice low prices to help me out with those.

Since my stacking goals are super long term (maybe even past my life time) I haven't created a sale spreadsheet, but I imagine I'd do the same in reverse to help me track any losses or gains.
 
This is an interesting topic.

You might also want to keep records, statistics of when you bought what and for how much. How much it cost you exactly, so that you'll know in the future at what price level to sell it.
 
GP reckons the ATO monitor the forum. If they do, I would just like to publicly state that tax compliance is at my highest priority. That and I'm happy to snitch on other stackers for immunity
 
I have no doubt that the forum is subject to the sort of automated surveillance that many forums dealing with cash financial matters are and that any authorities would happily peruse the entirety of the archives looking for something specific if they thought someone of interest was doing business here but active monitoring with a paid fed reading our JOTD or "what I found in my change today" threads? I really really doubt it, not even the Australian federal government is capable of that kind of waste.

I don't have any specific knowledge but what I do know about these sorts of intelligence matters generally tells me that PM forums are peripherally on their radar but WAY way down the list. If their watching us it's because their interested specifically in one of us, it's probably court jester, his dispassionate assessment of the silver situation doesn't jibe well with the real stacker mentality, feels like a cover for something sinister, to quote a great man "I feel it in my plums".

Great signature by the by CL, I love Will, he's a beautiful, beautiful man.
 
Unless you are using cash money or a barter system to purchase you already have digital records of every purchase made, re proof for tax purposes or legal ownership purposes ?
 
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