I am an avid Quicken user, and I have pretty much every account, investment, liability, and asset tracked in it. I recently started purchasing gold and silver as an alternative, "backup" investment, and I'm not really sure how to track that in Quicken. Is there an official way to do such a thing?
When I try to add a new investment, the only options are:
- Standard Brokerage
- IRA or Keogh Plan
- 401(k) or 403(b)
- 529 Plan
I don't think any of these fit the bill for a commodity investment. None of the other account types, such as a normal savings account, really seem to have an adequate way to track the value of the commodity and adjust the balance of the account. I'm not really sure if a commodity investment works as an asset?
Is there an official way to track commodity investments in Quicken? If not, what would the best approach be?
Here is more specifically what I would like to do. As I understand it, gold can be viewed as any other "stock" or "index", wherein you have shares, value, and a cost basis. I would like to create a "gold investment" account, wherein I can track the value of my gold "shares"...i.e. the actual amounts of gold I have in weight by ounces, as well as the cash value cost basis of the account. I've been trying to do this with a "standard brokerage" investment, however I have not had much luck yet (which is partly due to the fact that I can't seem to find a decent index that tracks the "USD value" of gold in ounces.) I don't need 100% accuracy, however I would like to have some basic, automatic tracking of my gold and silver investments based on an index of some kind.
One of the indexes I have looked at is the Kitco Gold Index (KGX), which aims to provide a more real-world "actual value" index of gold per ounce. This index doesn't seem to be tracked via the KGX ticker on anything that Quicken has access to, though. The normal GLD ticker does not seem to directly reflect the USD value of gold.