Can we have a column of the gram prices at which we bought the gold in list of past transactions?

I would like to see the gold prices on my list of transactions so I don't have to keep clicking on each and every one separately to bring up the cost at which I bought the gold. It would be a lot more helpful to be able to see the cost in a column beside the gold quantity column. This would make it much easier to compare and contrast to see whether I should buy or redeem.

Comments

  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
  • Rj838Rj838 Posts: 217 Bronze ✭✭✭
  • Mr_Troy_OzMr_Troy_Oz Posts: 88 Copper ✭✭
    edited July 2016
    I too agree this would be helpfull. @GwEvil @Melanie
  • helferleinhelferlein Posts: 155 Bronze ✭✭✭
    Good idea @GwEvil ! Supporting it!
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
  • RocketDogRocketDog Posts: 759 Silver ✭✭✭✭
    Indeed, and considering GoldMoney makes money off the transactions, and that helps people decide to transact, it could be beneficial for GoldMoney too.
  • TheRaveneerTheRaveneer Posts: 108 Bronze ✭✭✭
    Or at least your ACB calculated in a spot so you can determine your profitability or taxes due. Thanks.
  • ElectrumElectrum Posts: 43 Copper ✭✭
    That would detract from the whole point of using the platform. Which is to treat gold as money. How much you are up or down vs. fiat currencies isn't relevant, The transaction activity export shows you that for tax purposes but its important you allow gold to behave like money by thinking of that weight of gold as your primary unit of account.
  • RocketDogRocketDog Posts: 759 Silver ✭✭✭✭
    Well there has been some discussion on the board of being able to use multiple currencies, not just gold, and a person would want to have some idea which currency is more profitable to them at the time. As long as we use one currency to buy another currency people will want to know their cost basis. I think that as gold becomes the most obvious choice and we get used to it, then the situation that @Electrum is talking about will naturally occur and that would be the ideal situation to just think in grams of gold rather than gold converted to dollars.
  • QuellQuell Posts: 3 Tin ✭
    @RocketDog I agree with you but as most of us will continue to be paid in a fiat currency and the products/services we buy priced in a fiat currency, it would be beneficial to see what our avg purchase price for the overall amount of gold in our account is.
  • TheRaveneerTheRaveneer Posts: 108 Bronze ✭✭✭
    It's imperative that everyone knows their ACB at all times. The site should obviously calculate it.
  • GoldmattersGoldmatters Posts: 4,014 Admin
    @TheRaveneer it is? How come? Do you mean for tax purposes? Goldmoney does provide statements which you can find on the main dashboard to keep track of your gains\losses
  • TheRaveneerTheRaveneer Posts: 108 Bronze ✭✭✭
    Every security has an ACB. Every place I've ever bought or own a security at, will tell me my ACB, except here. It's none of your business what I need it for.
  • SpontaneousOrderSpontaneousOrder Posts: 302 Bronze ✭✭✭
    edited January 2017
    @TheRaveneer, there's a transaction report showing the cost basis of each metal purchase in the selected currency, but that's it. When selling precious metals, average cost basis can't be used (I'm assuming U.S.A. tax regs. here). So individual lots have to be selected for each sale in order to calculate the gain or loss, but Goldmoney offers no way to do that.

    Brokerage firms usually do calculate gains/losses for you. Typically you can select a default method (First In First Out, Last In First Out, High Cost, Low Cost, etc.). Or you can select lots manually. During the year you can find out realized or unrealized gains and losses. And at tax time, the brokerage will issue a final capital gains report for the previous year.

    I think the reason Goldmoney does not provide capital gains reporting is that they are still too small. Their priority is to add features to the platform and roll them out around the world. Imagine trying to generate correct tax reports for 120+ different countries. They don't have the legal/accounting/engineering staff to accomplish this right now.

    I might add that when we buy coins or bars from a precious metals dealer, we have the same problem when we later sell them. Capital gains are not calculated for us - we have to do that ourselves. This is part of the price that we must pay to own precious metals, no matter who we buy them from or sell them to.

    Hopefully when Goldmoney is 10x or 100x larger they will be able to provide more assistance with tax compliance for customers. There might be some value in being the only company in the world where you can buy and sell precious metals and have your capital gains taxes calculated for you automatically. That would perhaps widen the moat against competition a bit more.

    What would be even better would be for governments to accept gold as money again and eliminate capital gains taxes on gold. Until then, we're on our own.
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