How to Inventory Your Precious Metals
What kind of precious metals do you own? Bullion bars or coins? A mixed collection of jewelry items you have picked up at tag sales and estate sales? A garage full of catalytic converters? A batch of old computers?
No matter what you own, it is a very good idea to use your computer to keep an inventory of them. There are many reasons why. An inventory makes it much easier to . . .
Know exactly what you have, and in what quantities
Keep your insurance updated as you buy and sell precious metals, or to file a claim if you have losses
Create a smart estate plan
Keep track of exactly where your precious metals are stored
Keep organized records about exactly what you own, when you sell it, etc.
Do You Need Inventory Management Software?
Plenty of apps are available that help you create an inventory of what is in your home or place of business. Some of them, like the full-featured NestEgg and MyStuff apps, are apps you can install on your phone. Others, like Memento, can run on your computer too.
Those apps are useful for keeping track of all your possessions, not only your precious metals. However, if your immediate goal is only to create an inventory of your precious metal holdings, consider creating a simple spreadsheet or even a word processing document that lists only the information about your metals. You’ll get your inventory completed more quickly, and get the protection it provides working for you sooner rather than later.
Here’s some information to include for each item/listing in your inventory.
An inventory number – assign one to every item you own
A brief description of the item
The category - jewelry, coin, bullion bar, tableware, welding supplies, catalytic convertor, etc.
The date when you acquired it
The name of the individual, business, etc., where you acquired it, with contact information if available
The price you paid for it
The kind of precious metal(s) that the item contains or could contain
The weight and approximate dimensions of the item
The location where you are storing the item
Whether or not the item has been tested or appraised, and whether it needs to be
Next steps, such as having the item tested by Specialty Metals Smelters and Refiners
The date you sold the item and the money you received (you will enter this information when you sell the item)
Get in the habit of updating your inventory every time you acquire a new item, or when anything else changes. Be sure to store your inventory document on the cloud, and consider printing out a hard copy and keeping it wherever you store your most important financial documents.
Specialty Metals Smelters and Refiners, Your Partner in Making Money in Precious Metals
As you complete your inventory – and we urge you to get started today – you could find that some of your investments are not easy to categorize. Maybe you have some mixed metal scrap. Exactly what metals does it contain?. Or perhaps you have a quantity of welding scrap that probably contains silver. But how much?
We are here to test your precious metals holdings, provide you with a full report of what you have, recycle what you have . . . and send you prompt payment. When you are ready to move forward, call Specialty Metals Smelters and Refiners at 800-426-2344.
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