How to value physical gold going into PP?

[Cortopassi]

In setting up my PPs using VTI, TLT, cash and existing physical gold, I am setting up the 25/25/25/25 percents using current spot price for gold, even though I am using the physical from a "bucket" of physical that I have had for a while at a different average price.

What makes more sense for tracking at the start, using the current spot price as the starting point, or my original cost basis?

It seems using current price makes the most sense, since if I did not have physical, I would have used IAU at its current price.  For example, if my 25% allocation to PP is worth $1336, then I would assign 1oz of physical to a PP I setup today (spot is 1336).  If instead, say my cost basis is half of that, I would need to assign 2 oz of gold.

Thoughts?

Mike

[Cortopassi]

Thanks.

Mike