Track Precious Metals

First, create an Investment account via Account > New Account.
Name the account "Precious Metal".

Amend the Initial Balance field to the initial purchase price of the metal.
 

The example below is to create a security that represents 1oz of silver

Select Tools > Securities.
Select the + button at the bottom left of the window.

• Set the security name to "Silver".
• Set the ticker symbol to "SLV".
• Set the value suffix to "oz".

Click OK, then select the Precious Metal investment account in the sidebar.

You will be asked if you want to add security to this account. Select Yes.

Select the security you just created.

• Set the Type to "Other"
• Next to the Subtype to "Silver"

New Subtypes can be created by selecting "Edit", to the right of the Subtype field

Click OK, then select the Register view of the investment account.

Select "New transaction".

Enter a Buy transaction for the number of ounces of silver you own, at the price you paid for them.
 

The example below explains how to create another security that represents gold

In this example, the gold price will be updated automatically.

The best ticker symbol for this is GLD. 1 share in GLD is equivalent to 1/10oz of gold.

Select Tools > Securities.
Select the + button at the bottom left of the window.

• Set the security name to "Gold".
• Set the ticker symbol to "GLD".
• Set the value suffix to "1/10 oz".

Click OK, then select the Precious Metal investment account in the sidebar.
Open the Securities Detail view of your investment account.

Select "Add Security" and select the Gold security you just created.

• Set the type" to "Other"
• Set the subtype" to "Gold"

New Subtypes can be created by selecting "Edit", to the right of the Subtype field

Click OK, then select the Register view of the investment account.

Select "New transaction"

Enter a Buy transaction for the number of 1/10 ounces of gold you own, at the price you paid for them.
 

Install the "Quotes and Exchange Rates" extension if you haven't already.
You can find information about downloading extensions in this article.

Once installed, select Extensions > Quotes and Exchange Rates.

Change the update frequency to "Yearly".
This will download the last year of prices.
Select "Update Now."
Once updated, change the update frequency back to "Daily".

You'll find more information about the Quotes and Exchange Rates extension in this article.