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Newbie Question: What is Gold Spot price today?
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<p>[QUOTE="desertgem, post: 3555591, member: 15199"]The 'official' spot price is determined by representatives mainly from the world's largest holders of physical metals and contracts ( Exchanges), to exchange metals at certain intervals. Even the largest bullion dealers do not have a say, but they can use it for determining what they are going to pay or charge for their exchange. They communicate and watch each other's buy/sell prices and may adjust theirs to get the dollars from the sell side or to adjust their metal on hand for what they see in the future. So expect dealers B/S prices to change often, even in a flat market. Most of the big bullion companies are reliant on buying options and contracts to get their metal ( the same financial instruments they tell us, not to deal in as paper bullion is "allowing JPM to get all of your metal" ) They employ people who know how to deal with the exchanges and JPM types and pat each other on the backs.</p><p><br /></p><p>So expect variations between what the morning pricing is , and what your local dealer has on the Wall. IMO <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie1" alt=":)" unselectable="on" unselectable="on" /> Jim[/QUOTE]</p><p><br /></p>
[QUOTE="desertgem, post: 3555591, member: 15199"]The 'official' spot price is determined by representatives mainly from the world's largest holders of physical metals and contracts ( Exchanges), to exchange metals at certain intervals. Even the largest bullion dealers do not have a say, but they can use it for determining what they are going to pay or charge for their exchange. They communicate and watch each other's buy/sell prices and may adjust theirs to get the dollars from the sell side or to adjust their metal on hand for what they see in the future. So expect dealers B/S prices to change often, even in a flat market. Most of the big bullion companies are reliant on buying options and contracts to get their metal ( the same financial instruments they tell us, not to deal in as paper bullion is "allowing JPM to get all of your metal" ) They employ people who know how to deal with the exchanges and JPM types and pat each other on the backs. So expect variations between what the morning pricing is , and what your local dealer has on the Wall. IMO :) Jim[/QUOTE]
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