What spot???

Im new, so go easy.

Say for example a stacker wishes to sell 20 oz of silver to his local dealer.
Where would he get the current spot price? Ive been looking at different websites and they all seem to vary slightly.
Do you guys have a fav site?

 

Top right of the forum

 

I use the Perth Mint spot chart as it's easier to calculate the different weights quickly http://www.perthmint.com.au/metalPrices.aspx
It's rare that you'll get spot price from a dealer so the PM website gives an idea of the kind of premium attached to basic items.

All charts vary depending on where they source their spot from. Some take their price from the international markets so there may be a few cents difference after currency conversions or how often they update their info could impact the spot.

 

Thanks, that little sucker is hard to see on myiphone. Where does that graph come from???

 

I'm fairly sure these charts come from http://www.goldprice.org aka http://www.silverprice.org

They have an app - you'll find yourself spending lots of time checking the spot prices

 

Thanks for the replies. So spot prices will always vary and they should be used as a rough guide only. Got it.

 

This has "Quality Post" written all over it. Brain tattooists take note!

Welcome Romek.

 

Here's a good article on how the Perth Mint spot price is determined:

http://www.perthmintbullion.com/au/...nt_Gold_And_Silver_Spot_Rates_Calculated.aspx

The last paragraph is "spot on" (excuse the pun):

 

Web: silverstackers or wdavis.com.au (both same source and shown in AUD)

Mobile/tablet: KITCO app (avail on both iOS and android and you can set your local currency)
- this rocks - you can get the latest spot price on your phone while at the dealer

 

I tend to just use XE currency conversion site and/or app. You can add XAU and XAG to it like you would any other currency. As someone who does a bit of forex as well, it's handy having currency and precious metal prices all in one app.

Since you can express any currency in terms of any other currency, you can easily get your prices in AUD, USD or whatever else with a single tap. Also you can display "XAU in XAG" (like you would do 'AUD in USD' or whatever) and thus have your gold-silver ratio conveniently displayed as well.

The XE rates are mid-market rates (i.e. they split the difference between the bid and ask prices) so they will typically be a few cents off the other sources but that makes little difference. It's lost in the noise since the price is changing by more than that every 30 seconds anyway.

 

All good advice, thanks.