G'day, it has been too long away from school for me. I need to work out how much over spot price the purchase price I paid as a percentage. So if I bought 100 ozs of silver for $3257 and the spot price at the time was say $28.17 per oz. How much as a percentage over spot price did I pay? Spot price is $28.17, Cost price is $32.57 per oz. Anyone out there know the formula? many thanks in advance, regards Neil
Work out a % difference. Higher number subtract lower number divided by the lower number multiplied by 100.
seems like you aussies pay a lot over spot at my local dealer they give me 1.10 over spot for the more expensive rounds and between .40-.80 for odd bars and ingots they get. I even got a 1/20 gold panda for like 55 because it had been opened and could get scratched. I just ask them what they have a good deal on. I get bunches of odd things sometimes though. you do however have the advantage of having the Lord Humungous and Ironbar(Angry Anderson) Im a post apocalyptic fiction fan
Fewer dealers, coins, competition in general in Australia I'd guess from viewing many of American dealers sites (drool).
I know it's just an example, but that would be a high percentage above spot for a 100oz bar. Maybe we could make a list of percentage above spot for each bullion unit and standard coin and rounds to determine what one should expect to pay. For the Perth Mint silver bullion it would look like this: Spot price in Australian dollars according to Perth Mint is $28.51 as of Friday February 4th. A 100oz bar is currently $2,925 or $29.25 an ounce which is roughly 2.6% above spot. A 20oz bar is currently $594.20 or $29.71 an ounce which is 4.2% above spot. A 10oz bar is currently $303.10 or $30.31 an ounce which is 6.3% above spot. Edit: If sickboy gets $0.40 over spot at around $29 an ounce he's paying only 1.4% over spot - pretty good I'd say. The upper end of his scale ($1.10) is still only 3.8%.
I tend to price silver by dollars/ounce over spot, and gold by percent over spot. So a 100oz bar is priced at ~85c over spot, not a percentage.
It may be that a lot of you seem to buy the super premium nice rounds I buy whats on sale so to speak though I have gotten some Engelhard and JM in there as well
I found a coin dealer in Canberra and visited with my son to have a look around. He had 1 Ounce 'Year of the Tiger' coins for sale......for $72.50 ($40 in ABC Sydney) and buy back for $25.00..... 1 Ounce Gold coins were $150 over spot price..... Unfortunately I did not purchase any silver or gold......
