perth mint spot prices

Discussion in 'General Precious Metals Discussion' started by unfunkable, Mar 16, 2011.

  1. unfunkable

    unfunkable Active Member

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    does anybody know what the go with perth mint pricing is?

    spot atm for gold is ~1409AUD

    their site says 1414.91

    i know its only 6 bucks, but ABC sydney have correct prices when you refresh, why cant they?

    I've also noticed when price goes up, they are quick to update, but when it drops, they are slow to update..maybe its just me.
     
    unfunkable, Mar 16, 2011
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  2. goldpelican

    goldpelican Administrator Staff Member

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    goldpelican, Mar 16, 2011
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  3. unfunkable

    unfunkable Active Member

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    ahhh i see!
    thanks
    i've often sat and refreshed the page to see if i could get the two prices to match
    so PM will always charge the ask price as their spot price
     
    unfunkable, Mar 16, 2011
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  4. Austacker

    Austacker Active Member

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    Thanks I was always curious about this as well.
     
    Austacker, Mar 16, 2011
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  5. bron suchecki

    bron suchecki Active Member Silver Stacker

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    Where did you get that figure from? There is no real thing as an objective spot price - gold is globally traded 24hr a day and not on any single exchange.

    Dealers often use different methods of pricing to sell and buy product. Some pick the ask price or a mid price and base selling and buying back prices/premiums off that single "spot". Usually this is done to simplify it for retail clients.

    Others will base selling prices off ask and buying price off bid, which is strictly more correct, but can be more confusing to newbies.

    Then you have the issue of dealers having different bid and ask prices. Common trick is to quote a low "spot" price so you look cheaper than others but have a higher fabrication premium. Alternative you promote a low premium but load up your spot price.

    As a result the only thing that matters is the all up price you have to pay/get and not get too caught up on spot vs spot comparisons.
     
    bron suchecki, Mar 16, 2011
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  6. unfunkable

    unfunkable Active Member

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    hi bron
    thanks for the reply

    i got the figure from kitko charts and from ABC sydney, they are normally very close to each other.
    i use the spot price to compare the premium paid thats all
     
    unfunkable, Mar 16, 2011
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  7. bron suchecki

    bron suchecki Active Member Silver Stacker

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    Kitco's scam is that their charts are based on the bid (buyback) price, so appear lower. I'd suggest a better "base" price to use would be the buy and sell prices for Kitco's pool metal, as that is the cheapest form of metal you can get from them.

    So many times people ring our Depository and complain that our quoted price to them is more expensive than Kitco (when they are just looking at the chart). When we tell them to compare it to Kitco's pool (which is the actual price they would have to pay) then they find our price is better.
     
    bron suchecki, Mar 17, 2011
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