Sorry for the newbie question... It's Saturday afternoon in Australia and the markets have closed in London and New York and I'm seeing at least three different gold prices. goldprice.org is showing $1200.60 USD and kitco.com is showing 1203.90 USD and ainsliebullion.com.au is showing 1202.23 USD. Who is right and which price do the dealers here in Australia use? Just so I can work out some premiums on various listed items that's all
There is no 'right' spot price, there are many variables that affect the dealers current price such as time difference, how frequently their prices are updated, where they get their info from etc Some similar threads http://forums.silverstackers.com/topic-54139-spot-prices-difference.html http://forums.silverstackers.com/topic-56291-spot-price-difference-between-different-dealers.html
Thank-you House for the reply and yes I did search for "gold price". Should have searched for "spot price" :lol: Since the markets have closed, and there is no more fluctuation, which site is more "authoritative" (if that's the right word)? On this site we have charts from goldprice.org and kitco.com at the top of each page. I realize dealer websites could have anything, but the big name sites, shouldn't they agree?
The "authoritative" spot price is the one used by the dealer or person you're planning to transact with - they will use their spot price to calculate their buy and ask prices. Anyone else's spot price is irrelevant. The various spot prices need not agree, nor should they agree, since each dealer's spot price is typically based on different sources. Here's how the Perth Mint derive their spot prices (gold is currently US$ 1215.50): http://www.perthmintbullion.com/au/...nt_Gold_And_Silver_Spot_Rates_Calculated.aspx Meanwhile, the Bullion List spot price for gold is currently US$ 1205.70, and this is what they say about their spot prices:
Thank-you Whinfell for the informative reply and link. So then, how do I know how much of the "ask" price is what a dealer calls "spot" and how much is margin or premium?
