You might be wondering what’s the actual price of gold right now. And the answer may surprise you. Not only does it have to do with which chart to look at, but it also has to do with the kind of ounce that we’re talking about. There are several different prices of gold right now. The first one is the London fixed price. This price is determined by the London bullion market association or LBMA, which consists of 13 banks, including HSBC, Goldman Sachs, international JP Morgan chase bank of China, Morgan Stanley, and a few others between all of these banks. The price is set with an am and a PM price. The am price is set at 10:30 AM Greenwich meantime, and the PM price. Instead at 3:00 PM. Greenwich mean time for us in America. It’s 3:30 AM and 8:00 AM Pacific time, bro. The other price of gold is called the golden spot price.
Click the image above to schedule your FREE Gold assessment!
The spot price is a more accurate reflection of what the price of gold is at this very moment. This price is determined by the global commodities markets. Four traders are buying and selling all week long. However, this price freezes every Friday at 5:00 PM Eastern and then open Sunday evening at 6:00 PM. Eastern, the spot price also varies based on if you’re a buyer or a seller. If you’re a buyer, the seller may refer to the gold ask price, which is a little bit higher. If you’re a seller and the person or company that you’re selling to may refer to the gold bid price, which is lower, the price you pay for gold or the price you get paid for. Your gold varies from dealer to dealer. So before buying or selling your gold, just ask. So you know what to expect the most common price dealers refer to is the spot bid price.
Here’s an example. If you’re selling your gold, by mailing it in the company may use the am London fixed price. The day they receive your package. This is because they’re getting packages in the mail all the time. And it would be really hard to set a spot price for each package on the time it comes in, or they might lock in the price before you mail it off. So you know exactly what to expect, but if you’re buying or selling your gold in person, then using the spot price is the fairest way to determine what you pay or what you get paid. Either way, the company you work with, shouldn’t be able to pick and choose which price they use, depending on what’s better for them work with someone who’s consistent with how they price their gold. So now that we’ve figured out what the price of gold is, what kind of ounce exactly are we talking about? Gold trades on the Troy ounce, which may surprise you that it’s different than an Aqua Duplo ounce,
Is the one we know when we’re portioning our sticks, I’ll have the four ounce porterhouse, please. Sure. If we’re ordering our beer 16 or 22 ounce, why even ask or taking our items through airport security, dang it. This is my favorite toothpaste and it’s 3.5 ounces. Now I have to throw it away. So if you bought a pure one ounce gold coin, and then you take it on a scale and you wait at home, get away 1.09, seven ounces. Sorry to tell you that you didn’t get more gold for free, but at the same time, if you’re selling pure gold and you waited at home on an alleged, you fall scale, you’ll find that it’s actually worth a little bit less than you might’ve thought with Troy ounces control pounds. And it’s not 16 ounces to a pound like ounces. There are only 12 Troy ounces in a Troy pound.
So if you’re buying gold by the pound, first of all, good for you. You’re rich. Second of all, make sure you know, which kind of pound the seller is talking about because you might think you’re buying 16 ounces, but really you’re only buying 12 ounces the way to tell the difference between alleged PLA ounces and Troy ounces on a scale is by seeing either Oh Z four of water pot ounces, or O Z T four trounces in summary, before buying or selling your gold coins, just find out what gold price the person or company you’re dealing with is talking about. Is it the London am or PM fix? Or is it the bid or ask gold spot price. And now, you know, the difference between a tryouts and an of what you would call out. If you want to see either of these gold prices, you can find them the bottom of our website at crowngoldexchange.com. And if you found this video helpful, please like, and share with your friends for more videos, subscribe to our channel and hit that bell until next time I’m Caesar with crown gold exchange, stay golden.
Click the image above to schedule your FREE Gold assessment!
