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Gold Price Guide
WHAT MAKES GOLD A PRECIOUS METAL?
I consider myself knowledgeable when it comes to
precious metals. Gold, in particular, is highly sought after and
has a great economic value. It is the biggest market out of the
five rare metals that are traded on various exchanges. People refer
to it as a monetary metal because it has been used as a currency in
the past and is known to store value. Gold is also used in small
industrial applications because it is non-reactive, a great
conductor, flexible, and doesn’t rust easily.
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WHAT IS SPOT GOLD?
I’m all about the spot gold price. It’s the cost
of gold for immediate purchase. It’s used to set the price of
bullion coins. The spot gold market is always in action, so you can
buy gold day or night. Major cities like New York, London, Sydney,
Hong Kong, Tokyo, and Zurich are the hotspots. When dealers in any
of these cities are making deals, our website will say “Spot Market
is Open”. We also show the lowest bid and highest ask of the day.
So if you’re looking to buy or sell gold, you know where to find
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interest allow. If you want to know more about buying gold coins,
that is my primary focus here. I talk a bit about cryptocurrency,
mining stocks and other equities as well. Cheers! nnGET IN
TOUCHn2is1gold@gmail.comnnDisclaimers: I am not a financial
advisor, a CPA or an attorney qualified to give financial advice.
Nothing I say is meant as professional or financial advice. I’m
just a guy on the internet, talking about precious metals. This is
for entertainment only. If you’re looking for financial, tax, legal
or other advice, please seek out a professional. I will NEVER ask
you to send me money to trade or invest for you. Please report any
suspicious emails or fake social media profiles claiming to be
me.nnSome links in the description may be affiliate links. As an
Amazon Associate I may earn commissions from qualifying purchases.
Any potential compensation I earn will not negatively affect your
purchase. In some cases, I may receive payment or other
consideration from the companies mentioned in the videos or
descriptions. No matter what I or anyone else says, it’s important
to do your own research before making a financial
GOLD PRICE – FUTURES MARKET
I’m getting into the gold futures market to make
some money. It’s one of the commodity futures, where I can enter
into a contract to buy or sell gold at a certain price at a certain
time in the future. It’s a great way to protect producers and
market makers against any changes in the market, so they don’t take
a loss. And it’s also a great way for me, as a speculator, to make
money off the changes in the market.
I am entering into a legally binding agreement
to deliver a precious metal at a later date for a predetermined
price. This agreement will be determined by the futures exchange,
which will specify the quantity, quality, and time and place of
delivery. The only aspect that is not fixed is the price.
As a hedger, I use contracts to control my risk
when I plan to buy or sell physical metal. These contracts also
give speculators a chance to get involved in the market by putting
down exchange margin.
I’m looking to take a long or short position in
the futures market. For a long position, I’m obligating myself to
take delivery of the physical metal, while a short position
requires me to make delivery. Most of the time, these contracts
aren’t actually delivered. If I have a long position, I can just
sell it off before the delivery date.
SPOT GOLD PRICE VS GOLD FUTURES PRICE
I experience a difference between the spot price
and the future price of gold. The future price that I view on this
page is for future contracts and represents what I would pay for
gold at a specific date in the future. Typically, the future price
of gold is higher than the spot rate. This fluctuation is based on
a variety of factors, such as the length of time until the delivery
date, current interest rates, and the demand for the gold. When
this difference is calculated as an annual percentage rate, it’s
referred to as the “forward rate”.
CHANGE (CHANGE IN GOLD PRICE FROM PREVIOUS
At 5PM, the gold market in New York closes for
an hour, meaning I can’t trade gold during that time. That’s why
the previous close I’m seeing is from the current day, rather than
the previous day. The change in the price of metal is always the
difference between the current price and the price at 5PM. For
instance, if gold was $1,200 at 5PM on January 17, and it’s 6:30PM
the same day and the price is $1,202, then I’d see a change of
+2.00. If it’s January 18 at 5PM and the price is $1,225, then I’d
see a change of +25.00.
GOLD FUTURES CHANGE (CHANGE FROM PREVIOUS
Today, I noticed a shift in the cost of metal
from the price at the end of the previous trading session. It was
2:00 PM Eastern Time when the weekday came to a close. It’s been
interesting to see the fluctuations in the market.
30 DAY CHG (30-DAY CHANGE)
Thirty days ago, the metal’s price was much
different than its current close. Comparing the two, it’s quite a
contrast. I can’t help but notice the variation in value from
before to now. It’s amazing to see the transformation in only a
month. This shift is incredible, and I’m curious to see where the
metal’s price will go next. I’m sure the change will continue to be
significant, as it has over the past month. I’m excited to see what
the future holds for the metal’s price.
1 YEAR CHG (1-YEAR CHANGE)
A year ago today, the price of metal was
different than the closing price yesterday. Now, I’m noticing a
shift in the costs. It’s been a rollercoaster of highs and lows,
but the overall trend has been a gradual increase. I’m definitely
keeping my eye on this metal, as the market is always
HOW IS THE LIVE SPOT GOLD PRICE
I keep up with the daily benchmark prices for
precious metals. It’s essential to follow these prices for
commercial contracts and producer agreements. How do the benchmarks
get calculated? It’s a combination of spot market trading activity.
All in all, keeping an eye on these numbers is key.
I’m the one who sets the spot price in the
Over-The-Counter (OTC) decentralized market. There’s no formal
exchange here, so I’m negotiating prices directly with whoever’s
interested. Most of the time, everything happens online. Even
though it’s not regulated, financial institutions still help out a
lot, acting as market makers and setting the bid and ask prices in
the spot market.
I’VE HEARD THAT GOLD TRADED 24/7 – IS THAT
TRUE? IS THERE AN OPEN AND A CLOSE?
I trade in gold 24/7, from Sunday to Friday.
Most OTC markets run into each other, with a one-hour gap between
5pm and 6pm Eastern Time when there’s no activity. That said, since
gold is traded on OTC markets, there’s no such thing as an official
opening or closing price.
I use a benchmark price when dealing with larger
transactions in the precious metals market. This price is taken at
certain points in the day, ensuring the exchange is fair and
equitable. Although the process may seem complex, it provides
accuracy and security for all involved. Having a benchmark price in
place ensures that all parties are satisfied with the exchange and
that accurate records are kept.
WHAT IS THE BID PRICE FOR GOLD?
I’m willing to pay top dollar for an ounce of
gold. The price I’m willing to pay is the highest I can offer for
it. That’s what is known as the bid price. It’s the maximum amount
that I’m able to offer for the precious metal. I’m sure that my bid
price will be competitive, but I’m ready to go even higher if
necessary. If you’re selling an ounce of gold, I’m the one you want
to talk to.
WHAT IS THE ASK PRICE FOR GOLD?
I’m willing to part with an ounce of gold at the
lowest price possible. That’s the ask price. If someone wants to
buy it, this is the amount they will have to pay. Gold is a
valuable asset, so it’s important to get the best deal if you’re
looking to purchase.
WHAT DOES THE SPREAD MEAN FOR THE GOLD PRICE
PER OUNCE TODAY?
I’m familiar with gold and silver markets, and
generally the gap between the bid and ask price – also known as the
spread – is pretty small. That’s because these markets tend to be
quite liquid. But with other precious metals, the spread can be
much wider, meaning there’s less liquidity.
IS THERE A GOLD BENCHMARK?
I rely on benchmark prices to determine the
value of gold and silver since there is no official opening or
closing price for these commodities. These benchmarks, or
‘fixings’, are set at different times of the day by various
I’m familiar with the London Bullion Market
Association (LBMA) and the important role they play in the world of
precious metals. As the leading authority in this space, they set
the benchmarks for the LBMA Gold Price, LBMA Silver Price, and LBMA
PGM Price. These are generally recognized as the standard for
precious metals. Kitco.com is another great source for benchmark
prices for gold and silver.
I’m involved in an electronic auction twice a
day, managed by ICE Benchmark Administration, that is used to
determine the benchmark price. Participating banks, including the
LBMA, are the ones that make the decisions.
For close to a century, the benchmark for gold
prices was set by the London Gold Fix. I was determined in a
private physical auction between bullion banks – once the most buy
orders had matched the most sell orders, the price was
Twice a day, I’m in London, England, ready to
start an auction. In the morning and again in the afternoon, I’m
hosting the event with the thrill of the auctioneer. The thrill of
the auction is palpable in the air, as everyone gathers to bid on
their desired items. The energy and excitement is contagious, and
I’m proud to be part of it. Everyone is eager to make a winning
bid, and I’m here to make sure that happens. It’s thrilling to see
the bids take place and to hear the cheers of the crowd when
I heard a new gold price was created in 2015,
ever since the London Gold Fix shut down. It was the LBMA’s
responsibility to create the LBMA Gold Price and they did it in
March. Instead of the old-fashioned physical auction, the LBMA
decided to have an open electronic auction instead – only among
their members. It’s been like that ever since.
I set the benchmark twice daily at 10:30 a.m.
and 3 p.m. London time. It’s like clockwork. I make sure to hit
those marks every day, so I can keep track of the progress I’m
making. It’s a great way to stay on top of things and keeps me
motivated. Plus, it helps me stay focused on the bigger picture.
It’s a great way to measure success and make sure I’m on track.
I’m one of thirteen paying banks, including the
Bank of China, Bank of Communications, China Construction Bank,
Goldman Sachs International, HSBC Bank USA NA, ICBC Standard Bank,
JP Morgan, Morgan Stanley, Société Générale, Standard Chartered,
The Bank of Nova Scotia – ScotiaMocatta, The Toronto Dominion Bank
and UBS. I’m proud to be part of this prestigious group of
financial institutions and I’m excited to see what the future
I first heard about the Shanghai Gold Benchmark
Price in 2016. It’s a system that works similarly to the London
Gold Price, with the price being established twice daily. But this
one is denominated in yuan, not US dollars. It’s based on a
1-kilogram contract and is listed on the Shanghai Gold Exchange. I
think it’s an interesting way to keep track of gold prices and it’s
helpful to have a Chinese equivalent.
ARE THE GOLD PRICES PER OUNCE THE SAME AROUND
I’ve got a troy ounce of gold – it’s the same
everywhere. For larger transactions, it’s usually priced in US
dollars since that’s the most popular market. But the value of the
ounce could be higher or lower depending on the value of the
nation’s currency. We typically find that strong currencies tend to
have a lower gold price, while weaker ones will be higher. Gold is
usually quoted in ounces per US dollar, but you can also find other
weight options in OTC markets around the world.
I’m keeping an eye on the Kitco Gold Index
(KGX), which measures the worth of an ounce of gold without the
influence of the US Dollar Index. Instead of using the US Dollar,
KGX uses a weighted basket of currencies that makes up the US
Dollar Index®. This way, I can get a much more accurate sense of
how gold is doing.
WHAT IS OZ, GRAM, KILO, TOLA, (ETC.)?
I quote gold and other precious metals in troy
ounces, but countries in the metric system price gold in grams,
kilograms, and tonnes. The troy ounce is an ancient unit of
measurement, and it’s the most common way to quote gold prices. The
metric system uses the gram, kilogram, and tonne to measure gold
prices. The change from troy ounces to metric measurements may seem
confusing, but the conversion is relatively straightforward. All
you need to do is convert troy ounces into grams, and then those
grams can be used to calculate kilograms and tonnes.
Grams = 0.032151 troy ounces
Kg = 32.150747 troy ounces
Tonnes = 32,150,7466 troy ounces
Tael = 1.203370 troy ounces
Tola = 0.374878 troy ounce
I’m not as familiar with Tael and tola as I am
with kilograms and grams, but I know that they’re both weight
measurements. Tael is used in China, while tola is used in South
WHAT IS THE DIFFERENCE BETWEEN AN OUNCE AND A
TROY OUNCE WHEN LOOKING AT A GOLD CHART?
I’m familiar with the troy ounce, a unit of
measurement used to weigh and price precious metals. Its origins
trace back to the Roman Empire, when currency was based on weight.
This practice was adopted by the British Empire, with one pound
sterling equal to one troy pound of silver. Finally, the U.S. Mint
adopted the system in 1828 as well.
I’m about 10% heavier than the imperial ounce.
In other words, while an imperial ounce weighs 28.35 grams, I weigh
31.1 grams. That’s why I’m known as the troy ounce.
WHY IS GOLD MOSTLY QUOTED IN U.S.
I understand the importance of buying gold in
any currency, but the bottom line is that it all comes down to the
value of the US dollar. After all, the US is one of the most
influential and stable economies in the world, which makes the US
dollar a reserve currency. That means governments and institutions
all over the world keep large amounts of US dollars in reserve to
use in international transactions. The US dollar has been the most
widely used reserve currency since the beginning of the 20th
century, and it doesn’t seem like that’s changing anytime soon.
WHY ARE SILVER AND GOLD PRICES SO
I understand why gold and silver prices
fluctuate so drastically – it’s all about rarity. There’s far less
gold available than silver, which is why it’s so much pricier.
Silver is much easier to get hold of, as it’s often a by-product of
other mining operations. On average, you’ll find 0.004 parts per
million of gold in igneous rock, as opposed to 0.07 parts per
million of silver. It’s clear that gold is the rarer of the two,
and that’s why it’s so costly.
WHAT IS THE PRICE OF THE GOLD AND SILVER
I’m trying to figure out how much silver I need
to buy an ounce of gold. The gold-to-silver ratio helps me out
here. Right now it’s 60 to 1, which means that for every ounce of
gold I want, I need to buy 60 ounces of silver. That’s a lot of
silver, but it’s worth it to get my hands on that gold!
I’m an investor, and I like to keep an eye on
the ratio of metals. This lets me know if one metal is over or
undervalued, and if it’s a good time to buy or sell. Looking at
this ratio helps me make informed decisions on when to invest in
specific metals. It’s a great way to make sure I’m getting the most
out of my investments.
When the ratio of silver to gold is high, I
believe it’s a great time to invest in silver. On the other hand,
when the ratio is low, it’s a good indicator that it’s a good time
to buy gold. It’s an opinion held by many that the respective
values of the two metals can vary drastically depending on the
market, making it an interesting investment opportunity.
I’m no miner, but I know a thing or two about
gold mining. It’s the process of digging up gold from the earth.
There are several ways to do it, like placer mining, panning,
sluicing, dredging, and hard rock mining. They even get it as a
by-product from other mining activities! It’s impossible to know
when gold mining first began, but some experts say it’s been around
since 7000 BC. Crazy, right?
I’m currently keeping tabs on the world’s five
biggest gold mining companies by market cap – Barrick Gold,
Goldcorp, Newmont Mining, Newcrest Mining and AngloGold Ashanti.
They’re the ones to watch if you’re interested in the gold
I’m one of the world’s leading gold producers.
From South Africa to Australia, China, Russia, the United States,
Canada, Peru and beyond, gold production is a major industry that
I’m a part of. It’s a challenging but rewarding job, and I’m proud
to be at the top of my field. From refining the ore to extracting
the precious metal from the ground, I’m involved in every step of
the process. Being a gold producer in today’s world is an important
and exciting role.
WHAT IS THE WORLD GOLD COUNCIL?
I started the World Gold Council in 1987 for the
sole purpose of growing the gold industry. We are based in the U.K.
and made up of some of the biggest gold mining companies in the
world. Our members, like Agnico Eagle, Barrick Gold, Goldcorp,
China Gold, Kinross, Franco Nevada, Silver Wheaton and Yamana Gold,
are always looking for ways to increase gold demand. We
consistently come up with innovative products and bring them to the
market. Together, we are making sure the gold industry continues to
WHAT IS THE LBMA?
I’m based in London and I’m a member of the
London Bullion Market Association (LBMA). We’re an international
trade association that represents the precious metals markets, such
as gold, silver, platinum and palladium. We’re not an exchange
though. Our 140 members are made up of refiners, fabricators,
traders and more. As part of our role, we set the benchmark prices
for gold and silver, as well as for the PGMs. We also publish the
Good Delivery List, which is widely known as the standard for the
quality of gold and silver bars around the world.
WHAT IS GLD?
I’m familiar with the SPDR Gold Shares, better
known as GLD. It’s the biggest gold-backed exchange-traded fund in
the world, with a value of over $40 billion as of July 2016. It was
established in 2004 and was initially listed on the New York Stock
Exchange as streetTRACKS Gold Shares. But in 2008 they changed the
name to SPDR Gold Shares and then it began trading on the NYSE
Arca. GLD also has stock exchanges in Hong Kong, Singapore and
HOW DO CENTRAL BANKS INFLUENCE THE PRICE OF
As a US citizen, I’m familiar with the Federal
Reserve, our country’s central bank. It’s responsible for
implementing monetary policies and issuing currency, as well as
providing financial and banking services for the US Government and
commercial banking system. The Federal Reserve has the power to
affect the amount of money supply in our country to help stimulate
the economy. Other central banks around the world include the Bank
of Japan, the Bank of England, People’s Bank of China, and Deutsche
Bundesbank in Germany. These banks are also responsible for
managing their respective country’s reserves, such as
foreign-exchange reserves, which consist of foreign banknotes,
deposits, treasury bills, and government securities. Plus, gold
reserves, Special Drawing Rights, and International Monetary Fund
WHAT MOVES THE GOLD MARKET?
I view gold as one of the top commodity markets,
only behind crude oil. But, it’s price action doesn’t make sense
when comparing it to other commodities. Normally, the price of a
commodity is determined by how much is in inventory and how much
people are expecting to buy. Prices go up when supply is low and
demand is high. That’s not the case for gold. It’s price is
determined by interest rates and currency fluctuations. That’s why
gold is referred to as a monetary metal. It’s highly related to the
US dollar and bond yields. When the dollar goes down and interest
rates go down too, gold prices go up. So, gold is more of a
sentiment play than what traditional fundamentals would
HOW DO INTEREST RATES MOVE THE PRICE OF
I understand that interest rates are the cost of
borrowing money. The lower the rate, the less expensive it is to
borrow in that currency. Interest rates have a huge effect on
economic growth. Central Bankers use interest rates as part of
their monetary decisions. When the Bank lowers rates, it encourages
more people to borrow money and invest or consume, which can
stimulate the economy. Lower rates also weaken a nation’s currency
and lower bond yields, both of which are beneficial for gold
WHAT IS QUANTITATIVE EASING?
I experienced the effects of quantitative easing
first-hand when the 2008 financial crisis hit. Former Federal
Reserve chair Ben Bernanke, known for introducing the concept of
QE, stepped in to help. He purchased bad debt from major commercial
banks to prevent them from going bankrupt. This influx of money
increased the money supply and saved these banks. Other central
banks followed suit, like the European Central Bank and the Bank of
Japan. Even though it was a difficult time, I’m grateful for the
swift action of Ben Bernanke and other central bankers who helped
the world get through it.
I’m aware of the risks associated with
quantitative easing (QE). If too much money is printed, it could
result in a spike of inflation. Additionally, if the money provided
by central bankers to commercial banks doesn’t reach businesses and
everyday folks, then the QE could be considered a total
WHAT IS A SAFE-HAVEN ASSET?
I’ve always been fascinated by gold. It has been
considered a symbol of wealth since way back in ancient Egypt.
While its value is known to fluctuate, gold usually does well
during times of economic distress and instability. To help
stabilize the economy, central banks will often lower interest
rates and governments will introduce fiscal policies. This can have
an effect on a nation’s currency and even lead to an increased
demand for gold. People buy it when they have lost faith in their
WHEN WAS GOLD FIRST USED AS A CURRENCY?
I’ve had a long relationship with gold. It has
served as a store of value and a monetary metal since before I can
remember. Way back in 550 BC, King Croesus of Lydia (present day
Turkey) issued the first gold coins called “electrum.” It’s been a
powerful symbol of wealth and prosperity for centuries, and I’m
proud to be part of it’s journey.
WHAT ARE THE MOST POPULAR GOLD COINS?
I’m an investor who loves to hold physical
metal, so gold bullion coins from all the major mints are my go-to.
Government mints have a slight edge over private mints because
their coins have face value, although it’s much lower than a coin’s
true worth. Private mints offer “gold rounds” that are similar to
the government-issued coins, but don’t have the same value.
I’m no expert in coins, but I do know that the
South African Krugerrand gold coin is unique in that it doesn’t
have a face value. Instead, its value is solely determined by the
global gold price. That’s pretty cool and a bit different from
other government mints.
Here are the top five gold coins currently
- South African Krugerrand
- American Eagle
- Canadian Maple Leaf
- Vienna Philharmonic Coins
- British Britannia Coin
WHEN IS THE GOLD PRICE THE STRONGEST?
Predicting the next gold rally can be tricky, as
sentiment often plays a big role. In times of uncertainty and
inflation, gold usually does well, and there are certain times of
year when gold is more likely to rise. Generally speaking,
September is the best month for gold, as jewelry stores stock up in
preparation for the holidays. January is also a great month, as
Eastern nations make their purchases ahead of the Lunar New Year.
On the other hand, March, April and June have historically been the
Frequently asked questions
What is the current price of gold coins in
The current price of gold coins in the USA is
dependent on the purity of the gold, the size of the coin, and the
type of gold coin being purchased. Retail prices of gold coins in
the USA are typically higher than the current gold price due to the
added costs associated with manufacturing, shipping, and
Which gold coins are available in the
Common gold coins available in the USA include
American Eagle, Canadian Maple Leaf, and American Buffalo coins.
Other gold coins may also be available from private mints.
Where can I buy gold coins in the USA?
Gold coins can be purchased from coin dealers,
banks, and precious metal dealers in the USA. Online retailers may
also offer gold coins for purchase.
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