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over spot

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legend444
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 Posted 01/09/2010  3:08 pm Show Profile Bookmark this topic Add legend444 to your friends list Get a Link to this Message

What does over spot mean? When talking about Gold they show a certain price over spot.

Thanks,
Sal

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 Posted 01/09/2010  3:19 pm  Show Profile Bookmark this reply Add rustyboy to your friends list Get a Link to this Reply
Spot is the current price gold is trading on the market. Kitco.com has a running price on their site. The market is always moving, it seems, even on weekends. Over and under spot are the rate for buying actual bullion. Despite market price, you almost always are going to pay over spot. APMEX will buy US bullion gold at 20 over spot and sell at 50 over spot. Other countries trade closer to spot.
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 Posted 01/09/2010  3:19 pm  Show Profile Check nohope587's eBay Listings Bookmark this reply Add nohope587 to your friends list Get a Link to this Reply
The Spot price of Gold is the price that gold is currently traded for as a commodity. so the over spot is what ever the seller adds to the commodity price. See the link on the left under the navigation menu for the "spot prices".
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 Posted 01/09/2010  3:19 pm  Show Profile Check BH1964's eBay Listings Bookmark this reply Add BH1964 to your friends list Get a Link to this Reply
It is the amount of money "over the current spot price" at which that party is willing to buy or sell. This is always associated with precious metals.

It's simple when full ounces are involved. For example: 1 oz. GAE at $50 "over spot" just adds $50 to the current market price of the given item. So if gold is trading at $1,100/oz then the price is $1,150.

Fractional amounts require a little more math but the principle is the same.
ANA #R3154474
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 Posted 01/09/2010  3:23 pm  Show Profile Bookmark this reply Add markapsolon to your friends list Get a Link to this Reply
"Spot value" is the worth of gold or the set spot value of gold during the trading day for commodities (precious metal, oil, etc). One day it might be 1108.14 and the next it could go up to 1158.35 or down to 1045.32. It really depends on the demand for PM (precious metals) and how the dollar is looking. Precious metals is considered a safe place to put your money if the stock or bond market is doing badly. "Over spot" is the amount of the premium the dealers place on the spot value of gold. Premiums can be different for each bullion item. For example American Gold Eagle one ounce coins have a higher over spot price then just a one ounce bar of gold from pamp suisse. Dealers charge this "over spot premium" to make a profit and to keep a buffer between their cost and the volatility of the precious metals market. You can sometimes get over spot when you sale your PM to dealers because they are either confident the market will go higher or the demand is higher on those certain bullion items so they can charge a higher over spot themselves. Over spots are higher on American Gold Eagles because they are guaranteed by the US gov.. like that really means anything today..lol
Edited by markapsolon
01/09/2010 3:36 pm
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 Posted 01/09/2010  10:10 pm  Show Profile Bookmark this reply Add Parklane64 to your friends list Get a Link to this Reply
See Spot. See Spot go up, up, up. Up, Spot, up!

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 Posted 01/10/2010  01:09 am  Show Profile Bookmark this reply Add MtnCoinMan to your friends list Get a Link to this Reply
As a side question to this, which site is the BEST to buy "investment bullion?"
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 Posted 01/10/2010  01:49 am  Show Profile Check BH1964's eBay Listings Bookmark this reply Add BH1964 to your friends list Get a Link to this Reply

Quote:
As a side question to this, which site is the BEST to buy "investment bullion?"


I've recommended http://www.apmex.com/ many times and will continue to do so.

They publish their Buy & Sell prices (tied continuously to spot) on most bullion items and have good customer service.
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