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Gold Price Discrepancy

 
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Author Previous TopicReplies: 4 / Views: 404Next Topic  
Valued Member
United States
436 Posts
 Posted 06/28/2022  3:27 pm Show Profile   Bookmark this topic Add howell1018 to your friends list Get a Link to this Message
Gold is currently trending downwards. I get my gold pricing information from gold price.org. At this moment the price of gold is shown as $1,820. When I go to the APMEX site the current price is shown as $1,830. Looking at gold price.org the last time gold was at $1,830 was 5 days ago. Am I missing something here?
Pillar of the Community
Canada
2659 Posts
 Posted 06/28/2022  4:10 pm  Show Profile   Check Wade's eBay Listings Bookmark this reply Add Wade to your friends list Get a Link to this Reply
$10 difference on $1800+ ? not sure there's much to miss @ +/- of 1%
Coin Collecting... "I'm in it for the money"
Pillar of the Community
United States
1256 Posts
 Posted 06/28/2022  5:58 pm  Show Profile   Bookmark this reply Add BadDog to your friends list Get a Link to this Reply
Different bullion dealers use various ways to compute their "spot" price of gold. APMEX says
Quote:
The Gold spot price is computed using data from the futures contracts traded on the COMEX.
but they don't say which month they use, or if they use an average of several months to get their "spot" price.

My guess is that APMEX is currently using the Oct 22 futures price. That contract closed at $1830.30 today and APMEX's website shows a quote of $1830.30 as well.

Since the current cash price for gold is in the $1820 range, my guess is that GoldPrice.org is probably using the cash price as their "spot" price for gold.

The bottom line is that different dealers use different methods to calculate what they call their "spot" price of gold (and other metals as well for that matter). If you like the "spot" price from GoldPrice.org then use it. If you then are in the market to buy some gold, just shop around the various dealers to see who has the lowest premium above your "spot" price.
Valued Member
United States
94 Posts
 Posted 06/29/2022  1:22 pm  Show Profile   Bookmark this reply Add glenmorenee to your friends list Get a Link to this Reply
As a matter of practice, I would guess dealers are quick to adjust to rising spot and slow walk adjusting to falling spot.
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United States
115001 Posts
 Posted 06/29/2022  2:53 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
As a matter of practice, I would guess dealers are quick to adjust to rising spot and slow walk adjusting to falling spot.
The general sales rule is raise prices fast, lower them slowly. It is related to the broader rule known as collect early, pay late.
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