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 Replies: 10 / Views: 2,198 |
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Pillar of the Community
Canada
849 Posts |
If I hear on the market report that silver closed the day at say, $17 U.S., does that mean that this is price at which one could buy silver, or sell silver, or the average between the buy and sell price, or something completely different?
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Moderator
 United States
56855 Posts |
The closing price is the price at the end of the work day. Buy,sell prices will vary +/- a certain %. John1  |
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Pillar of the Community
 United States
4592 Posts |
The "London spot price" is a bit of a myth anyway. It used to be a "set" price derived by calling several bullion dealers 2x a day asking what they are willing to buy at. Now the ? is asked by computers many times a minute.
-----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Pillar of the Community
United States
4333 Posts |
What is the Zimbabwe price.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
United States
5854 Posts |
I believe the close price is the price at which the last transaction occurred at before the market closed. I think you would be able to transact at the close price if your order just so happens to be the last one filled for the day.
Edited by D0ubl3Eagle
11/18/2017 6:28 pm
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Pillar of the Community
United States
3789 Posts |
It depends, first of all, in what part of the world you live in.
In Chicago, we trade gold futures contract from 8 AM, CT to 1:55 CT.... these prices are the ones you would want to refer to as this is where the vast amount of trade is going through.
During the day, prices trade in a range. when the market closes at 1:55, whatever price it is at that point, that is the closing price for the day.
SPOT prices trade just about 24 hours a day, and are tied for various world markets, such as London, then you have your asian markets, etc.
Make it easy on yourself, just follow FinViz for prices on gold and silver.
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Pillar of the Community
 Canada
849 Posts |
I guess I worded my question not as I meant. I do not care how or when closing price is calculated, I am more interested in the relationship between a posted price and the buy and sell prices.
As in my original example, if am driving in my car and hear the market updates, and they say silver is presently trading at $17/oz. (I don't care if it is a closing price), I am pretty sure that does not mean that I can buy an ounce of silver for $17 and also at the same time sell an ounce of silver for the same $17.
Would the buy and sell prices be a certain percentage below and above the current $17? Is the $17 right in the middle between the buy and sell prices?
Edited by punman
11/22/2017 3:22 pm
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Pillar of the Community
Canada
5241 Posts |
@punman, the "quoted price", as you hear on the radio or whatever, is a sort of artificial price. If you are a very larger player in whatever market is quoting the price, you would be able to buy or sell large quantities at that price. However, for regular people who buy small amounts, it is often very close to what you could buy it at.
Otherwise:
1. Different markets have a slightly different price, but not very much.
2. A small dealer would probably have a slightly higher price.
3. Certain products like modern government bullion usually sell for a few dollars per ounce higher.
4. Impure silver usually sells for a bit less for an actual ounce of silver, compared to 99.99% silver. Often coins would be sold for very close to one of the quoted prices. Really impure silver, say 50% or less may even sell at a discount due to the refining costs.
5. Plus a lot of other variables.
6. Buying prices may range from 80-95% of the selling prices, depending on the form of the silver.
Edited by oriole
11/22/2017 3:59 pm
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Pillar of the Community
United States
3789 Posts |
IF you wanted to buy silver, as in your example at 17, then get a futures contract and accept delivery, simple.
THATS how you get the price you want. IF I wanted gold or silver, or any asset or commodity at a certain, specific price on the market, I can get it.
Keep in mind tho, if you take delivery, you will be responsible for those costs, transportation and delivery and any other fees. Oh and you might be doing several hundred ounces at a time, even with mini contract. I think the smallest contract you can do is 2,500 ounces...
but YES, you most certainly can get the price you want. So long as you have the cash to buy a contract and take delivery, you can have your silver at whatever price your heart is pleased to buy at.
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Pillar of the Community
United States
5854 Posts |
Quote:
Would the buy and sell prices be a certain percentage below and above the current $17? Is the $17 right in the middle between the buy and sell prices? I think in your example $17 would represent the price that silver last traded at which could be at the bid, ask, or in between. The price at which you will be able to buy or sell at will depend on bid/ask when you place the trade which could have shifted from when you heard it on the car radio and the product. The spread between the bid and ask can vary depending on whether it is futures, etfs, or physical that you are looking at. |
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Pillar of the Community
Canada
849 Posts |
Thank you for the responses. At present I own 4 one ounce maple leaves and a half ounce of gold so you can see I am not big investor and do not plan to be. It was just a question to increase my understanding.
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Replies: 10 / Views: 2,198 |
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Posted 11/17/2017 07:01 am
