It's all about the “Spot Price”:- Everything You Ever Wanted to Know but Couldn’t Get a Straight Answer Too by welshstacker

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hive-167922 · @welshstacker · Aug 23 '20

$6.64

It's all about the “Spot Price”:- Everything You Ever Wanted to Know but Couldn’t Get a Straight Answer Too

<center>![Screenshot_20200823_201942.jpg](https://images.hive.blog/DQmWx4ocrPSadSGxihEijYPVm8rPdbKktTrPBHKSeBipGgc/Screenshot_20200823_201942.jpg)</center>

The “spot price” in the precious metals marketplace represents the basis for which a raw ounce of the metals can be bought and sold for immediate delivery. Spot prices fluctuate constantly, affecting both the buying and selling of precious metals. The price you will pay for any silver, gold, palladium, or platinum product is the spot price plus a “premium” that is added by all manufacturers, distributors, and dealers in order for them to make a profit. Spot prices are quoted in troy ounces but can easily be converted into grams, pennyweights, or kilos. Transactions for bullion coins and bars also are based on the spot price.

<center>![Screenshot_20200823_195804.jpg](https://images.hive.blog/DQmZKysEGMUtxAf6T5zGnA39ZJovGninyctPvvvgtbFBgdP/Screenshot_20200823_195804.jpg)</center>

Trading occurs on the precious metals market close to 24 hours a day because there’s nearly always some location somewhere in the world actively trading. New York, London, Zurich, Sydney, Tokyo, and Hong Kong are where most of the trading takes place. Metals typically trade 23 hours a day, Sunday through Friday. Most over-the-counter (OTC) markets overlap each other; the one hour when no market is trading is 5 to 6 p.m. Eastern Time. There are no official opening or closing spot prices.

Most dealers use a high and a low value, aka a “bid and an ask”, to represent the spot price at a given time. A spot price is “fluid”, meaning it can change throughout the day and is typically updated every 30 to 60 seconds.

Because there are numerous spot-pricing services, prices vary slightly from one website to another. Because dealers work with different spot-pricing services, slight variations exist between dealers. Also, if dealers say they are “calling spot”, it typically means they are using their own spot price as the reference point.

<center>![Screenshot_20200823_200243.jpg](https://images.hive.blog/DQmTZ9dHqiAYnx6SrhzhxsrYKAdrrNndCxy28HnXr3DRfDB/Screenshot_20200823_200243.jpg)</center>

This is common, and there are many reasons a dealer may choose to do this, such as extreme price volatility or conflicting information on prices as well as supply/demand factors.

When reputable retailers sell, they base all bullion prices on the spot price plus their premiums for each product. When they are buying back, they also use the spot price as the basis, and then offer to buy back varying from below spot to above spot, depending on the market demand and current inventory. When buying "scrap" silver or gold, the buyer will often take the current spot price, and then take away a set % (10%+) to cover their time and effort, before selling on to refineries at below spot (again) for the metal to be recycled and reused.

<center>![Screenshot_20200823_201056.jpg](https://images.hive.blog/DQmcb3NbazPCKfci6msiES9jzabYR2iwcFWhArBTSFKX19B/Screenshot_20200823_201056.jpg)</center>

The pricing of karat gold and sterling silver also is based on spot but is more complicated and varies widely from dealer to dealer because of a variety of factors. I can save that topic for another piece down the road.

So remember: Spot prices come from a variety of sources and are constantly changing. There is no one universal spot price. Reputable dealers will always tell you the spot price they are using when conducting any buying or selling of precious metals. It is your responsibility and duty to know what the most up to date spot price is and to not get ripped off by cowboy buyers and sellers.

<center>![UK_Hive_C0ff33a_mk1_2.png](https://images.hive.blog/DQmcSAcTPQ2bzfLqvAjRzdvsnEkz8uWd9dyQVaqEfAP24BF/UK_Hive_C0ff33a_mk1_2.png)</center>

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👍 ssg-community, leo.voter, steemcryptosicko, naturalmedicine, spectrumecons, forexbrokr, captainhive, livingfree, jacobtothe, adiwathrive, nateaguila, daveks, rewards-pool, khaleelkazi, silver-hammer, teamuksupport, pladozero, stevelivingston, ronaldoavelino, themanwithnoname, tbnfl4sun, silvertop, buggedout, senstless, spinvest, ronavel, elizabethbit, earthtribe, missdeli, eftnow, bewithbreath, viking-ventures, welshstacker, lemooljiang, mountainjewel, artonmysleeve, vgholdingsllc, leofinance, walkerland, silverd510, summertooth, riverflows, dpend.active, wildhomesteading, hiveyoda, vegoutt-travel, d-pend, gadrian, karinxxl, sagesigma, myprecious, elamental, underground, dhingvimal, raybrockman, lotusshares, handofzara, squareonefarms, tryskele, heart-to-heart, owenwat, snoochieboochies, thelaundrylady, chetanpadliya, and 110 others

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@adiwathrive · Aug 24 '20

It's very interesting to see that the metals market is also a fluid and alive one. From a crypto perspective metals markets might seem like slow motion, but it seems they are everything but! Thanks for this nice and really educative post. 

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**Your post is wonderful and that's why it has been manually curated for #adiwathrive by @acurewa**


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@hivebuzz · Aug 24 '20

Congratulations @welshstacker! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

<table><tr><td><img src="https://images.hive.blog/60x60/http://hivebuzz.me/badges/postallweek.png"></td><td>You have been a buzzy bee and published a post every day of the week</td></tr>
</table>

<sub>_You can view [your badges on your board](https://hivebuzz.me/@welshstacker) And compare to others on the [Ranking](https://hivebuzz.me/ranking)_</sub>
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To support your work, I also upvoted your post!


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@silverd510 · Aug 23 '20

Welshie good post. But the spot price is set and the same at any site here. Kitco, Bullion Vault or whoever have to you the closing price of the Comex. And there are two prices listed the one is the current price the one to the right of it is the asking bid price. It’s usually a 10 cent difference in silver. This is the price LCS and dealers use when they set prices.

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@teamuksupport · Aug 23 '20

Hi @welshstacker, 
 Thank you for participating in the #teamuk curated tag. We have upvoted your quality content. 
 For more information visit our discord https://discord.gg/8CVx2Am

👍 teamuksupport

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