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The following article was published in our article directory on November 29, 2012.
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Discover spot gold.

Article Category: Education

Author Name: Sharon Richards

"Spot gold" pertains to the price of the precious metal gold in a specific kind of financial transaction termed a "spot transaction". With a spot transaction, the buyer and seller agree to buy or sell a commodity, currency, or security for settlement on the "spot date". Settlement is the completion of the transfer of cash or assets. The "spot date" is defined at the "horizon", or when the contract is initiated. The price that is used in the settlement of a spot transaction is called the "spot price", "spot rate", or "exchange rate". In a nutshell, spot gold is the buying or selling of gold in a cash market for immediate delivery of gold.

"Gold futures" is another financial instrument utilized for buying or selling gold. Although the underlying commodity is the same, spot gold and gold futures are traded very much differently. The governing rules, trading hours, trading symbols, the types of contracts, and the contract sizes for gold futures are different from spot gold. Spot gold is merchandised at over-the-counter (OTC) dealers such as found in the FOREX market. On the contrary, gold futures are traded in commodity exchanges around the world where gold, silver, and other precious metals are traded. For whole, detailed information on the differences between spot gold, gold futures, and what hedging is all about please visit spotgoldinfo.com

World-wide price discovery for gold is done in the gold futures market. However, the largest gold market exists in London and is termed the "The London Fix", "London fixing", or "gold fixing". The London Fix is a session that occurs via teleconference twice a day by members of London's five largest bullion banks. The current members of the London fix are: Barclays Bank, Deutsche Bank, HSBC Bank USA, ScotiaBank, and Societe Generale. The London fix takes place daily in the morning at 10:30 am (the morning Fix), and once more at 3:00 pm (the afternoon fix). The banks set the price of gold based upon an aggregation of the buy or sell orders that the banks collectively have for gold. Prior to World War I the world reserve currency was the British pound, and the price of gold was set in pounds sterling. Today, the US dollar is the reserve currency of the world, and the price of gold is set in US dollars.

Gold is measured and sold by troy ounce. A troy ounce is built upon the British imperial system of weights and measurement, and weighs just a bit greater than a US ounce (avoirdupois). A troy ounce amounts to 1.0971428 oz. The London Fix deals in 400 troy ounce bars of gold. Gold is also traded globally in smaller quantities, grams. Gold futures, alternatively, are sold by different sized lots, each having their own trading symbol to differentiate the lot sizes.

There are three main forms of physical gold that are traded: bullion, bars and coins. Gold bullion is near 100% pure gold, and is the large quantities of gold that are traded on the financial markets. Gold bars are smaller than gold bullion and are separately cast or minted in specific weights with varying numismatic values. Gold coins are minted of pure, and nearly pure, gold by various countries.

You can invest in spot gold on the London or NY markets, online, and at auctions. You must make a decision about how you would like to invest in gold. You may purchase and take delivery of the physical gold, specify delivery to a vault where gold is to be stored on your behalf, or buy shares of a gold stock or an exchange traded product for gold. The main factors to bear in mind when buying gold are security and fees. It is best not to store gold in your own safe. Also beware that gold de-values if you remove it from a permanent storage facility, because it will have to be re-evaluated by a gold specialist, which is a pricey procedure. Get complete details of account types (allocated and unallocated), exchange traded products, and buying and storage information at spotgoldinfo.com

About the Author: Sharon D. Richards is an expert when it comes to spot gold. Untangle the confusion, and learn all you need to know about spot gold. Visit her website at spotgoldinfo.com for a thorough look.

Keywords: spot gold,spotgold,gold rates,gold price,gold spot,spot gold price,gold spot price,gold price chart,gold

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