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The following article was published in our article directory on December 18, 2012.
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Untangle The Confusion Of Spot Gold.

Article Category: Education

Author Name: Sharon Richards

"Spot gold" is a term that describes 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 enter a contract to purchase or sell a commodity, currency, or security for settlement on the "spot date". Settlement is the finalization 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". Essentially, spot gold is the buying or selling of gold in a cash market for immediate delivery of gold.

"Gold futures" is another financial tool used for buying or selling gold. The underlying commodity is the same, but spot gold and gold futures are bought and sold quite differently. The governing rules, trading hours, trading symbols, the kinds of contracts, and the contract sizes for gold futures are quite different from spot gold. Spot gold is bought and sold at over-the-counter (OTC) dealers such as found in the FOREX market. On the contrary, gold futures are traded in commodity exchanges worldwide where gold, silver, and other metals are traded. For full, detailed information on the differences between spot gold, gold futures, and what hedging is about please visit spotgoldinfo.com

Worldwide price discovery for gold is executed the gold futures market. The largest gold market is in London and is known as the "The London Fix", "London fixing", or "gold fixing". The London Fix is a gathering 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 occurs daily in the morning at 10:30 am (the morning Fix), and once more at 3:00 pm (the afternoon fix). The banks assign the price of gold based on an aggregation of the buy or sell orders that the banks collectively hold for gold. Before World War I the world reserve currency was the British pound, and the price of gold was set in pounds sterling. At present, the US dollar is the reserve currency of the world, and the price of gold is established in US dollars.

Gold is measured and sold by troy ounce. A troy ounce is founded on the British imperial system of weights and measurement, and weighs a little more 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 all over the world in smaller quantities, grams. Gold futures, alternatively, are sold by various sized lots, each having their own trading symbol to differentiate the lot sizes.

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

You can acquire spot gold on the London or NY markets, online, and at auctions. You must make a decision about how you would like to purchase gold. You may buy and take delivery of the physical gold, specify delivery to a vault where the 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 look at when buying gold are security and fees. It is best not to store gold in your own safe. Note that gold de-values if you remove it from a permanent storage facility, because it will need to be re-evaluated by a gold specialist, which is an expensive procedure. Get full details of account types (allocated and unallocated), exchange traded products, and buying and storage information at spotgoldinfo.com

"Spot gold" pertains to the price of the metal gold in a specific kind of financial transaction termed a "spot transaction". With a spot transaction, the buyer and seller enter a contract 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 set 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 "rate of exchange". 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 product used for trading gold. Although the underlying commodity is equivalent, spot gold and gold futures are traded really differently. The governing rules, trading hours, trading symbols, the types of contracts, and the contract sizes for gold futures are much different from spot gold. Spot gold is merchandised at over-the-counter (OTC) dealers particularly found in the FOREX market. On the contrary, gold futures are traded in commodity exchanges all over the world where gold, silver, and other precious metals are traded. For full, in-depth information on the differences between spot gold, gold futures, and what hedging is about please visit spotgoldinfo.com

Worldwide price discovery for gold is executed the gold futures market. The largest gold market is in London and is called 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 happens 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 hold 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 based upon the British imperial system of weights and measurement, and weighs slightly over 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, conversely, are sold by varied 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 practically 100% pure gold, and represents the large quantities of gold that are traded on the financial markets. Gold bars are smaller sized than gold bullion and are separately cast or minted in specific weights with varying numismatic values. Gold coins are minted of pure, and very nearly pure, gold by various countries.

You can obtain spot gold on the London or NY markets, online, and at auctions. You must figure out how you would like to grab gold. You may purchase and take delivery of the physical gold, arrange 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 consider when buying gold are security and fees. It is best not to store gold in your own safe. Note that gold de-values if you remove it from a permanent storage facility, because it will need to be re-evaluated by a gold specialist, which is an expensive procedure. Get complete details of account types (allocated and unallocated), exchange traded products, and buying and storage information at spotgoldinfo.com

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