Why is Kitco so much lower than everyone else?
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Everyone reporting ~$3650, Kitco still at ~$3595 - what's the catch?
Previous transactions: Wondercoin, goldman86, dmarks, Type2
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The higher numbers are the futures market, Kitco is the current spot price.
how far into the future?
One is the real world spot price and the others are the futures market. Transactions at the LCS/dealers etc. are done at the spot price. Futures are mostly irrelevant. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Here’s an example from CNBC
Futures are priced for delivery in the future. Spot price is current price. Futures are relevant because they help the drive the spot price. Futures are simply a bet on where spot prices will go.
I'll trust AI on this one: "spot prices are for immediate buying and selling, while futures contracts delay payment and delivery to predetermined future dates. The spot price is usually below the futures price. Spot price is primarily determined by the forces of supply and demand in a real-time market for immediate delivery of an asset. For commodities like precious metals, these forces are influenced by factors such as global economic conditions, geopolitical events, market sentiment, interest rates, and government policies, with derivative markets on exchanges like COMEX and the LBMA playing a significant role in setting the benchmark prices."
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Futures prices incorporate some storage & handling fee over spot and where the market believes the spot price will be at some point in the future. I like to think spot prices drive the futures price +/- the projected economic conditions, sentiment, rates, etc. Excluding some extraordinary event predicted for the future with some degree of certainty, the 1 month future price will always be slightly higher then spot.