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Is there an "official" price of gold?
cinque1543
Posts: 525 ✭✭✭✭
I notice that COMEX, Kitco, APMEX and other sites all quote slightly different prices for gold. Earlier today, for example, COMEX was quoting $5328, Kitco was quoting $5345, and APMEX was quoting $5372 (all within a few seconds of each other). The difference among these prices is less than 1%, so it's probably not important. But I was wondering, is there an official price of gold in the U.S. market? If so, which site or source is deemed to be the official price?
If there is an official price, I would think it would be the COMEX price. But if so, why do other sites have different prices?
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Comex quote is futures market, Kitco is current live spot. Not sure why APMEX and others would differ. I've followed the Kitco price for decades as do most dealers I go to. I've always assumed Kitco was the standard. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
Prices changing quickly, not sure their source or refresh timetable.
Had an interesting one at one of the LCS I visit - quoted me $10 back of spot for silver, but their spot wasn't spot - it was what their wholesaler was paying ($8 back)...
I believe live spot is set at futures exchange
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
Perhaps but that is what Kitco is quoting and what I attempted to say. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
Institutions follow COMEX since it is the most liquid.
this is the market where kitco gets its quotes
https://www.oanda.com/bvi-en/cfds/metals/
(look on kitco's chart)
Thank you all for your input.
Back in the day, before the internet was in wide use, how did dealers keep track of the live spot price? Call in every hour or some other method?
Back in the day, before the internet was in wide use, how did dealers keep track of the live spot price? Call in every hour or some other method?
I think that there was a service called "teletrade" that listed precious metals pricing and greysheet prices.
I knew it would happen.
Circa 1979. I suppose a phone call to the broker or the morning paper then update the boards..........RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
notice the premium on the $20 DE