When we have something to say about owning gold that doesn’t really fit elsewhere on the site, this is where we put it.
The spot gold price refers to the price of gold for immediate delivery. In other words, if you walk into a bullion dealer off the street and take out your wallet, the spot gold price is close to what you’ll pay for a gold coin or bar. (Plus the premium the dealer is going to charge you.)
You can track the spot price of gold with the chart above.
The spot gold market is active and trading for almost 24 hours a day. (Unlike the New York Stock Exchange, for example, which closes overnight.)You’ll pay a little more than the spot price, because manufacturing and distribution costs are added to the cost of the coin or bar, plus a small commission for the dealer.
This may seem a little weird at first. How can gold be traded and priced around the clock?
It’s because of the time differences between major trading centers around the world.
There is almost always a location somewhere in the world that is actively taking orders for gold, including New York, London, Sydney, Hong Kong, Tokyo, and Zurich.
Gold is a global asset, with a common value anywhere in the world.
When you are buying gold to own it, the spot price is the price to watch for. Another gold chart you might see is titled “gold futures”. The futures price will concern you if you are buying gold shares, but not if you are buying physical gold coins or bars.
For coins and bars you are interested in the price right now, and that is the spot gold price.
Further reading on gold…
Gold: The Ultimate Protection Against Big Government and the Traditional Banking System.
Understand The Difference Between Gold Bullion and Numismatic Coins.
Gold-backed crypto tokens… Are they a better way to own gold?
Declining output from the world’s top gold producing countries – today, and in the past.
Storing your gold at home: How to install an in-floor safe in concrete.
If I buy gold coins or bars now, what if the price goes down?
Investing in gold coins: Why now is the time to buy more gold. Much more.
3 Good reasons to buy fractional gold coins.
Who can accurately forecast the price of gold? Nobody. And that’s the truth.
Why you should never store your gold coins in a diversion safe.
How the value of the U.S. Dollar impacts the real price of gold.
Your Guide to Buying Mexican Gold Coins.
Your Guide to Buying Canadian Gold Coins
Your Guide to Buying U.S. Gold Coins
3 Ways to invest in gold mining stocks.
A short history of the California Gold Rush.
Owning gold as part of your retirement savings.
Pass your gold on to your children, as part of their inheritance.
Owning gold isn’t about investing, it’s about peace of mind.
With demand for gold falling, it’s a good time for buying gold coins.
Junk bond debts alone could move gold prices upwards over the next four years.
Scarcity and a decline in gold production are factors to consider when buying gold.
How to calculate today’s scrap gold prices and get the best deal for your gold.
The difference between owning gold and owning the “promise” of money.
Buying gold is a great way to cut back on buying junk.
Can one predict daily gold prices by following the financial press?