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What does the phrase “spot metal price” mean and how is the spot metal price actually determined? The answer to this question is definitely something that a potential investor in the physical metals markets should know before considering to make a purchase or sale of a metal.
Please keep in mind that the information provided herein is generic in nature and is not designed to be complete in all material respects. It is being provided for educational purposes only and should not be relied upon as legal or investment advice. If you have any questions concerning this post, you should contact a qualified legal or financial professional.What is a Spot Price?
It is the current price at which a particular commodity can be bought or sold at a specified time and place.What is the London Bullion Market Association?
The London Bullion Market Association (LBMA) provides the daily spot fix prices on its website in U.S. dollars, British pounds and euros. The price does not remain fixed throughout the morning and throughout the afternoon, however, and begins to vary immediately after the spot fix.What Does London Spot Fix Mean?
A price per ounce for each of the precious metals (gold, silver, platinum and palladium) determined daily at 10:30 and 15:00 Greenwich Mean Time by a brief conference call among the five members of the London Gold Pool. The London spot fix price is the price fixed at the moment when the conference call terminates.
If you would like specific information relative to the spot price of the following metals, we have provided the following links for your convenience:
If you follow any of the above referenced links, each will provide you with additional information concerning each market. However, the primary purpose of these sites will be to provide you with current prices so that you can begin an inquiry to see if the prices that you are being quoted are reasonable.