Spot Prices

FPrice

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I looked but could not find anything which addressed my specific question(s).

How often does spot price change/update?

Who sets it?

Who has the "official" spot price?

These may seem like basic questions. But in reality, I guess they are.

Thanks.
 

pmbug

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Spot prices change in real time during trading hours. There are various channels you can use to check the current spot price (a couple posted on the pmbug home page). Most update fast enough for the lay person who is looking to buy some metal online or at the LCS.

Precious metal retailers update their prices based upon the spot price at their own discretion. Online retailers may have a note posted somewhere that indicates how often they update their spot price tracker, whether they are basing spot off the bid/buy or ask/sell price and where they are getting the data - kitco, etc..

During business hours in the USA, spot price is generally set by the COMEX futures trading. After hours, futures trading in London or Asia (again, generally - we're talking about market forces, not some govco law) moves the price.

See here for a more detailed explanation:

http://research.perthmint.com.au/2015/04/07/how-are-gold-and-silver-spot-prices-determined/
 

FPrice

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Thanks. Unfortunately when I get interested in something I really like to learn as much as I can about the subject. That often means asking questions. And then more questions.
 
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