Gram, Pennyweight (DWT) and Ounce are different measuring standards used to weight precious metals.
These are some terms you should know before buying or selling precious metals.
What are London Fixings?
The London Gold and Silver Fixings are the internationally published benchmarks for precious metals. They are fully transparent and are therefore used to deal in large amounts, or to achieve the accepted average price of the metal. As a benchmark, many other financial instruments are priced off the fixing, including cash-settled swaps and options. The silver fixing started in 1897 and the gold fixing in 1919.
What is the Fixing Process?
Fixings are an open process at which market participants can transact business on the basis of a single quoted price. Orders can be changed throughout the proceedings as the price is moved higher and lower until such time as buyers' and sellers' orders are satisfied and the price is said to be 'fixed'. Orders executed at the fixings are conducted as principal-to-principal transactions between the client and the dealer through whom the order is placed.
Who sets the Fixings?
The five members of the Gold Fixing are NM Rothschild & Sons Limited, The Bank of Nova ScotiaMocatta, Deutsche Bank AG, HSBC Bank USA, and Societe Generale. The three members of the Silver Fixings are The Bank of Nova ScotiaMocatta, Deutsche Bank AG, and HSBC Bank USA.
What is a spot quote?
A spot quote, also known as a spot price or spot rate, of a metal commodity is the price that is quoted for immediate settlement (payment and delivery). Our spot quotes are returned using Xignite's data services to find a real time metal quotes. The spot settlement is normally one or two business days from the trade date.
Where can I find spot metal rates?
The term 'spot' is used interchangeably with 'real time'. Xignite chooses to use the term 'real time'. Therefore our spot metal rates can be found when Xignite returns a real time metal quote.
Why are there metal fixing prices for both AM and PM?
Fixings are given in both AM and PM times because the fixing closing process is conducted twice a day by telephone, once at 10:30 GMT (3:30 AM CST) and once at 15:00 GMT (8:00 AM CST).
Why does the spot price not change in the evenings and weekends?
The market closes between 4:15 PM until 8 AM Monday through Friday and stays closed through the weekend.
Source: Tulsa Gold & Gems, INC.
More Gold Tips
Terms you should know before buying or selling precious metals
Under Oklahoma law, any precious metal dealer or pawn broker has to fill out a buy ticket when the customer sells their items.
The purest gold has a maximum purity of 24 karats.
Well as far as what we pay, they are all worth the same; their color does not influence their value.
The troy ounce is part of the troy weights system, many aspects of which were indirectly derived from the Roman monetary system.
The Better Business Bureau has determined that Tulsa Gold & Gems meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
There is a unique opportunity to raise money using scrap gold, diamonds and silver.