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WHAT'S THE GOLD PRICE OF A ONE OUNCE GOLD COIN? It's NOT what YOU think! - YouTube
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What's the gold price for a 1 ounce gold coin?
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It's not what you think.
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You might be wondering what's the actual price of gold right now.
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and the answer may surprise you. Not only does it have to do with which chart to look at,
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but it also has to do with the kind of ounce that we're talking about.
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There are several different prices of gold right now.
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The first one is the London fixed price. This price is
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determined by the London Bullion Market Association
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or LBMA which consists of 13 banks including HSBC, Goldman Sachs International, JPMorgan Chase,
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Bank Of China, Morgan Stanley, and a few others. Between all of these banks the price is set with an AM
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and a PM price.
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The AM price is set at 10:30 a.m.
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Greenwich Mean Time and the p.m. price is set at 3 p.m.
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Greenwich Mean Time. For us in America
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it's 3:30 a.m. and 8 a.m.
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Pacific Time bro. The other price of gold is called the gold spot price.
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The spot price is a more accurate reflection of what the price of gold is at this very moment.
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This price is determined by the Global Commodities Markets where traders are buying
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and selling all week long.
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However, this price freezes every Friday at 5 p.m.
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Eastern and then open Sunday evening at 6 p.m.
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Eastern. The spot price also varies based on if you're a buyer
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or a seller. If you're a buyer the seller may refer to the gold ask price,
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which is a little bit higher. If you're a seller
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then the person or company that you're selling to may refer to the gold bid price,
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which is lower. The price you pay
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for gold or the price you get paid for your gold varies from dealer to dealer.
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So before buying or selling your gold just ask so
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you know what to expect. The most common price dealers refer to
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is the spot bid price. Here's an example.
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If you're selling your gold by mailing it in, the company may use the AM
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London fixed-price the day they receive your package.
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This is because they're getting packages in the mail all the
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time and it would be really hard to set a spot price for each package on the time
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it comes in or they might lock in the price before you mail it off.
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So, you know exactly what to expect.
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But if you're buying or selling your gold in person then using the
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spot price is the fairest way to determine
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what you pay or what you get paid. Either way the company you work with shouldn't be able to pick
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and choose which price they used depending on what's better
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for them. Work with someone who's consistent with how they price their gold.
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So now that we've figured out what the price of gold is,
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what kind of an ounce exactly are we talking about. Gold trades on the troy ounce which may
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surprise you that it's different than an avoirdupois ounce,
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huh? Avoirdupois.
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Yeah an avoirdupois ounce is the one we know when we're portioning our steaks.
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I'll have the 24-ounce porterhouse
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please or if we're ordering our beer
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16 or 22-ounce why even ask. Or taking our items through airport security.
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Dang it, this is my favorite toothpaste and it鈥檚 3.5 ounces.
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Now I have to throw it away.
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So if you bought a pure 1 ounce gold coin
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and then you take it on a scale
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and you weighed at home it will weigh 1.097 avoirdupois ounces.
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Sorry to tell you that you didn't get more gold
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for free.
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But at the same time if you're selling pure gold and you weighed it at home on a avoirdupois scale,
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you'll find that it's actually worth a little bit less than you might
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have thought. With troy ounces come troy pounds
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and it's not 16 ounces to a pound like avoirdupois ounces.
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There are only 12 troy ounces in a troy pound.
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So if you're buying gold by the pound, first of all good for you.
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You're rich!
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Second of all make sure you know
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which kind of pound the seller is talking about because you might think you're buying 16 ounces,
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but really you're only buying 12 ounces. The way to tell the difference between avoirdupois ounces
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and troy ounces on a scale is by seeing either oz for avoirdupois ounces
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or ozt for troy ounces. In summary,
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before buying or selling your gold coins just find
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out what gold price the person or company you're dealing with is talking about.
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Is it the London AM or PM fixed or is it the bid or ask gold spot price, and now
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you know the difference between a troy
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ounce and an avoirdupois ounce. If you want to see either of these gold prices you can find them
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at the bottom of our website at crowngoldexchange.com.
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And if you found this video helpful, please like
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and share with your friends.
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For more videos subscribe to our channel
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and hit that bell. Until next time I'm Cesar with Crown Gold Exchange,
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Stay Golden.
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