Gold and Silver spot prices Canada

okay as promised in our last video I said I would talk about spot price. Spot
price is arrived at by a computer algorithm that various large banks and financial
institutions around the world that are involved in the trading of
precious metals. They plug in various different indeces to this computer algorithm
and it comes up with this set price, the spot price for gold and for
silver now that price changes quite frequently
every 15-20 seconds you can go on a say for example like bullion desk and on Bulliondesk you can watch
their spot price change in real time might be an exercise
you may want to consider this is a question for you. So anyway were all subject to this as people in
the industry selling precious metals were all subject to this price and basically every but he follows a as
a guideline similar to the oil and gas industry ,if you look at gas stations there’s not a lot of variety
in their price its set in a very similar way, basically by
OPEC so now when someone in Canada wants to buy
large quantities of gold silver, it’s bought in well its price the spot prices in US
dollars I should back up in clarify that the spot price is always seen in US
dollars so when an institution in Canada say our up-line supplier wants to
buy gold or silver they have to buy it with US dollars, so
if you’re starting with Canadian dollars obviously you have to convert
them over and there’s a price for that conversion and that price is different with every
financial institution and it’s measured typically in basis
points a basis point is one one hundredth
of a percent so there could be a charge of say 35
to 50 or even 60 basis points depending on the institution so what that’s going to reflect as as institutions in Canada that sell at the
retail level is you will actually see different spot prices
in Canadian terms the US spot price will be a set price
that’s again changing every fifteen or twenty
seconds, but in Canada each each retailer will often have a
difference spot price so you could literally be standing in
our store and looking at someone else’s website and say what’s your spot price and I
could give you that number and it would be different than what
you’re looking at another store and that’s simply comes down to the conversion rate that whoever whoever
they’re dealing with is charging and this is confusing for people because
they I just find that any time so he doesn’t
understand something the kinda puts the brakes on their
decision-making and that’s understandable because it’s a trust
issue so was the reason to this video is to just kinda clarify that this is this is not something where we’re
playing around with the numbers behind the scenes it’s really something that were all subject to simply because the
we’re down hill from these big financial institutions and you know the water flows downhill and we
have to absorb it so I hope that clarifies things that there’s nothing no tricks being played on anybody a its pretty straightforward so any other
questions you have about that go ahead and post them in the comments
section appreciate it if you’d like the video and subscribe to
our channel: and tune in for more updates all have
more to come and any questions you have you give us a
call at 905-623-1555 or come on down the store we’re always
happy to help thanks and have a great day

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