The price chain: from spot price to retail customer
The price chain from the interbank spot price through the reference fixing and the refinery to the retail selling price: the final price consists of around 88 % material value and around 12 % premium.
The price chain: from spot price to retail customer
Why you can never buy gold at exactly the spot price shown: several layers of cost come on top along the way from the global wholesale market to the coin in your hand.
Non-physical trading between banks. There is no single price, but a range between buying and selling (bid/ask spread).
Material valueThe London fixing and the New York futures provide the reference every later step is based on.
Reference spreadMelting, minting, certifying and transporting the finished bars and coins all cost real money.
Minting & transportWhat you actually pay: material value plus manufacturing plus dealer margin – together the premium.
Dealer marginSchematic illustration. The size of the premium varies widely by product (small denominations carry a higher percentage premium), quantity and supplier. On small coins the premium can be well above 10 %.
Where the numbers come from
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