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On Friday, gold futures backed off their all-time high from the prior session to hover near $2,950 while the spot, or wholesale reserve price in London, traded at around $2,930 an ounce.
Of all the precious metals, gold is the most popular as an investment. Investors generally buy gold as a way of diversifying risk, especially through the use of futures contracts and derivatives. The gold market is subject to speculation and volatility as are other markets.
Silver often tracks the gold price due to store of value demands, although the ratio can vary. The crustal ratio of silver to gold is 17.5:1. [7] The gold/silver price ratio is often analyzed by traders, investors, and buyers. [8] The gold/silver ratio is the oldest continuously tracked exchange rate in history. [9]
Due to wartime emergencies and government controls, the London gold fixing was suspended between 1939 and 1954, when the London gold market was closed. On 21 January 1980 the gold fixing reached the price of $850, a figure not surpassed until 3 January 2008 when a new record of $865.35 per troy ounce was set in the a.m. fixing.
Precious metals include gold, silver, platinum and palladium and are normally priced by the ounce or gram. Industrial metals include aluminium alloy , aluminium , copper , lead , nickel , tin , zinc , cobolt , iron ore and Nasaac (North American special aluminium alloy) are exchange traded commodities and are normally priced by the metric ton .
The price of a bar of gold is worth a million dollars for the first time, ... thanks to soaring prices for the precious metal. ... 24/7 Help. For premium support please call: 800-290-4726 more ...
The HUI-gold ratio is an expression which compares the relative quantities of the NYSE Gold BUGS Index and the price of gold. The ratio is calculated by dividing the value of the NYSE Gold BUGS Index by the price of gold. [5] Investors use the HUI-gold ratio to illustrate the ever-shifting relative strength of the gold stocks versus gold. [6]
The standard gold bar held and traded internationally by central banks and bullion dealers is the Good Delivery bar with a 400 ozt (12.4 kg; 27.4 lb) nominal weight. However, its precise gold content is permitted to vary between 350 ozt (10.9 kg; 24.0 lb) and 430 ozt (13.4 kg; 29.5 lb). The minimum purity required is 995 ‰ gold.
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