Spot Price
Definition
The spot price is the current market price for one troy ounce of a precious metal on commodity exchanges like COMEX. It changes throughout the trading day based on supply, demand, and global economic conditions. When you buy physical metals, you always pay the spot price plus a premium — you will never pay spot price alone. The spot price serves as the baseline reference for pricing gold, silver, platinum, and palladium products.
Why It Matters for Gold IRA Investors
Knowing the spot price helps you evaluate whether a dealer or Gold IRA provider is charging a reasonable premium. If you do not check the spot price before buying, you have no way to judge whether the markup is fair.