Many gold investors care less about the gold spot price and more about the security that physical gold affords, but we wanted to make sure clients felt at ease with the process that we use to determine gold coin buy and sell prices.
Dallas, TX (PRWEB) December 05, 2013
In the wake of a December 3, 2013 Fiscal Times article detailing possible violations on the London precious metals futures markets long-standing gold coin dealer GoldCoin.net will no longer consider the “London Fix” when setting gold coin prices each day. Company spokesman Jenni Spring said that gold coin prices will now be set using the live New York gold spot price that scrolls across the GoldCoin.net homepage.
“We will use the NYMEX gold spot price to set prices for gold bullion coins,” Spring said, “and for certified gold coins we will look at gold spot as well as the PCGS and NGC price guides to set market prices.” Spring says that while many gold coin investors care less about the gold spot price and more about the security that physical gold affords, the company wanted to "make sure clients felt at ease with the process that we use to determine gold coin buy and sell prices" and Spring says the company is currently contemplating sending a letter to clients to notify them of the change directly.
GoldCoin.net made the policy change after The Journal of Futures Markets published on September 2, 2013 research (available for purchase) showing that trading heavily increased in the first few minutes of each meeting of the price setters. Once representatives from the participating banks (currently the Bank of Nova Scotia, Barclays, Deutsche Bank, HSBC and Societe Generale) begin their discussions the volume of trading increases dramatically, with up to 90% of trades falling in line with what the price setters eventually agree upon. The U.K.’s Financial Conduct Authority is reportedly investigating the price-fixing process but has not yet charged anyone with wrongdoing.
Gold Coin (GoldCoin.net) has over two decades of experience advising household investors on smart physical gold and silver investments and gold coin IRA and 401k plans. They buy and sell all types of precious metals and offer free home delivery. For more information or a free “Gold Coin Starter Kit,” visit http://www.goldcoin.net or call 1-800-425-5672 today.