The daily metal prices are set using the following markets:
Gold, Platinum & Palladium
The London Fix is the procedure by which the price of gold, platinum & palladium is set on the London market by the five members of the London Gold Pool.
Silver
Handy & Harman (H&H) has operated as dealers in silver and gold bullion (bars) and coins since its founding in 1876.
It is designed to fix a price for settling contracts between members of the London bullion market, but informally the London Fix provides a recognized rate that is used as a benchmark for pricing the majority of gold, platinum, and palladium products and derivatives throughout the world's markets. The Gold Fixing is conducted twice a day via conference call. The AM Fix is set at 10:30 AM London time (5:30 AM EST). The PM Fix is set at 3:00 PM London time (10:00 AM EST). United Coin & Jewelry uses the PM Fix to set the metal market price for gold, platinum, and palladium at 10:30 AM EST daily.
Historical spot prices for gold (per ounce).
On the basis of their experience, in 1982 H&H began to issue a daily silver price as a service for American silver producers. The base price represents simply the lowest price at which, on any given day, H&H can buy silver for its own needs and this price is accepted as a guide for silver transactions worldwide. The H&H Base Metal price is set around 2:30 PM EST, long after United Coin & Jewelry has set the daily metal market price. For that reason, United Coin & Jewelry uses the prior day’s metal price. That means, if a customer has an order that ships same day, it will go out using the previous day’s Handy & Harman base price.
Historical spot prices for silver (per ounce).
“The desire for gold is the most universal and deeply rooted commercial instinct of the human race.”