The spot price refers to the price of a commodity for immediate delivery ‘on the spot’, hence the term ‘spot price’.
With precious metals there can be differences between spot prices depending on the location of where you are taking delivery of the metal. The spot price in New York for example may trade a few dollars higher or lower than the spot price in London or Sydney at any given time depending on market forces.
ABC Bullion’s spot price reflects the price for metal in Sydney, which may differ slightly to what you may see on other websites and platforms quoting New York or London spot rates.
The spot price itself is not a price in which you can buy or sell physical metals, however all of our physical metal prices are tied to the spot price as this is the price in which banks, refineries and large financial institutions are trading metals in the wholesale market in very large commercial quantities. All retail sized bars and coins have a ’premium’ above the spot price which includes all the costs involved of making that specific bar or coin.