Sourcing Gold & Silver Spot Market Data – Why it Matters
Today’s businesses move at the speed of light, thanks to the internet and eCommerce websites. This is even more true when it comes to selling gold, silver, platinum, and precious metal bullion online. Why? Because the price changes so often!
What is “spot market data?”
Not everyone pays the same price for milk, even if they buy it at exactly the same time on the same day. Yet, everyone pays the same amount for gold bullion. This is because of the spot price. The spot price is the current price in the marketplace at which a given asset, in this case, gold or another precious metal, can be bought or sold for immediate delivery. While spot prices are specific to both time and place, in a global economy like this, the spot price of this type of commodity tends to be nearly uniform worldwide when accounting for exchange rates. Spot prices are in constant flux. The price of gold today may not be the same as next week and certainly won’t be the same as this time next year. The question is, will the price go up or down?
Why is sourcing important?
The international prices for gold, silver, platinum, and palladium are all set in London. The price auctions take place on a daily basis. All of these prices are internationally regarded as the pricing mechanism for a variety of precious metal transactions and products. You want your prices to come from the right source, otherwise, you’re in for a lot of confusion and frustration- and so are your buyers! If you set your precious metal bullion price too high based on poor sourcing, your buyers will feel cheated and not return to your website. If you set them too low, you aren’t making as much profit as you should be and will find it hard to continue to operate your business. The only real way to move forward is to have access to the live prices, direct from a source you can trust.
How can I provide it to my buyers?
This is one task you don’t need to handle alone! nFusion Solutions can give you and your buyers the real-time value of precious metals, so everyone knows they’re making a fair transaction. They’ll see the prices being displayed directly on your website! We provide all the latest precious metal prices and data at your fingertips, so you can provide it to your buyers. When your website is so user-friendly and trustworthy, your buyers will return to you again and again.
The integrity of your business is essential to your growth, and you need true prices, accurate sourcing, and cutting-edge technology to get you there. For all things related to your website, nFusion Solutions is here to help. Reach out to us at any time with questions regarding which software would be right for your website, how to integrate one of our real-time live gold price apps onto your site, and more. We’re here for you, with the solutions you need in order to make your business and your website a huge success!