Here’s one question I was asked recently here at The Coin & Jewelry Exchange of South Florida:
“I have a 1996 fifty dollar 1 ounce gold coin and I would like to know how much it is worth?”
And my answer to the customer was, it was worth spot. Whatever the spot price of gold for the day is—that is what we will pay you today. For instance, on this day the price was $1125.
The spot price is whatever the current selling or buying price in the market is for an asset such as gold. This is the immediate price of it–whereas its price in the future is known as the forward price or futures price. The futures price can differ from the spot price at any one time because the market is always making predictions about how much gold or other assets will have in supply and demand in the future at different times.
So, all of this means that if you check what the spot price of gold is for the day before you come to see us here in Fort Myers, Florida, you will know how much we will pay you for the gold. There is no secret formula behind our method for buying gold. And if you come to see us on another day, you could get offered a different price because the spot price of gold has changed.
We will always give you the fairest price for your gold here at the Coin & Jewelry Exchange serving the South Florida area including Cape Coral. If ever you have any questions about the worth of your coins, jewelry, watches, gold, silver, or other valuables, we would be happy to speak with you.
Contact us at 239-209-2051 or drop by our shop at 12680 McGregor Blvd, Unit 4, Fort Myers.