The fixing (or fix) is a daily process, an agreement between participants on the same side in a market to buy or sell precious metals at a fixed price, or to maintain market conditions such that the price stays at a given level, by controlling supply and demand. Orders are changed throughout the proceedings as the price is moved higher and lower until such time as the orders are satisfied and the price is said to be “fixed”.

The spot price is the current market price at which an asset is traded for immediate payment and delivery. The spot price is a wholesale price for multi-million-dollar sized orders of metal and does not consider the cost of making the metal into coins or bars, transporting it, storing it and/or retailing it to the investor. Precious metals are priced in troy ounces which differs slightly from normal ounces. A troy ounce is an imperial measure and there are 31.1035 grams in a troy ounce, and 32.15 troy ounces in 1 kilogram.

What does ‘Good Delivery Bars’ mean?

London Bullion Market Association (LBMA) sets the stringent criteria that enable the global trade in gold and silver bars. It is the de facto standard trusted around the world. Only refiners whose bars have been accredited by LBMA as meeting the exacting standards for trading on the global OTC market can produce "Good Delivery Bars." It is the internationally accepted trading standard used by precious metals dealers, traders and bullion banks around the world to trade and deal in gold and silver. Specifications for good delivery bars is that each bar is marked with the fineness, the year of production, the serial number and the refiner’s assay stamp.

Gold: Minimum gold content > 350 troy ounces (circa 10.9kg); maximum gold content > 430 troy ounces (circa 13.4kg)
Silver: Minimum silver content > 750 troy ounces (circa 23 kg); maximum silver content > 1,100 troy ounces (circa 34 kg)
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All ABC Bullion gold & silver bars are produced by ABC, the refinery division of Pallion which has been appointed to the London Bullion Market Association’s (LBMA) Good Delivery list for gold & silver. This is a testament to its ability to refine and produce gold products to LBMA standards, universally regarded as the highest international standard. LBMA accreditation is given only to companies that meet the Association’s stringent assaying and bar quality criteria as well as its responsible gold and net tangible asset requirements. The appointment makes ABC Refinery the only independent LBMA accredited gold refinery in Australia.