Is "spot" obsolete?

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Is "spot" obsolete?

Lately we have been seeing much more evidence of manipulation of the market for metals, gold and silver especially. Those who have been following GATA and others like that are well aware of this. Recently we have also been noticing an increase in the disconnect between the spot price and the actual price of bullion. This brings up an interesting question: should we base expected pricing on spot, or is there another method we can use for price discovery?

Breaking News!

As I was writing the above, I did a little searching. Right away I found this: PRECIOUS METALS PRICE DISCOVERY by David Morgan.

In the article, Mr. Morgan references a website that attempts to discover a better price for gold and silver by using recent prices on eBay. Here's the links:

 

I am going to try to see if we can display the prices on our site, as well as get the pricing information programmatically so as to be able to use it live on the website. Imagine being able to run price conversions on the website, or buy/sell using better pricing than the spot market provides.

So, what do you think?

dan
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Re: Is "spot" obsolete?

Just a note that I am still using this site since you found it.  Thanks!

 

BTW:  Looks like you just need to scrape the bottom table entry (Silver Round 1oz).

I'm a sucker for text processing, what language would you like the function written in that spits back 'yesterday's avg price' from the bottommost table row?

 

In order of preference:

curl, sed, awk

python

php

....

....

....

perl

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Re: Is "spot" obsolete?
I just saw this. Dang I've been busy. Anyway, PHP would be best. The idea is to make it into a Drupal module that can be plugged in elsewhere, and used like the currency module. Maybe even as a plugin to the currency module. Imagine being able to hook up your site's e-commerce capabilities to the ebay discovery price, as well as euros, yuans, pesos, FRNs, etc. ...setting prices in ounces or grams of silver, and using the ebay discovery price to convert into FRNs automatically.

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Re: Is "spot" obsolete?
It looks like someone else is also using this approach. http://silverbids.com/ One interesting thing to note is the comments on this page http://silverbids.com/?p=387 - they indicate that the average price on ebay may be higher than it should be.
eBay prices appear inflated because Microsoft’s Live.com has been running a rebate program that provides up to 30% off. People pay more because they get the money back in a rebate.