Gold is a transition metal that could be formed into jewelry, gold coins and other type of arts since thousands of years ago. It has bright yellow color and it melts at more than 1000 degree Celsius. It is widely used as monetary exchange item, as investment tool, jewelry, and electronic parts to industrial equipments. Gold is even added into food, traditional drinks and expensive cocktails. Since it has no taste or effect on the body, gold consumption is considered safe. However, due to the high price of gold, not many people could afford to purchase food or drinks with gold dusts or gold flakes in it. You could find current gold price easily and instantly on the internet by typing “spot gold” in your browser box. A group of five banks in early 1900s set gold prices, and since then we have used their pricing system as a standard price for gold all around the world. The five gold bullion traders and refiners who set the price of gold at that time were the Sharps Wilkins, Pixley & Abell, Samuel Montagu & Co., Mocatta & Goldsmid and NM Rothchild & Sons, respectively.

Every day, the price of gold or gold spot is set two times. The first time is at 10:30 GMT and another is at 15:00 GMT. Nowadays, the price of gold is set by 5 participants; they are the Scotia-Mocatta; Barclays Capital; Deutsche Bank; HSBC and Societe Generale. Investing in gold is still one of the most lucrative investments as gold price tends to go up and although it goes down, statistics have shown that it typically holds at a higher low. Gold is still considered as a safer investment instruments than paper money up to this time.