How does the gold trade work?

Question

I'd like to understand how gold is traded. The rough gold is extracted from the mine, then where does it go? Who buys rough gold?

Does anyone know where I can find reliable info relating to gold trade?

Many thanks!

Answer 1

Gold, whether it is mined or panned, typically gets refined by chemical or electrical deposition processes, and poured into bars.  From there it can be dawn into wire, rolled into leaf, minted into coins, or fashioned into jewelry.  Some of it is alloyed with other metals for strength and durability.

Gold is priced in $US / troy ounce, 31.1 grams per troy ounce.

You can check the "spot" price online:

http://www.kitco.com

Grandpa