The Gold price.
The gold price given on the VeraCash website and mobile app represents the price at which a member can re-sell, at that specific moment, the gold stored on their behalf in our vaults. It is updated every 15 minutes and remains permanently accessible. The gold price shown on the VeraCash website is quoted in grammes of gold and is given in the member's default currency, for example the euro.
The world price of gold.
The price of gold or gold fixing is the price of non-transformed gold set by London Bullion Market Association (LBMA), an organization that brings together merchants, international banks (Bank of China, Goldman Sachs, HSBC, JP Morgan, Société Générale, Scotia-Mocatta, UBS, etc), manufacturers and refiners.
Gold prices are fixed twice daily, at 10:30 am and 3:00 pm. Known as the gold fix, this price is based on world trade, the supply and demand expressed by those involved in the international gold market.
The spot price is the price used to calculate the VeraCash value. It is constantly changing as gold is traded throughout the day on every continent. It represents an average of the many different stock exchanges and other bodies: Tokyo Commodities Exchange, Hong Kong stock market, LBMA, New York Commodities Exchanges, etc.
There has been no official gold price set in France since 30 July 2004. The price of gold quoted on the Banque de France website is the London fix set by the LBMA, in dollars and in euros.
The quoted price for VeraCash.
The time, the frequency and the date on which the price was last up-dated are all given on the website for your information. Just as the international gold price fluctuates, the VeraCash price can rise or fall according to changes to the various parameters used in its calculation, as mentioned above.
The gold products that constitute the reserve value credited to a VeraCash account and which back that account are real, regularly audited and verified. The gold bullion, gold coins and particularly the VeraValor securely stored in the Geneva Free Ports & Warehouses vaults are products that are recognized as such by both local and international markets, notably thanks to their standard format. These are products that are known as “good delivery”, a standard that is universally recognised as attested by the foundry hallmark applied to each product by the foundry concerned, every such foundry being a member of the LBMA.
Frequently Asked Questions
Why is the price of VeraCash gold higher than the spot price?
The underlying asset behind VeraCash is not paper gold as quoted on the stock exchange, but gold struck as coins. The VeraCash gold spot price is based on the gold contained in these products and their manufacturing cost or valuation, in other words the Spot price +3%.
The price quoted takes into account the purchase and sale transactions carried out on the website, weighted according to the movements in the international price of the products concerned.
Can I trade precious materials on VeraCash?
VeraCash was not designed for this purpose and under no circumstances does it promise any financial gain. Other online platforms offer an opportunity to speculate, with all the risks that this involves. VeraCash is a tradable currency backed by precious metals that can be used on an everyday basis via a tool provided for the purpose: the VeraCarte MasterCard.