The gold price displayed on the VeraCash® website and mobile app is the price at which a member can re-sell—at that specific moment—the gold stored in our vaults on their behalf. It is updated every 15 minutes and is permanently accessible. The gold price shown on the VeraCash® website is quoted in grammes of gold and is quoted 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 the London Bullion Market Association (LBMA), an organisation that brings together merchants, international banks (Bank of China, Goldman Sachs, HSBC, JP Morgan, Société Générale, ScotiaMocatta, UBS, etc.), manufacturers and refiners.
Gold prices are fixed twice daily, at 10.30 a.m. and 3 p.m. London time. 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 is an average of prices listed on the many different stock exchanges and by other bodies: the Tokyo Commodity Exchange, Stock Exchange of Hong Kong, LBMA, New York Mercantile Exchange, 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.
Quoted price for VeraCash®
The time, frequency and date on which the price was last updated are all listed on the website for your information. Just as the international price of gold fluctuates, the VeraCash® price can rise or fall according to changes in the various parameters used to calculate it, as mentioned above.
The gold products that constitute the reserve value credited to a VeraCash® account, and that 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 recognised as such by both local and international markets, notably thanks to their standard format. These are products known as ‘good delivery’, which is a universally recognised standard that is attested by the hallmark stamped on each product by the foundry concerned, with each foundry being a member of the LBMA.