Hi all,
This might seem like a dumb question. Sorry if so.
I am auditing a fund who values their gold at the Ainslie Bullion "Sell" price which is $2701/oz for 30 June 2022.
Ainslie also list a buy price at $2585. Their spot price is $2637. Which differs from Perth Mint and other sellers for 30 June.
Is there a standard one of these which should be used to represent market value on financials for SMSF?
Thanks for the help.
Clare
Hi Clare
My understanding is that there is no standard price to use. I have always just used the price as per Perth Mint. Per their website price at 30/6/2022 for gold is $2,632.585 per oz.
I am not an expert on metal prices so another member may be able to provide more details as to why there are differences in prices per different Gold traders and what is the best one to use.
Thanks
SMSF AAA