Unlike most service providers, we at Voima Gold always measure the price of gold in grams instead of ounces and euros instead of the US dollar. At Voima, buying and selling gold is organized digitally, either online or via our mobile app, per our strict quality and safety standards. In this article, we tell you how the price of gold is formed and why Voima Gold is the world's most innovative gold company.
The Price of Gold is Formed in London
Since 1919 London has been at the heart of price formation in gold. Large buyers and sellers of physical gold meet each other twice a day in London to set the globally recognized price of gold for the day. The London gold price auction takes place at 10.30 AM and 03.00 PM London time. In the past, the price of gold was set to face to face between buyers and sellers, after which trading moved to the telephone so that buyers and sellers across the globe could participate in the making of the price of gold. Finally, in 2015, the auctions were digitalized and moved to an online trading platform.
In addition to London, physical gold is traded in New York, Shanghai, Hong Kong, Singapore, Mumbai, Moscow, and Istanbul. Out of all the cities where gold is traded, London remains as the center for physical gold. For this reason, the price quoted at Voima Gold is based on the price of gold in London.
Gold Pricing: Grams vs. Ounces
Traditionally the price of gold has been settled in troy ounces, and this is the case in both London and New York. One troy ounce equals 31.104 grams. However, over the past few years, grams have claimed a more significant role in gold pricing internationally. In China, Hong Kong, and India, the price of gold is already settled in a gram based system instead of ounces, and the one kilo 99,99% pure gold bars are becoming the new standard of the gold industry.
We at Voima Gold want to be at the forefront of the revolution. For this reason, our gold prices are quoted in grams instead of the old standard of troy ounces. The smallest unit tradable at Voima Gold is one gram of pure gold, which makes Voima the ultimate dealer for investors of all sizes. Our prices are quoted in euros since the euro is the official currency in Finland. We also accept US dollars, Swiss Francs, and Swedish Krona.
Voima Gold Ltd is a Finnish gold dealer which offers safe storage options for physical gold investors. Voima was founded to patch the faults in the physical gold market—digital trading and easy access to safe storage. Clients of Voima Gold can buy, sell, and store physical gold digitally and safely. The buying and selling are done online or via Voima's mobile app.
All gold purchased through Voima is stored 100% as physical and allocated gold at our high-security vault at Helsinki city center—the capital city of Finland. Our vault, and office, is located at Bulevardi 5, 00120 Helsinki. The gold is stored in either 100 gram or one kilo 99,99% pure Voima gold bars, which are refined at the Metalor refinery in Switzerland from where the gold is transported safely into Finland for storage.
The traditional Finnish values of integrity and trust are at the core of our business as we want to be the world's most trusted partner when it comes to physical gold. That is why PricewaterhouseCoopers (PwC) quarterly audits our vault, our refiner of choice Metalor is one of the three standard-setting parties in the London Bullion Market Association (LBMA), and all gold stored in our vault is fully insured by Liberty Mutual. As a client of Voima Gold, you can be sure that your gold is safely stored and that your gold meets the most rigorous quality standards in the world.