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The precious metal industry is considered one of the most important in the world today. Understanding the dynamics of gold and silver prices and how they move is essential. Gold and silver are considered precious metals but have different uses. Gold is used as a monetary metal, while silver is used in manufacturing goods. However, there are other uses for gold besides being a monetary metal.
The Piedmont Gold Exchange was founded in 1887 by Russell A. Alger as an exchange for selling gold and silver that had been mined from other countries. The company was known as the Russell-Aurora Mining Company until 1894, when it was renamed to its current name, the Piedmont Gold Exchange (PGE).
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About Piedmont Gold Exchange
Products and Services
At the PGE, gold, and silver is sold as of the day it is mined. The company maintains a reserve of gold and silver in its vaults. The PGE sells gold and silver to the public for $35 per ounce of gold and $20 per ounce of silver.
This price is called the “spot” price, which means that the price changes daily or hourly depending on supply, demand, and other factors. The PGE also has a vault account that sells physical gold bullion coins to investors or collectors.
Other services are offered by the PGE, such as certificates of authenticity for proof-like coins, certificates for fine precious metals, and services such as safe-keeping. The prices of these various products change regularly so they can be compared to one another and any current pricing from other companies.
Market and Trading
The PGE is the only primary gold and silver exchange in the United States, meaning it acts as a market for many different market participants. It does this by working as a counterparty for its customers. The PGE does not produce or mine any of its gold or silver, but it acts as an intermediary in transactions between customers and those who provide gold and silver to the market.
The PGE also serves as a clearinghouse. This means that it keeps track of all the transactions between its customers so that they can settle their accounts with one another. The PGE also provides services such as delivering bullion coins in bulk orders of 1,000 ounces or more. These services are provided at no charge to its clients.
Regulation and Accreditation
The PGE is regulated by the United States Commodity Futures Trading Commission. The CFTC is independent and not part of the U.S. federal government. Its primary purpose is to control futures trading in commodities, including gold and silver, and protect investors from fraudulent schemes. The U.S. government recognizes it as the primary regulatory agency for these markets.
The PGE is also accredited by the American Numismatic Association (ANA). The ANA is a non-profit organization that regulates and accredits coin dealers in the United States. The ANA sets standards for dealers to adhere to when selling or buying gold and silver coins. This accreditation ensures that the PGE meets these standards similar to those set by the CFTC for futures trading.
Coin Series
The PGE operates under several different coin series. Some of these include American Gold Eagles, American Silver Eagles, American Gold Buffalo, American Silver Buffalo, American Gold Buffalos, American Silver Eagles, and American Gold Buffalos. These are all coins that are produced in large quantities by the PGE.
The PGE also has several other coins for use in its inventory. These include a variety of prooflike products such as proof gold and silver dollars and half dollars in both gold and silver. They also produce uncirculated versions of some of the above coins and certified versions with serial numbers that start with the letter “M” or “D.”
Final Verdict
Exchanges such as the PGE are an excellent way to own gold and silver coins. They provide a low-cost way to buy these precious metals without having to deal with the headache of storing them in a safe.
They also allow investors to make purchases that are as large or small as they wish without worrying about the storage space. If you’re in the market for a precious metals dealer, then you should check out the PGE, or checkout our best gold investment companies.
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