As we all know (or should do!) our account balance is linked to the price of gold, can somebody from Tally explain to me as and when our account value is updated to reflect the gold price changes.
Thanks.
From the Tally App.
How often is the exchange rate updated?
We update the exchange rate at least twice per minute.
Thanks, what is the exchange rate based on?
How is the exchange rate between tally and pounds determined?
As with foreign currency exchange, there is a buy price and a sell price for gold bullion. However, given the global gold marketās high liquidity and super efficiency, the difference between goldās buy/sell price is far better than foreign currency exchange rates.
Tally uses the global gold wholesale price applied by our LBMA-accredited brokers for buying and selling 1kg gold bars, irrespective of the customer transaction amount. In other words, you are getting the market wholesale rate regardless of amount, and no transaction fees or margins are added when money is moved in or out of customer Tally Accounts.
All the info is on the Tally app.
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Hi Andy, I was editing my query when you replied having found the info. on the app
The LBMA set this price twice a day so updating the exchange rate āat least twice per minuteā seems to be a little unnecessary unless I am missing something?
So is my account balance really updated twice per minute? if so then any change would surely only show twice per day as per the LBMA setting the price?
I am only asking as I am trying to understand the detail behind the Tally operation.
Thanks.
Yes I would say that it updates at least twice a minute. If you are on the app at the right time you will see it move.
You can view the live price here if you want to see its movements during the trading hours.
https://www.gold.co.uk/gold-price/live-gold-price/
As far as the open and close prices on the LBMA, you can do some deep dive research on how they manipulate the prices and have done for decades by āfixingā these open and close prices, very little to nothing is priced based on open free market economics.
Gordon Brown selling the UKās gold for peanuts, to support the US markets is well known.
It is what it is. But, its better than the alternative, which is guaranteed debasement of the currency through inflation (money printing/debt/bonds/creating and laundering billions through weapons to support wars and billions to big pharma for jabs/etc.etc.etc
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Thank you Andy.
JonnyE, agreed, do you think it would be a tad more realistic based on spot, admittedly suffers from the same influences, are you on TSF. by any chance?
Sorry, not exactly sure what you mean about it being more realistic based on spot. As far as im aware it is based on the spot price, but the spot price is manipulated.
Personally, I think the gold price will be more realistic (better reflect its monetary value compared to currencies) if the expanding BRICS nations create their own gold backed currency, settle trades in gold and price it in their own market as appossd to the LBMA, all of which they are talking about and/or working towards/already doing. With the BRICS moving away from the worthless dollar and other western currencies, and closer to money/gold this will hopefully break the western āpegā to gold and drive more demand (it is already more in demand) in BRICS countries. The increased demand creating increased value of gold on the BRICS market, would outweigh the manipulatin in the western market through arbitrage and push the value of gold higher on all markets.
Itās been a very, very, very long time coming but it does seem to be getting closer now.
But thats all just my opinion and hopium view.
TSF as in, The silver forum? Is so, then no iām not on there.
I was making the assumption that the LBMA price set twice a day by a bunch of financial institutions etc could be significantly different from the spot price arrived at by averaging bid prices offered by worldwide professional traders, given both are manipulated - who knows!
I tend to question these things 'cos I would really like Tally to work well but donāt want to regret my small involvement further down the line because I accepted things at face value.
Yes, TSF is the Silver forum, despite the name there is at least half if not more involved in gold discussions - worth a visit and poke around!
I think, question everything is always the best approach to take. Personally iām ok with how tally is being priced and its correlation to gold, thereās numerous things it falls short on based on the fact it is digital gold, in my opinion (which ive voiced numerous times over the years haha) but the pricing isnāt one of them.
Yea, Iāve stumbled over a few threads on there through search results, maybe iāll sign up and take a better look sometime.