Gold and silver prices come from three places at once. A futures exchange in New York. An over-the-counter wholesale market in London. And the steady, heavy buying and selling of central banks and large holders. The readings below walk through the key trading floors and the frameworks that set precious metal prices around the world.

Knowing how the machinery works helps a reader of the market tell a passing swing from a lasting move. It also makes plain why the price in the letter doesn’t always match the number in the press. A retail price is the benchmark plus a working cost — the mint, the freight, the hand work, the letter itself.