A network of gold dealers have already placed bids and are waiting for gold redemptions. Bids consist of a small discount (e.g. -0.5%) off the current gold spot price. The gold spot price is the current international market price of gold at which it is traded by large institutions and that is the price that is reported in the media (usually in Troy ounces or grams).
The bid will vary slightly by vault as dealers might need gold more urgently in one vault over another. By paying slightly more where the gold is needed dealers can save on shipping costs while redeemers receive a better price for their gold. During redemption, redeemers should choose whichever vault has the best bid offer.
The current best bids by vault are:
IDS Dallas, USA
Buy at USD: -0.58/Gram, -18.00/Troy Oz
Spot Difference: -∞%
Fees CGT: 0.15%
The Safe House, SGP
Buy at USD: -0.09/Gram, -2.80/Troy Oz
Spot Difference: -∞%
Fees CGT: 0.15%
When you redeem gold for sale, your price will be fixed when your CGT payment is confirmed on the Ethereum blockchain. Below is a short video demonstrating redemption for sale.