I notice that gold bullion is trading around $84 per unit (Australia) - What is the unit based on?

Answer 1

A unit is normally like shares in other words in the case of gold one once is valued at around 800 dollars which means that if I broke the down to units I can trade 8 units at minimum of 100 for each unit but now if this is from a hedge fund and from following the price flucuations of gold in the international markets then I may want to offer a unit at 88 dollars..Why simple I want to be able to hedge my investments against the markets and sell my shares at the expected break even