The spot price is the price at which a commodity, such as gold silver or even wheat, is being sold at on a commodities market. You can think of it similar to the stock market, and it changes every 30 seconds. The spot price for metals is for one troy ounce of that metal. However, this is not the price that you can usually buy products at.
Similar to other commodities, spot price is the price that larger distributors are trading at. For example, there is a spot trading price for bushels of wheat, but that doesn't mean you can buy flour or bread at that price; there will be a slight mark-up. Similarly, gold goes from a mine to a refinery, then to a mint, to a wholesaler and then to a direct to consumer store, like us. That being said, precious metals still continue one of the lowest margins for products that individual consumers can buy, often only between 1-5%.