Gold and silver prices are generally more stable than oil and stock, though vary in highs and lows of their own. Current gold prices often reflect different factors in the economy, world politics and the world of investments. Still, gold is one of the few commodities you can count on.
Though the price of gold varies, gold can be a sound and tangible investment. You can invest in gold confidently by understanding how gold is priced, learning how to responsibly and professionally buy and sell gold to dealers and auction houses. Before attempting to deal in gold, you should:
1. Understand how spot gold prices, the international gold price per ounce, gold market price and other variables are set and listed.
2. Know how to buy gold and where to find reliable, trustworthy sellers from whom to buy gold
3. Where to sell gold to get the best gold market price.
Action Steps
The best contacts and resources to help you get it done
Understand how gold is priced
Gold is priced per ounce, per gram, per kilo and in the form of gold coins. There is also a gold spot price to consider. One troy ounce equals 31.0134768 grams. Much like a stock, gold prices rise and fall with purchasing and selling of it. U.S. gold prices generally hover between $880-$900, making the price per gram around $30 and the price per kilo almost $30,000. Actual market prices change by the minute.
I recommend: For today's gold price, check out
Gold Price. They have streaming prices representing 23 major currencies. They also have information about silver, gold coins, silver spot, and the spot gold price.
Austin Gold Information Network also offers current gold prices and their top daily gold picks.
How to buy gold
Gold bars are available in two ways: cast and molded. Cast bars are poured and often called ingots; they are rough and marked with the foundry mark, gold purity and registration number. Gold purity is expressed in units per 100, 1000, or 10,000. Gold is a good investment because its value is generally unaffected by inflation and does not deteriorate, like fiat (paper) money.
I recommend: Buy the biggest bar of gold you can afford for less fees. Only purchase from established gold dealers or mints, like
Metalor, a subsidiary of the Swiss Bank Corporation. Check into shipping costs and insurance before purchasing gold.
Kitco is another established company from which to purchase gold, as they also purchase gold and silver jewelry for just under spot gold price.
Where to sell gold
Most people have a few pieces of gold, silver or platinum jewelry sitting around that they no longer wear. There are companies who buy this jewelry usually at just below the price of spot gold.
I recommend: American Precious Metal Buyers will buy those no-longer-worn pieces of jewelry for a fair price.
Broken Gold is a company specializing in the purchase of scrap gold, broken gold, gold coins and jewelry. They accept a large variety of gold, silver and platinum jewelry, as well as sterling silver and dental gold. The kit is free from them and they insure the kit, in case it gets lost or stolen.
Tips & Tactics
Helpful advice for making the most of this Guide
- To invest in gold without storing it yourself, check out gold storage sites on the Web or check with your financial institution or investment adviser.
Related Resources from Business.com
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