How Much is Your Gold Worth?
Gold hit a record-breaking $850 an ounce in the 1980's and its value is steadily increasing. The price of gold is currently between $1200-$1400 an ounce but this fluctuates from day to day due to market demand. To see what gold is currently selling for, you can find an up-to-date metals' chart on internet.
Live Gold Prices
The spot price of gold is determined by different commodities exchanges in the world. In U.S., the NewYork Commodities Exchange (NYMEX) always sets the price. The reason for everyday fluctuation in metals values or prices is mainly due to the entry & exit of different investors into & out of the marketplace.
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Cash in on Your Metals!
Gold is one of the most beautiful and sought-after precious metals around the world, and it's no secret why. Precious metals, in general, have a lot going for it and its popularity has only risen throughout history.
In medieval times, gold was thought to have actual health benefits. Physicians of the time (if they can be called that) believed that anything so beautiful and pure must be beneficial to mankind. It was common practice for the nobility of the time to sprinkle metal flakes onto their food for "health reasons" or to flaunt their incredible wealth to their guests.
Surprisingly little has changed today. In upscale restaurants, gold flakes are still used to bring out the high-class appeal, especially with desserts and fine liquors.
The Importance of Timing and Seasonal Trends
Precious metals' buying occurs regularly for the jewelry markets in India beginning around September. Every year, almost without fail, the jewelry market picks up steam and gold demand begins to soar from across the globe. This wedding jewelry demand from India helps drive up the price of metals often through January or even February of the following year.
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Precious Metals Bullion Price Peaks
While India is buying and helping drive the price of precious metals up, investors, hedge fund managers, and speculators all hop on and ride the profit bandwagon. Prices jump even higher still. Sadly, many unknowing precious metals buyers then sense a rush into gold, perhaps having heard advertisements on the radio or possibly on TV (factor 5 of bullion marketing). New buyers rush in and buy precious metals at a price spike.
Just as predictably as the price rises, comes the gold price fall. Beginning around February, precious metals demand from India has dropped off as the wedding season ends. Since the marginal demand has shrunk from India, gold prices steady out, or even begin to drop.
Around March, savvy investors that invested while gold was at it's relative peak, suddenly get cold feet. Wishing to sell out because prices are leveling, a rush to sell metals begins, and the market begins it's downward fall.
This completes a cycle of buying high and selling low. Exactly the opposite of profitable precious metals investing.
The Rush to Strike it Rich
If ever there were any doubt about gold's historic popularity, one need look no further than the popular California Gold Rush in the 1800's. Over 300,000 families headed west to prospect for gold. Other popular "gold towns" include the Black Hills in South Dakota and the Klondike.
While the majority of the prospectors did not strike it rich, those that did turned the gold rush into a historic symbol of man's undying lust for this beautiful metal. Interestingly, much of the gold that was mined then is still in circulation today - a testament to precious metals' extreme popularity throughout the centuries.
Buying and Timing
During the summer months generally there are far fewer metals traders active. Summer months from May through September often sees less trading, and fewer traders active. Part of the reason for the gold market slowdown is traders take vacations during this period. Unless investment demand rockets higher, the gold market goes into hibernation during this May-October period.
If an investor knows about these seasonal fluctuations, buying before the metals' price rises and selling before the price falls become much more predictable. Otherwise, buying cheap metals becomes difficult at best and impossible at worst.
Beware of Cash for Precious Metals Schemes
There's a Reason They Want Your Precious Metals!!
If you're anything like me, you watch too much TV...
That aside, you will have probably noticed these ridiculous cash4gold, cash your metals, etc adverts popping up left, right and centre.
BEWARE OF THESE ADS - There's one simple reason that these people want to buy your precious metals.
'What is it?' I hear you ask.... They will buy it off you for less than it's worth!!!
Make sure you do your research before selling any precious metals, it's at a VERY high rate at the moment so don't be conned.