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Updated 01:34 09/03/21

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How to make money with gold


The aim of any investment is twofold: to protect and diversify your savings, and to make money. Gold is one of the best assets to own to achieve the first, and if you’d like to read more on this then check out our page on Why You Should Buy Gold.

Gold is incredibly valuable and always has been. With confidence in financial institutions shaken since the crash in 2008, gold offers an alternative to stocks and shares, or government bonds.

Although long-term protection of your wealth should be the priority when buying gold, it is very possible to make money from this precious metal like if you were trading stocks and shares.

Here are some of the top things to consider if you’re also looking to make money from gold:

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When should I invest in gold?

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Make money with gold when the price goes up
Buying gold at the right time will make a difference to how much money you make when you sell. Volatility is the thing to watch out for. At present, gold is not fluctuating like some other assets. For example, between January and April of 2019, the price of gold has only changed by 1.83%. In this same period the FTSE 100 has changed by 7.59%. That is not to say it won't again though, but both cases offer an investor a window of opportunity; dramatic price changes can provide the perfect time to buy (if low) or sell (if high).

You can view our live gold price chart or historical charts to see the most up to date price and get a rough idea of the direction gold is heading.

The key principle is that you should invest in gold when the time is right for you. By putting aside your own funds, there will come a time when you find yourself sitting on savings. Money in the bank makes almost no money with the current low interest rates and, if you take inflation into consideration, it could even be losing money.
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Gold price forecasts

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Predicting the gold price is educated guesswork. It is impossible to know how any asset will perform in the long-term, and if it was possible then there would be no risk and everyone at BullionByPost would be rich. Alas, we are not...

Shorter term forecasts are a little easier but even then, it can be difficult to predict what could happen in the wider world that could drive the price higher or lower. In 2016, for example, the unexpected result of the Brexit referendum vote sent the price climbing as investors reacted to the shock decision and the uncertainty of Britain’s economic future. Any unexpected political announcements can have this effect, but short-term forecasts are more accurate than longer term.

By keeping up to date with gold news and economic trends it is possible to build up an educated picture and outlook of what could happen to the gold price. BullionByPost make this easy for our customers by providing our own gold price forecasts for the coming year. We recommend investors spend some time looking at our wide range of information pages and investment guides, to build a picture of what could happen for the price of gold.

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Scrap gold

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Scrap gold

Selling your gold coins or bars back to a gold dealer such as BullionByPost is as simple a process as buying them. At BullionByPost we primarily focus on gold coins and bars intended for investment, but gold is used in lots of other ways.

One of the most traditional uses is in jewellery. Old jewellery, that could be damaged or simply out of fashion, is often made of gold, and with just an ounce of gold costing around £989 at the time of writing, a little gold can go a long way.

Digging through an old jewellery box and finding a few gold rings or earrings could see you make an impressive sum when selling. At BullionByPost we buy scrap gold back at highly competitive prices, and for customers peace of mind you can read independent reviews from eKomi about how easy and safe we are to deal with.

Selling unwanted jewellery is simple, safe and quick. From 9ct to 24ct you can get a quote for your unwanted gold here, or for more information please call us on 0121 634 8060.