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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. The global pandemic in 2020 and 2021 has resulted in huge amounts of money-printing, and an increase in national debt, while an increasingly volatile world has seen conflicts erupt in Ukraine and the Middle East. 2024 continues to look positive for gold with interest rates expected to start coming down, helping to push gold to new all-time highs.

Although long-term protection of your wealth is often the main goal of investors, it is very possible to make money from gold, much the same as if you were trading stocks and shares. Making money from gold is a different proposition however, and more about patience than fast, reactive trading.

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

When should I invest in gold? Make money with gold when the price goes up

Buying gold at the right time will make a big difference to how much money you make when you sell. There are many things to consider if asking yourself when the right time to buy gold might be, but volatility is a key thing to watch out for.

Gold has hit multiple new all-time highs since 2020, as the global economic outlook has continued to deteriorate. Central banks and private investors have increasingly turned to gold as a way to protect their wealth from high inflation and geopolitical uncertainty. This has seen gold increase in value by more than 60% in the past five years alone. Despite gold still being near it's record high, forecasts for 2024 suggest more gains to come that will see gold set further records in 2024 and beyond.

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.

Gold price forecasts

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.

Ultimately, this is the way to make money from gold, buy it at a low price, and sell it at a high price. An old fashioned way of investing perhaps, but in a world of digital transactions and lack of true ownership, we believe it is a welcome one.

Scrap gold 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 £1,600 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, a great way to make money from gold that might simply be lying around. 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.

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