How to Make Money Buying Gold

Want to make some money buying gold? Here’s the How To:

The oldest form of legal and long-term money is gold.  Gold prices have consistently moved up and up over the years.  The market may have swings and lose you money, yet gold has stayed strong and profitable. Follow these steps to learn how to make money buying gold.

Instructions On Making Money By Buying Gold

1.      There is an essential key element to gold. When the economy is doing well, gold prices tend to fall. When the economy is bad, gold prices soar. You must learn the trends and patterns of gold before you buy.

2.      Hit the books and study up.  Find out and study the historical prices of gold in the past. Back in 1999, gold was selling for about $250 per ounce. By 2008 it topped $1,000 per ounce. This exact trend happens over and over again in history. Gold prices won’t make you rich over a day considering they don’t tend to fluctuate much per day, but often will steadily rise or fall over a period of time.

3.      As I said in my haggle blog, “Buy low and sell high.” This may sound obvious, but if it was easy then everyone would do it. If you are buying gold, buy it when everyone else is looking to get rid of gold. Don’t follow the trend of others buying when it is popular.

4.      Get the unpopular gold. High-quality gold coins are the most demanded gold items. With gold coins, the condition and rarity increase the price dramatically one increase in condition rating could mean THOUSANDS of dollars. Buy the ones that nobody wants and are in bad condition.  You can often buy these in cheap lots from gold and coin dealers who want to unload them since most of their customers want the high-quality gold coins. When the price of gold increases to outstanding amounts, your bad conditioned gold will sell just as fast and very high.

5.      Patience is a virtue. Holding your gold will pay off. Gather as much gold as you can when the economy is good and gold prices fall. Wait until the economy crashes downwards and then gold prices will skyrocket leaving you with heaps of profit.

6.      “Buy as a wholesaler but sell as a retailer.” The reason Walmart, Sam’s Club, etc. have cheaper prices is because they buy as a wholesaler and in bulk to reduce prices. Many gold dealers waive sales tax and shipping when you buy a certain amount. When you sell you want to sell to the general public, not another wholesaler like yourself. A gold dealer will want a wholesale price from you but regular people will pay market retail. Internet auction sites, coin shows, or to another investor who isn't as smart as you are great places to sell your gold.