Whether you have a keen interest in chrysology or you’re simply looking for ways to make money on the side of your day job, investing in precious metals is widely known to be an incredibly lucrative form of income if you know what you’re doing.
Gold, silver, platinum, and jewellery containing precious stones such as diamonds, rubies, and emeralds, often hold their value better than money itself, so investing in one-off pieces to build up a collection can be a wise way of building your assets.
In this article, we look at how to get started with investing in gold and other precious metals.
Why do people invest in gold?
Gold is widely recognised as a global safe haven for investors, due to the fact that it holds its value so well. This offers gold investors the ultimate insurance, shielding them against turbulent economic climates. According to reports, sales of the precious metal raked in a £12.7m profit in 2020, revealing a whopping 430% increase in millennials investing in gold – mostly via its DigiGold online platform.
There are many gold price forecasts you can look into as part of your research before diving into gold investment. This is an essential step in helping you to determine if this is a venture you want to begin investing within.
How can you invest in gold?
There is a whole host of online platforms designed to help you invest your money into commodities such as precious stones and metals. As well as making online investments, you can also buy and trade physical valuable metals, collecting unique pieces, such as jewellery, at local auctions. As a bonus with this particular method, you can make a profit from selling them through different channels or with the alloy app after finding a good deal. Alternatively, you can simply hang onto it and build your collection online until you’re ready to trade it in for money. Using calibrated weighing scales you can weigh your precious metals, using websites to track the current value of the metal per gram, giving you an indication of how much your investment is worth to date.
Is one method better than the other?
While there are different ways that you can invest in precious metals, there are no strict rules to say one is better than the other. It’s entirely up to you which is your preference. If you’re the type of person who wants to get into the digital side of investing in gold, using various online platforms would be more suited to you. If you enjoy the thrill of physical buying and selling and attending live events and commodity auctions on regular basis, then this may be more your cup of tea. The trick to any new business venture or hobby is to find a way that you enjoy.