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Learn the current spot price of gold and silver. Spot price refers to the price for an oz. of silver or gold on either the London or New York trading market. It changes very quickly and is available real-time from websites like Kitco.com or from any website that shows commodity prices.
Decide how you want to trade. There are a few options available for those who want to get into trading precious metals. A person can trade Exchange Traded Funds in the same way that he would trade stocks, but this does not provide physical possession of the metal. A person can buy bars of silver and to a lesser extent gold. The easiest option typically is to purchase gold and silver coins, such as those produced in the American Eagle Silver and Gold Bullion program as these have ready markets and few authenticity concerns.
Learn the spreads. The spread is the difference between the buy price and the sell price. This is most valid for coins and bars. Typically, dealers will sell coins and bars for more than the current spot price of gold or silver, and buy them for less than the current spot price of gold or silver. The spread in the middle is where the dealer makes her income, but it also can be minimized as doing this can maximize profits.
Sell when ready. Timing the markets is a tough thing to do. Selling gold or silver for more than you paid is the goal of bullion trading, but sometimes one cannot be sure when gold or silver will stop going up in price. Follow your instinct along with the guidance of the many online commentators out there.