Hobbies And Interests
Things You'll Need
Instructions
Identify the spot price of gold. This is the current price for an ounce of gold. The two main spot markets are based in New York and London. Websites that list the prices of commodities usually will list the spot price for gold. This information is used as the basis for trading decisions.
Pick which kind of gold you want to trade. Gold is held in either coin or bar form. Some popular gold coins include: the American Eagle gold bullion coins, Canadian Maple Leaf gold bullion coins, Austria Philharmonic gold bullion coins, and South African Krugerrands. These are typically one-ounce coins for spot-trading purposes. Gold can be held in bar form too, with 1-ounce, 5-ounce, 10-ounce and 100-ounce bars being most common.
Determine the spread of major gold buyers. Once you purchase gold coins or bars, you can then determine the spread--the price difference between the "buy" price and the selling price--for a given coin or bar at any number of bullion-trading houses. Several larger ones are American Precious Metals Exchange, Blanchard, or Dillon Gage. You can contact the companies' trading desk sand ask for the current buy-sell spreads. You may need to open an account first, but you can then use their trading platforms to buy and sell gold, and then confirm delivery after the trade.