Some effective methods of investing in gold include doing so through exchange-traded-funds, closed-end funds, single stocks, gold coins and gold jewelry, reports the CNBC website. Gold is a precious metal that analysts compare against other investment options, reports the Houston Chronicle.
While many factors determine if an investment is good or bad, gold, silver and other precious metals are too volatile for most investors, particularly retirees, according to AARP. It is an emotional form of money, but it does not produce anything.
Investment experts recommend investing in gold through a variety of avenues, including exchange traded funds, shares of mining companies, futures contracts and derivatives contracts. Some simply purchase and store gold itself. Each of these strategies comes with unique benefits and risks that are no
The current price of gold can be found in the commodities sections of CNN Money, Reuters, the Financial Times and the Wall Street Journal. Prices are typically listed in troy ounces.
The AdvisoryHQ website contains a list of the top 10 investment companies and provides insight regarding the factors to determine a top investment firm. Each investment firm has its own unique investment and fee structure.
Check websites with live gold spot price charts for the current gold rates for the current day. Some websites offering prices include Monex and GoldPrice.org.
As of 2015, The London Gold Market Fixing Ltd. sets the current price of gold. This is a twice daily occurrence, except for Christmas Eve and New Year's Eve, when it occurs in the morning only.
A few sources for online gold prices include JMBullion.com, GoldPrice.org and Kitco.com. Each source displays its prices by the ounce, is updated several times a day, except for Kitco.com, and uses factual charts to display the rise and fall of gold prices over time.
It is best to buy gold when the price per ounce is the lowest. In January and February 2015, gold prices per ounce ranged from $1,000 to $1,200. The average price per ounce in January 2005 was $420.
The U.S. Mint publishes a list of dealers by state, according to Kiplinger. The U.S. Mint checks the Better Business Bureau for online complaints against the companies on the list, but it does not vouch for any of them.