The price of precious metals is rising as world demand increases. Gold, silver, platinum, and palladium are all readily available in many forms. Bullion is generally sold in bars or ingots. Gold and silver also are sold in coin form. Both coins and bars are minted as both generic bullion and as art bars and coins. Bars and coins can weigh a few grams to several pounds. The international standard measure used for precious metals is the troy ounce. One troy ounce is equal to 31.1 grams. One troy pound equals 12 troy ounces.
Buying and selling precious metals online has many advantages. For example, you can run your business from home and reach a larger number of potential buyers than operating a traditional coin shop. Whether you want to buy precious metals in bar form or as coins, the Internet offers a variety of services to help you get started.
The following recommendations and online resources will help you to get started with precious metals investing:
1. Track precious metal prices online.
2. Buy precious metals over the Internet.
3. Sell precious metals through web-based services.
Monitor precious metal prices on multiple websitesPrecious metals investing involves a fair amount of risk. Be sure that you understand the market before investing a lot of money in precious metals. Watching the markets will help you to know when to buy and sell.
Purchase precious metals from online suppliersThe Internet is home to several precious metal suppliers. Buy direct from the mint or from an online dealer. You will receive a discount if you purchase larger quantities from precious metals dealers.
Sell your precious metals onlineMake the most money from your precious metals sales by selling bars and coins through online trading websites, and selling your scrap to precious metal refiners. You can set your own price when you use an online trading website, while precious metal refineries will generally pay close to the spot price. If you have scrap jewelry or other items made from precious metals lying around, consider selling them to make some money.
- If you are interested in investing in precious metals but don't want to hold physical bullion, consider investing in a precious metal mutual fund or exchange traded fund.