Many people believe that commodities markets can be dangerous because they are driven by professionals investors and fund managers. Most people assume that gold and silver prices, and the values of other precious metals, have little to no relationship with them. Even though no one would suggest that you rush into the gold market, it is a good idea to do some practice and learn a bit about the market.
However, any working person should be aware of the current gold prices and look for ways to take advantage of today’s record high prices. Gold prices reached their highest point in history in November 2009 and experts predict that they will rise as long the world’s largest economies continue to struggle.
These are five ways you can capitalize on rising gold prices.
Move your assets to mutual funds tied to precious metals trading if you have control of your tax-sheltered annuity investments or your individual retirement account. Although gold prices may have fallen temporarily, the promise is that they will rise again and continue to increase in value. Because the price of precious metals has tripled in a short time, it is a sound decision to invest in precious metals mutual funds.
You can sell old or damaged jewelry made of gold that has been sitting in your jewelry box for no cash. Most likely, you have seen advertisements and online ads promising huge cash for your antique jewelry. While the ads may exaggerate some of the safety and value, the basic idea behind them is that you will be paid handsomely for your old gold jewelry. For silver, you will get a significant reward and for platinum, you will get the best.
Similar options exist for those who need immediate cash but are short on credit or assets. You might also consider selling or pawning your gold. While wholesale gold prices can be quite different from retail jewelry prices, it is possible to get the cash that you need without incurring high interest rates on payday loans and credit card advances.