Ways to Keep Up With Gold Prices

Once you enter the business of buying and selling gold, it’s your job to monitor gold prices. While the price of gold is more stable than other investments, the prices still fluctuate to a degree. Every time the prices change, either up or down, that changes your profit margin significantly. Keeping up with the current value isn’t a challenge with the right tools, but it is necessary if you plan to make any money off of your buying and selling.

Know the Terminology First

Gold Terminology

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A common problem many people have is simply not knowing the difference in gold terminology. The spot price is not the same as the retail price, in other words. The spot price of gold is based on the futures value, a type of investment. If you were selling on the commodity market, rather than physically, this would be the value you need to know. The amount people buy and sell at is the retail price. Unless you are buying and trading gold futures, you’ll want to monitor the retail price of the precious metal.

Use News Sources

Gold News

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The value of gold fluctuates throughout the trading day. The best way to know the most up to date value is to use news sources. Yahoo Finance may be a good option. The Wall Street Journal also publishes gold prices on its website. Forbes, CNN, and USA Today post the current values of gold online and in print. Additionally, these sites have experts who predict the value changes likely to happen in the short and long term. Using these sources, you can track the value of gold with any Internet connection.

Use a Smartphone App

Gold App

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If you have a smartphone, visit the app store to find a gold price app. Both iPhone and Android applications are available. Some also offer the international value of gold based on real-time stats from markets throughout the world including the United Kingdom, China, and Australia. For Android phones, Gold Live! is one application option to consider. For Apple users, Gold Price Live may be a good option to consider.

Monitor Your Investments

Monitor Gold

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Like any business owner, it is critical to monitor the purchases and sales you make. Use a business tracking software program to help you to monitor these purchases. When you make a purchase, enter it into the system. When you sell the gold, enter the amount earned from the sale. Calculate your profit. A simple Excel spreadsheet can help you with this. You can also look into QuickBooks or other accounting software to help.

Keeping up with gold prices is part of managing your business. Knowing what’s going out and coming in can help you to make better investment decisions down the road. You’ll also like to see your profits rise, especially as the value of this precious metal keeps climbing.

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