For centuries, gold has been a popular metric to measure the value of something. These days, most people buy and sell items using money. But, gold remains the go-to item for those that want to invest in something valuable.
Have you got some money burning a hole in your pocket? If so, you might be trying to figure out what to do with it. The smart thing to do is make that cash work for you! Gold is a good way to achieve such a goal. Did you know there are many ways that you can make money buying and selling gold?
Here are five examples that you might not have known about before:
1. Scrap gold
Quite often, people want to get rid of things they feel have no value. In this context, examples include broken necklaces, bracelets and rings. It makes no difference if those items are all broken or not. Gold is still gold, and it's still valuable regardless of its present form.
An ingenious way to make money is by buying people's scrap gold and selling it on for a profit. Some people even offer a mail order service!
2. Obsolete electronics
One thing you may have learnt from science class at school is that gold conducts electricity. As you can imagine, electronic items like mobile phones and computers use electricity.
Open up one of those devices and you'll see gold "traces" on the circuit boards. Believe it or not, many people make a living by reclaiming that gold using chemicals. Once they've extracted the gold, they sell it on for a profit. The best thing is most obsolete electronics are obtainable for free!
3. Commodity investments
Don't fancy getting your hands dirty? If so, you could always buy gold as a commodity investment! The process is like buying other commodities such as stocks and shares.
You buy the gold using a broker or "middleman." When its value rises (which it does), you can then decide to sell your gold for a profit. It's a practical idea for those seeking long-term investment opportunities. There are plenty of sites that can provide more information on how to get started.
4. Get out your metal detector
For a more fun way to find gold for free, you could always search for it using a metal detector! It's no secret that we live in a throwaway society. You are bound to find some gold object buried deep beneath your feet.
You could start searching for gold in your backyard. When searching in public areas, be sure to follow the rules surrounding gold finds.
5. Estate auctions
Last but not least, one unlikely place you are bound to find gold is at estate auctions. You know the saying: one man's junk is another's treasure? Well, that's often the case when you buy the contents of someone's estate!
Quite often you'll find things like gold medals, necklaces and so forth hidden in boxes.
I hope you have enjoyed reading today’s blog post!