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The 5 Best Ways to Cash in on Gold
One of the best performing assets in the last couple of years is gold, and that's no coincidence. The precious metal is seen by many as the ultimate store of wealth. For thousands of years, gold has been recognized as a store of wealth that transcends governments and civilizations.
This article will look at how we can go about trading gold and the different ways in which you can do so.
How to trade gold
There are a number of ways to trade gold, each with advantages and disadvantages over other areas.
Spread betting
IGindex is the market leader in spread betting, but not many people are aware that the "G" in IG stands for gold. IG Index started life as a means of helping everyday traders trade gold.
You can trade the daily "spot" price of gold or the near quarter futures. For any trades you hope to hold for two weeks or more, the near quarter future price is probably the best due to the overnight rolling fees on the spot market.
Advantages of spread betting gold:
* Capital gains and income tax free.
* Leverage.
* No commission to pay makes small trades possible.
* Easy to trade short or long-term moves.
Disadvantages of spread betting gold:
• Leverage! Small movements can adversely affect your account if overexposed.
• A relatively large spread especially on the spot market.
• Not buying actual gold.
Trading gold directly on the futures market is another popular option with large traders with similar mechanisms to spread betting. The advantage over spread betting is the wafer-thin spreads, but the downside is the large cost of entry.
Take a punt: Fixed odds betting
Fixed odds trading allows you to take a simple bet on gold along the same lines as a sports bet. Similar to sports betting, your bet will either win or lose with you maximum reward and your maximum risk known from the outset. The main fixed odds betting broker is Betonmarkets.com, though no doubt IG index offer some fixed odds or "binary" bets.
In the middle of June, gold was trading $20 off its all-time high of $1,252. It had struggled to make significant progress beyond this barrier, but there is rising support cushion beneath.
Gold has actually been quite strange near all-time highs in the last year or so. According to my database, every time gold makes a 100 day high, the price pulls back the next day 52% of the time. Buying gold the next day after making 100 day highs would have actually lost you 5% since 2007.
In summary, fixed odds trading can be a great tool for trading gold in certain situations, especially considering how jittery it can be at all-time highs.
Advantages of fixed odds trading gold:
• Tax free.
• Low cost of entry.
• Simple to use.
• Fixed risk.
Disadvantages of fixed odds trading gold:
* There is a spread built into the bets which means that gold may have to move more than you think.
* You don't gain from gold pushing higher and higher in one of its mega trends unless you make specific bets on that happening.
Covered warrants
Covered warrants combine the benefits of Spread betting and fixed odds betting. You have limited risk but unlimited upside. You buy a warrant for a set price and your total risk is limited to this purchase price you paid, often at a fraction of gold itself.
The two important components of a covered warrant trade on gold is the strike price and the time expiry.
The strike price is the point beyond which your trade will start to make money. The time expiry is how long you're willing to give the trade to make money.
For example, if gold is at $1,200 you might buy a (call and up warrant) with a strike of $1,300.
The closer gold is to your chosen trigger, or strike price and the longer time limit you give it, the cheaper the warrant will be. The further away gold is from your strike price and the shorter the time period, the cheaper your warrant will be.
Advantages of covered warrants trading gold:
• Risk known from the start.
• Tax free if traded through a SIPP.
• Unlimited upside.
Disadvantages of covered warrants trading gold:
• Only tax free within a SIPP.
• More expensive than regular options.
Investing for the medium to long term - Gold shares and ETFs
In the last few years there has been an explosion in the popularity of Exchange Traded Funds (ETF).
Unlike traditional stock market funds, these ETFs aim to track an underlying market as cheaply and as closely as possible. Buying an ETF is as simple as buying a regular share and you can enjoy capital gains tax freedom by investing within an ISA or SIPP wrapper.
ETFs can be traded intraday, but for most people they are best for trades lasting a month upwards.
There are dozens of gold ETFs out there, but the most popular by far are:
GLD: This ETF tracks gold in US dollars.
GBS: Lyxor's Gold Bullion Securities in sterling.
Individual gold mining companies can be an exciting investment with a major discovery potentially doubling or tripling a share price overnight. Gold mining companies may also pay dividends which will boost returns in the long run.
The main disadvantage of buying gold companies instead of gold is that you are not gaining direct exposure to the precious metal. Quite often gold will outperform gold mining companies and vice versa.
The world's largest gold mining companies are all listed outside, with most in the US or Canada. These are: Barrick Gold, Goldcorp, AngloGold Ashanti & Newmont Mining Corporation.
The world's biggest gold producer is the UK listed Rio Tinto. Other UK companies with gold exposure include: Petropavlovsk (POG), Rangold Resources (RRS) and Highland Gold Mining with a certain Roman Abramovitch as a part owner.
Advantages of using gold ETFs & shares:
• Tax free if traded through a SIPP or self-select ISA.
• Cheap way to make medium to long-term trades on gold.
• Tight spreads.
Disadvantages of using gold ETFs:
• Only tax free within a SIPP or self-select ISA.
• Commission payable on each transaction. Need a discount broker and healthy bank size to make multiple short-term trades worthwhile.
• Gold miners not directly linked to the price of gold.
Buy gold without the hassle of storage
The classic way to hold gold in your name without the hassle of storing it is to purchase a certificate through the Perth Mint. This is operated by the State of Western Australia, so it's a legitimate scheme. You can purchase certificates through brokers such as Baird & Co who are mentioned in the next section.
Another method is to use a website such as BullionVault to buy gold based on physical assets. BullionVault stores gold in vaults in London, New York and Zurich and effectively allows you to buy a share of that gold with a certificate available stating that proportion of gold is physically yours.
Depending on the number of transactions you make, BullionVault may be a cheaper alternative to holding gold via an ETF as their storage costs are around 0.12% vs around 0.4% per year management fees for ETFs.
You can also buy gold in various currencies including British pounds:
Advantages of using certificated gold.
• Minimum storage costs.
• Certificate of ownership linked directly to allocated gold.
• Tradable if doing so in sufficient size.
Disadvantages of using certificated gold.
• Tax situation unclear.
• Still not owning physical gold.
Time to buy that crossbow - Investing in physical gold
Perhaps the ultimate safety net is holding some physical gold. There are two main methods of purchasing physical gold as follows:
1. Gold coins
Major economies issue their own gold coins with the most famous in the UK being gold sovereigns. Other famous gold coins include US Eagles, South African Krugerrands, Canadian Maple Leafs and Australian Kangaroos. Price depends on the age and weight of the coin.
2. Gold bars
Gold bars can be purchased in various sizes with little variation in the ground of origin. It seems a gold bar is a gold bar. Prices range from 83.00 for a 2.5 gram bar up to 26,000 for a 1KG bar!
One of the best performing assets in the last couple of years is gold, and that's no coincidence. The precious metal is seen by many as the ultimate store of wealth. For thousands of years, gold has been recognized as a store of wealth that transcends governments and civilizations.
This article will look at how we can go about trading gold and the different ways in which you can do so.
How to trade gold
There are a number of ways to trade gold, each with advantages and disadvantages over other areas.
Spread betting
IGindex is the market leader in spread betting, but not many people are aware that the "G" in IG stands for gold. IG Index started life as a means of helping everyday traders trade gold.
You can trade the daily "spot" price of gold or the near quarter futures. For any trades you hope to hold for two weeks or more, the near quarter future price is probably the best due to the overnight rolling fees on the spot market.
Advantages of spread betting gold:
* Capital gains and income tax free.
* Leverage.
* No commission to pay makes small trades possible.
* Easy to trade short or long-term moves.
Disadvantages of spread betting gold:
• Leverage! Small movements can adversely affect your account if overexposed.
• A relatively large spread especially on the spot market.
• Not buying actual gold.
Trading gold directly on the futures market is another popular option with large traders with similar mechanisms to spread betting. The advantage over spread betting is the wafer-thin spreads, but the downside is the large cost of entry.
Take a punt: Fixed odds betting
Fixed odds trading allows you to take a simple bet on gold along the same lines as a sports bet. Similar to sports betting, your bet will either win or lose with you maximum reward and your maximum risk known from the outset. The main fixed odds betting broker is Betonmarkets.com, though no doubt IG index offer some fixed odds or "binary" bets.
In the middle of June, gold was trading $20 off its all-time high of $1,252. It had struggled to make significant progress beyond this barrier, but there is rising support cushion beneath.
Gold has actually been quite strange near all-time highs in the last year or so. According to my database, every time gold makes a 100 day high, the price pulls back the next day 52% of the time. Buying gold the next day after making 100 day highs would have actually lost you 5% since 2007.
In summary, fixed odds trading can be a great tool for trading gold in certain situations, especially considering how jittery it can be at all-time highs.
Advantages of fixed odds trading gold:
• Tax free.
• Low cost of entry.
• Simple to use.
• Fixed risk.
Disadvantages of fixed odds trading gold:
* There is a spread built into the bets which means that gold may have to move more than you think.
* You don't gain from gold pushing higher and higher in one of its mega trends unless you make specific bets on that happening.
Covered warrants
Covered warrants combine the benefits of Spread betting and fixed odds betting. You have limited risk but unlimited upside. You buy a warrant for a set price and your total risk is limited to this purchase price you paid, often at a fraction of gold itself.
The two important components of a covered warrant trade on gold is the strike price and the time expiry.
The strike price is the point beyond which your trade will start to make money. The time expiry is how long you're willing to give the trade to make money.
For example, if gold is at $1,200 you might buy a (call and up warrant) with a strike of $1,300.
The closer gold is to your chosen trigger, or strike price and the longer time limit you give it, the cheaper the warrant will be. The further away gold is from your strike price and the shorter the time period, the cheaper your warrant will be.
Advantages of covered warrants trading gold:
• Risk known from the start.
• Tax free if traded through a SIPP.
• Unlimited upside.
Disadvantages of covered warrants trading gold:
• Only tax free within a SIPP.
• More expensive than regular options.
Investing for the medium to long term - Gold shares and ETFs
In the last few years there has been an explosion in the popularity of Exchange Traded Funds (ETF).
Unlike traditional stock market funds, these ETFs aim to track an underlying market as cheaply and as closely as possible. Buying an ETF is as simple as buying a regular share and you can enjoy capital gains tax freedom by investing within an ISA or SIPP wrapper.
ETFs can be traded intraday, but for most people they are best for trades lasting a month upwards.
There are dozens of gold ETFs out there, but the most popular by far are:
GLD: This ETF tracks gold in US dollars.
GBS: Lyxor's Gold Bullion Securities in sterling.
Individual gold mining companies can be an exciting investment with a major discovery potentially doubling or tripling a share price overnight. Gold mining companies may also pay dividends which will boost returns in the long run.
The main disadvantage of buying gold companies instead of gold is that you are not gaining direct exposure to the precious metal. Quite often gold will outperform gold mining companies and vice versa.
The world's largest gold mining companies are all listed outside, with most in the US or Canada. These are: Barrick Gold, Goldcorp, AngloGold Ashanti & Newmont Mining Corporation.
The world's biggest gold producer is the UK listed Rio Tinto. Other UK companies with gold exposure include: Petropavlovsk (POG), Rangold Resources (RRS) and Highland Gold Mining with a certain Roman Abramovitch as a part owner.
Advantages of using gold ETFs & shares:
• Tax free if traded through a SIPP or self-select ISA.
• Cheap way to make medium to long-term trades on gold.
• Tight spreads.
Disadvantages of using gold ETFs:
• Only tax free within a SIPP or self-select ISA.
• Commission payable on each transaction. Need a discount broker and healthy bank size to make multiple short-term trades worthwhile.
• Gold miners not directly linked to the price of gold.
Buy gold without the hassle of storage
The classic way to hold gold in your name without the hassle of storing it is to purchase a certificate through the Perth Mint. This is operated by the State of Western Australia, so it's a legitimate scheme. You can purchase certificates through brokers such as Baird & Co who are mentioned in the next section.
Another method is to use a website such as BullionVault to buy gold based on physical assets. BullionVault stores gold in vaults in London, New York and Zurich and effectively allows you to buy a share of that gold with a certificate available stating that proportion of gold is physically yours.
Depending on the number of transactions you make, BullionVault may be a cheaper alternative to holding gold via an ETF as their storage costs are around 0.12% vs around 0.4% per year management fees for ETFs.
You can also buy gold in various currencies including British pounds:
Advantages of using certificated gold.
• Minimum storage costs.
• Certificate of ownership linked directly to allocated gold.
• Tradable if doing so in sufficient size.
Disadvantages of using certificated gold.
• Tax situation unclear.
• Still not owning physical gold.
Time to buy that crossbow - Investing in physical gold
Perhaps the ultimate safety net is holding some physical gold. There are two main methods of purchasing physical gold as follows:
1. Gold coins
Major economies issue their own gold coins with the most famous in the UK being gold sovereigns. Other famous gold coins include US Eagles, South African Krugerrands, Canadian Maple Leafs and Australian Kangaroos. Price depends on the age and weight of the coin.
2. Gold bars
Gold bars can be purchased in various sizes with little variation in the ground of origin. It seems a gold bar is a gold bar. Prices range from 83.00 for a 2.5 gram bar up to 26,000 for a 1KG bar!
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