The Value of Gold
Gold has been an excellent investment for some time, whether in the form of scrap, coins or bars. The overall trend of the value of gold is a testament to this fact. Since 2000, the price of gold in dollars has risen from under 300 dollars per troy ounce to over 1,700 dollars per troy ounce. Gold is now, more than ever, an extremely lucrative commodity and a great investment to have in your portfolio, in part by virtue of its high value.
When buying gold, it is naturally very important to understand how gold is priced. Gold bullion is priced on the market by the troy ounce. The value of gold is determined twice daily at the London gold fixing. This is a meeting at which five bullion companies agree upon the value of gold in US dollars, pounds sterling, and euros, and their determination is used as a worldwide standard by buyers and sellers of the commodity. Therefore, the price of gold is constantly changing.
These days, of course, one does not have to go out and read a financial paper or even watch the news to find today's gold price. The Internet makes for an excellent and convenient tool for the potential gold buyer. Many websites keep track of the prices of gold and other precious metals throughout the day, and they're easily found through a simple Google search for "gold prices". If you are interested in either buying or selling gold, you should certainly look up the current value of gold in order to determine a fair price for the gold piece in question. Also, keep in mind that gold is often sold by the gram, due to its extremely high value. There are approximately 31.1 grams in a troy ounce, so if you are buying or selling gold measured by the gram, please keep this relationship in mind and convert the market price of gold in ounces to its price in grams.