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Gold investing and trading are two different ways to take a position on the future price movement of gold markets.
When you invest in gold, you’d take ownership of the asset upfront and profit if the precious metal rises in price. When you trade gold, you’re taking a position on the underlying price rising or falling – meaning you won’t be taking ownership of the asset itself.
There are several types of gold assets available for you to trade or invest in, depending on whether your interest is in the physical asset or not. These include:
- Gold bullion
Physical gold – in the form of coins and bars – is commonly used as a store of value, for both individual investors and banks. But the expensive safekeeping and insurance requirements often deter more active investors from buying the metal outright
- Spot gold
The spot price of gold is how much it would cost to buy upfront – or on the spot. It is usually the price of one troy ounce of gold. Trading spot gold is a popular means of getting exposure to bullion without having to take ownership of the precious metal
- Gold futures
Futures contracts enable you to exchange gold for a fixed price on a set date in the future. You’d have the obligation to uphold your end of the deal, whether that’s through a physical or cash settlement. Futures contracts are standardised for quantity and quality – only their price is driven by market forces
- Gold options
Options contracts work in a similar way to futures, but with no obligation to execute the trade when buying. Options give you the right to exchange either physical gold or gold futures at a specific price on a specific date. Call options give the holder the right to buy the precious metal, while put options give the holder the right to sell it
- Gold ETFs
Exchange traded funds (ETFs) track the movement of a basket of shares of publicly traded gold mining, refining and production companies. Trading or investing in an ETF gives you much wider exposure than you’d get from a single position, which makes them a popular way of diversifying a portfolio. ETFs are passive investments, which replicate market returns rather than seeking to outperform them
- Gold stocks
Trading on or investing in stocks can be a great way to get indirect exposure to gold. You can gain exposure to every element of the gold industry, from mining and production to funding and sales. It’s important to note that gold stocks don’t always move in the same way as bullion, as there are a lot of other factors that drive the prices of shares.