For all those interested in gold trading, one question which repeatedly pops in their minds is – How Bright Will the Gold Market Be in the Looming Future…?
To be more precise – The gold market is similar to any other stock trading market. It is a trading platform where respective owners or establishments trade their gold with others in the market.
According to accurate sources, the 3 largest and most lucrative world markets are –
- The London OTC market
- The Shanghai Gold Exchange
- And The US Future market
Digging Deeper –
Ever since the gold exchanging market came to be decades back in the 1970s, it has seen its fair share of ebb and flows. However, despite its expected volatility and the fact that most of the existing gold has already been mined across the sphere, it has still continued to maintain and scale!
And to come to terms where most of the world’s gold eventually end up, it involves a rather fascinating story. The primary use of gold was to turn it into lavish and costly jewellery, burial adornments, and even iconography.
This long-lived practice still continues even after a whopping 6 and a half thousand years. In the present day, almost 90% of the gold is mined on an annual basis and morphed into alluring pieces of jewellery, bullion coins, and varied forms of collector’s items.
Statistically, the Actual Breakdown of the Use of Gold in Its Previous Year (2019) Was As Follows –
- 48.5% for jewellery
- 29.19% for investments
- 14. 84% for Central Banks
- And 7.48% for technological purposes
A very small % of gold used is done for industrial purposes. However, market forecasters are confident that this trend will also grow with time as soon as newer technologies find a way to make proper use of it. Regardless of its futuristic utility possibilities, Gold will always have a special value both in the present as well as in the future.
Furthermore, reports also state that trading gold with the AUD will reap lucrative results. This is simply because Australia is one of the largest gold producers in the world.
What Does The Australian Bank ANZ Think?
As per ANZ analysts – As the economic uncertainly has forced investors into safer assets, there is a good possibility that gold could reach a new high in the up-approaching 2021. Of course, this is in anticipation of the COVID-19 vaccines rolling out and lifting the economic prospects of the global market.
Also, despite the stellar run in the 2020 annual period, gold will remain to be an attractive investment for 2021. Its prices are most likely to crawl up bit by bit every year- as per the ANZ analysts.
This obviously bodes well for gold traders and investors looking to make positive inroads into the 2021 gold trading market.
The Right Time & Process to Sell Gold
The basic rule of thumb is to big high and sell low. When the price of gold rises at the time of economic instability or during a financial crash, that is probably the right time to sell gold!
So, look to invest gold during a strong economy and also look to hedge against instances of deflation and inflation. And when the time is right, stop by at a reliable pawn shop in Melbourne to sell your gold cubes, jewellery, luxe watches, or coins in exchange for instant cash on the spot. As for larger sales, you should make it a point to book the appointment beforehand so that the pawn shop in question can pay you the right amount via bank or cheque transfer.