Gold is always a sought-after asset. Not only does it diversify your investment portfolio, but it also helps you gain ground in creating your very own hedge against an economic crisis that might occur while owning the asset. For newcomers, gold has always been hard to understand. The market fluctuates in such a way that sometimes it can become unpredictable. And so many other factors affect it as well. Some of these could be the political standing of the country, the economy, the oil markets, the scarcity of gold itself, the demand for the product and so much more.

But fret not. We have compiled a list of things you need to consider before buying gold, or if you already own gold, these are the aspects you need to consider on when to buy and when to sell.

Having the right mindset and knowing the proper time to purchase and sell the product is very crucial in buying and selling gold. For example, buying at the wrong time could lead to purchasing very expensive gold per ounce, and selling at the wrong time could also be a great loss of the asset considering the prices of the product itself might considerably increase. So, these are the few factors one needs to consider before you make a financial decision regarding Gold and other precious metals

The price of gold fluctuates, so when buying gold and other precious metal products timing is everything. Before jumping in and buying gold, look for the historical data to see the best time of the year to buy gold.

There are some cycles we can see to the price of gold according to the historical record of gold and silver prices. Gold and silver tend to be low on price in the months of January, March, April and late June, which is a good time to buy gold.

If you are going to buy gold, buy it this year. You will get a better price this year than next year.

Maybe you are not interested in buying gold and you are interested in selling it. Before you start thinking when to sell your gold, know first the value and purity of your gold. If you're thinking about selling your gold, you need to be more aware of the gold spot price. The gold spot price is the current price of which gold could be bought and sold.

The spot price of gold can fluctuate greatly from day to day or even hour to hour, due to the factors like supply and demand. Some factors can make it hard to predict the price of gold in the future! If it were easy, you'd be rich!

When is the best time to sell your gold? Typically, sellers of precious metals do so because they are in need of liquid funds. Timing your transaction will require watching price trends and avoiding those months when precious metals prices trend downward. Lastly, due to precious metals always having intrinsic value, you will always be able to sell you metals unlike paper assets. You're guaranteed to always be able to sell your gold for SOMETHING, even in a major disaster or crisis.