- 1). Open an account with a discount stockbroker if you do not already have one. Discount stockbrokers let you save money on commissions when you make your own investment decisions.
- 2). Fund your brokerage account with the amount of money you want to put into gold. You need to decide how much of your portfolio to dedicate to gold and how much to leave in traditional investments like stocks, bonds and mutual funds.
- 3). Log on to your brokerage account and go to the trading menu. Enter the ticker symbol GLD to purchase the exchange-traded fund that tracks the gold price. An exchange-traded fund trades just like a stock, and you can buy and sell it throughout the trading day. The GLD exchange-traded fund is a good substitute for physical gold, since it rises and falls in tandem with the price of gold.
- 4). Enter the number of shares you want to purchase. Note the total cost of the trade and ensure you have sufficient funds in your account to cover it. Print a copy of the purchase confirmation for your records and keep it with your tax documents.
- 5). Log back on to your brokerage account when you want to sell your GLD shares. Go to the trading menu and select the sell option. Print a copy of your trade confirmation for your tax records.
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