3 easy ways to invest in gold this November
The popularity surrounding gold investing surged in 2023, hitting an 11-year high in September. And the price of the metal has continued to skyrocket so far in 2024, growing by nearly 30% since January with no clear end point in sight. Gold was priced at $2,063.73 at the start of the year but is now closing in on $2,800 for that same amount, with some experts predicting a $3,000 price point in the months to come.
Against this backdrop, then, those who have yet to invest in the gold may be considering taking action now. And while there are some strategic ways to approach gold (and some important mistakes to avoid), getting invested in gold is relatively simple. This is particularly true now that new avenues to invest in the precious metal have recently been opened. Below, we'll break down three easy ways to invest in gold this November.
Start exploring your best gold options online today.
3 easy ways to invest in gold this November
Ready to get started with gold? Here are three relatively simple ways to do so heading into November:
Open a gold IRA with a precious metals company
A gold IRA is a smart way to prepare for retirement and it's never too early to open one. Instead of traditional stocks and bonds, this unique IRA type holds precious metals like gold, silver and others. You can easily open one with a top gold IRA company online now or over the telephone today. Just be sure to avoid some specific red flags to ensure that the gold IRA company you work with is reputable and trustworthy.
Get started with a gold IRA here.
Buy gold bars from Costco
When Costco started selling gold bars in 2023, they quickly sold out. They restocked, but the gold bars have quickly been selling out this year, too, underlining the strong demand for the precious metal. But if you're already a Costco member and enjoy shopping with the big retailer, it may make sense to add a gold bar or two to your shopping cart this November, and you can do so from the comfort of your own home by buying gold via their website. Walmart is also selling gold bars, just in case you prefer to invest there instead.
Open gold stocks with a financial advisor
Gold stocks, which essentially act as shares of gold mining companies, require a more advanced knowledge of the precious metal industry. But if you work with an experienced financial advisor, they can help you determine an appropriate investing strategy and can set you up with an appropriate partner to invest with, like a precious metals company. Just understand that gold stocks are influenced by more than just today's rising price. They can also be affected by supply, demand, costs of production and the overall performance of the individual company. So be sure to seek professional assistance when investing in this specific type.
The bottom line
If you're looking for an easy way to invest in gold this November, these three options can help. Just remember that gold isn't exactly like other asset classes, so don't be tempted to overinvest now, either, despite the rising price. Historically, gold is best limited to 10% of your overall portfolio to avoid suffocating the potential benefits of other assets like stocks and bonds. But if you follow this approach and consider one of the above ways to invest, you should have a relatively easy time buying into gold this November.
