Should you invest in gold before 2024?
Financial advice can vary, but some ideas are timeless. Pay yourself first, do your research, buy low and sell high. Related to that final point: Time your investments as carefully as possible. While no one can predict what will or won't happen to the market, the better your timing, the higher the potential return on your investment.
And, in 2023, many have turned to gold for its timely benefits. While not as conventional as some alternatives, gold has some benefits that can be particularly advantageous now. But, like all investments, there are some better times to invest in the precious metal than others. So, should you invest in gold — whether it's a gold IRA, gold bars and coins or another gold asset — before 2024? Or should you hold off? That's what we'll break down below.
Start by requesting a free gold information kit here to learn more about this opportunity.
Should you invest in gold before 2024?
While gold investing could, theoretically, be beneficial in 2024, there are some compelling reasons why investors may want to get started this fall. Here are three:
To protect against inflation
The first half of 2023 showed encouraging signs that inflation was cooling, but then it ticked up in July and again in August. Against this backdrop, investors may benefit from the protection that a gold investment provides. Gold often performs well when inflation is high and the dollar has weakened. So, by investing a portion of your funds into gold now, you can better protect your money against the unpredictable whims of the market and the corrosive influence of inflation.
Learn more with a free gold IRA kit here.
To diversify their portfolio
Branching off of the above point, gold can be an effective way to diversify your portfolio. So, when stocks and bonds take a hit, gold can be steady and potentially even increase in value. To get the most out of this diversification, however, investors should do their homework and be careful not to over- or under-invest (most experts recommend capping the amount of gold investment to 10% or less of your overall portfolio).
To be better positioned for future economic developments
We're just weeks away from 2024, and with it, a world of possibilities. While inflation could drop and interest rates could follow, no one knows for sure. And with tumultuous global affairs and conflicts affecting the long-term economic forecast, it's not clear when things will stabilize or improve. With this context, a gold investment could be worth it today, simply so that investors are better positioned to weather any economic volatility in 2024 and beyond.
Learn more about gold investing here today.
The bottom line
While the economic outlook for 2024 is uncertain, investors can't go wrong by shoring up their financial protections now. One of the more effective ways to do so is by investing in gold. A gold investment in the right amount can offer some protection against the ongoing effects of inflation while also offering investors a way to diversify their investments. By investing in the yellow metal today, investors can also better position themselves for any negative economic developments that occur in 2024 and beyond.
