3 smart gold investing moves to make right now
Gold has always been a relatively safe and reliable investment. But with inflation ticking back up again over the summer and no signs of any relief with interest rates, more people are turning to gold now than they have in years. It's easy to understand why. Gold is often considered a hedge against inflation and an effective way to keep your investments afloat when the stock market is uneven and the dollar's purchasing power has eroded.
That said, gold is like any other investment in that you need to be smart about your approach. For it to be truly effective, particularly in today's economy, current investors and those considering the precious metal need to make certain moves right now.
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3 smart gold investing moves to make right now
Here are three moves both seasoned gold investors and beginners should make now.
Review all of your options
Gold is often thought of as something you buy via shiny bars and coins. And while that may be sufficient for some, it's not the only way to invest in gold.
Many would benefit from opening a gold IRA, for example. Others may want to pursue a gold exchange-traded fund (ETF) or, if you're confident in your economic projections, you may want to get started with gold futures. If you're interested in gold, there's likely a pathway for you. So whether you've been investing in gold for years or are just getting started out, it never hurts to review all your options to make sure you're invested in the very best type for your goals.
Learn more with a free gold IRA kit today.
Don't over (or under) invest
Gold is supposed to be a way to protect your current investments, helping keep your portfolio value high when other assets falter. It is not, however, a smart or reliable way to grow your income (that's what stocks and bonds are for).
Accordingly, investors should make sure to allocate the right portion of their portfolio to gold, being cautious of getting too heavily involved (or not involved enough). While the right amount to invest in gold is specific to the individual, most experts recommend limiting the gold portion of your portfolio to a maximum of 10%. This will improve your chances of earning all of the benefits of gold without over-leveraging your portfolio.
Speak to a professional
Gold, as beneficial as it may be for your portfolio, simply isn't as well known as some other investment types. That doesn't mean it can't still be valuable, but it does mean you may need some help to make it worthwhile. So consider speaking to a financial advisor who can guide you through the process.
There are also multiple gold investing companies that have experts on staff who can answer your questions. And don't be afraid to speak to people you know who have already invested in gold. They can provide some pros and cons and red flags to look for in order to maximize your investment.
The bottom line
It's always a good idea to pay close attention to your savings and investments, but particularly now. With inflation still high, investors need to be judicious about where they put their money.
Gold can help. But to get the most out of your investment - and to protect what you already have - you'll want to approach the precious metal in an intelligent way. So research all of your potential gold investing options to make sure you're getting into the right one. And keep the gold portion of your portfolio limited to expert suggestions. Finally, don't be afraid to speak to a financial advisor or gold pro who can better guide you through the process and toward a successful investment.
