Smart ways to buy gold in 2023
It's been a unique year for the economy, to say the least. While unemployment is low, inflation is still stubbornly humming along in the background. And interest rates are the highest they've been in decades. Against this backdrop, many investors have looked to diversify their portfolios by turning to gold.
Investing in the precious metal hit an 11-year high in September and it's easy to understand why. Gold can be a safe-haven asset when many others look shaky, and it's particularly advantageous during times of inflation like we are currently experiencing.
That said, like all investments, there are smart ways to approach the gold buying and investing process and some mistakes to avoid, especially in 2023. If you're considering investing in gold now, then start by requesting a free information kit to learn more about this unique opportunity.
Smart ways to buy gold in 2023
Here are three approaches prospective gold investors should take this year:
Be knowledgeable
Gold investing has multiple benefits — whether in a gold IRA, gold ETF or other form — but it's not a get-rich-quick strategy. Gold is less of an income-producing investment and more of a way to protect the other, more volatile assets in your portfolio. That doesn't mean that you can't make money off of gold, but it will be a long-term play.
Instead, be knowledgeable and know what gold can and cannot accomplish for your investments. By understanding this, you'll better be able to maximize the advantages the yellow metal provides.
Learn more with a free gold IRA kit here.
Be strategic
Gold can help investors of all ages. However, the amount of gold you should invest in varies significantly, with most experts recommending a cap of 10% of your portfolio. So be strategic about how you get involved. Don't go overboard and move all or even most of your money into gold.
But don't be underinvested and keep your investments vulnerable, either. By investing in the right amount at the right time (like 2023), you'll be able to obtain the security gold offers with the flexibility to earn quicker returns on investments like stocks and bonds.
Be thorough
Gold is not like other investments. Although a gold IRA is one of the best ways to invest in the metal, options range from gold ETFs to gold stocks to gold futures and more. Be thorough and research all alternatives. While a traditional gold IRA may be the best path for many, it may not always be the best for you, particularly if you're comfortable taking more risks. But you won't know which can help you reach your financial goals — and which gold investments just seem like they will — until you read up on all of them.
Check out some gold investing options here now and get acclimated.
The bottom line
In the economic climate of 2023, investors should be judicious about where they invest and save their money. Gold can provide unique benefits for many, but in order to obtain those benefits, investors will want to be knowledgeable about what gold can accomplish and strategic with how they get to that point. They should also be thorough by investigating all of their potential gold investment options so that they ultimately put their money in the one most likely to boost their financial health.
