Where to buy gold and silver
It's always a good time to assess your investments and make sure they fit your goals and timeline. But with inflation high and a recession looming, you may want to think about making some adjustments today — or even explore new investment avenues altogether.
One route that many consumers are considering through the current economy is precious metals — silver and gold, in particular. These are often considered smart hedges against inflation and can help protect your wealth by maintaining stability during times of economic turmoil. If you think gold or silver could be worth adding to your portfolio, there are a few different ways you can buy in and start benefiting today.
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Physical metals
If you want to buy physical gold and silver to keep in your home, in a safe or in a safety deposit box, there are many options you can explore.
"Purchasing physical silver or gold coins or bars is a very traditional way to invest and can be done through reputable dealers or jewelers," says Michael Ashley Schulman, founding partner at Running Point Capital Advisors.
You can also purchase gold and silver through trustworthy precious metals exchanges, online marketplaces, gold IRA companies, banks, and other financial institutions. Just keep in mind that the costs of insuring your gold and storing it — if you opt to do so in a safety deposit box or depository — can eat into your long-term returns.
If you invest in gold or silver jewelry, there may be even more costs to consider.
"Although owning jewelry can seem like a fun way to invest, it's usually not an efficient method because it often has a high design and retail markup that cannot be recouped when you want to sell it," Schulman says.
Find out more about how you can start investing in gold today with a free investors kit!
Gold and silver IRAs
Gold and silver IRAs are another strategy you can use to invest in physical gold. These are types of individual retirement accounts, which you can use to purchase certain IRS-approved gold and silver bars, coins or bullion.
To invest through an IRA, you'll need to go through a designated gold IRA custodian. These companies can help you set up your account and will purchase the metals on your behalf. Then, you must store your metals in a qualifying depository for safekeeping (you can't keep your investments at home with these accounts).
There are both traditional and Roth silver and gold IRAs, so you can purchase your metals using either pre-tax or post-tax dollars, depending on your retirement strategy.
Gold and silver ETFs
If you're not set on owning physical metals, you can use an ETF — or exchange-traded fund — to gain exposure to the asset class. There are both silver and gold ETFs available, which invest in a variety of gold- or silver-related assets.
"ETF shares can be bought and sold on exchanges and provide investors with easy access to precious metals without the need for physical storage," says Derek Miser, investment advisor and CEO at Miser Wealth Partners.
You can buy shares of gold and silver ETFs through a brokerage, rather than having to buy on a separate marketplace.
"They're designed to be traded like normal equities," says Stephen Gardner, director at ETF Managers Group. That liquidity gives investors flexibility to buy and sell shares of the ETF throughout the trading day, he says.
Other options
Beyond physical gold and silver or ETFs that follow their value, you can also purchase stocks in individual gold or silver mining companies or invest in potentially more risky futures. These won't give you access to physical gold or silver, but they do allow you some exposure to these asset classes — which can be a smart move during inflationary times or market downturns.
"One of the largest benefits of investing in precious metals is their hedge against economic uncertainties," Miser says. "Precious metals can act as a diversification tool within a portfolio and provide investors with a safe haven during times of inflation or market volatility. Because of their low correlation with other asset classes, precious metals can help reduce overall portfolio risk."
If you're not sure if investing in gold or silver is right for your finances — or you need help deciding the best way to do so — consider speaking to a financial professional or investment broker. They can point you toward the right strategy for your goals. Get started today and explore your options with a free investment guide.
