Where to invest in gold as the price rises
Gold has been a sought-after investment for many decades, and the precious metal has had a banner year so far in 2024. Not only has the price of gold increased by over 25% since the start of the year, but it has also broken numerous price records on its upward climb. Investors have been flocking to the precious metal for its inflation-hedging and wealth-protecting benefits — and are also capitalizing on the opportunity to turn a quick profit.
As the price of gold continues to climb, though, even more investors may be looking for ways to add the precious metal to their portfolios. If you're one of them, the good news is that there is a wide array of options for adding this precious metal to your portfolio. While the gold market was once limited to large financial institutions and niche gold dealers, the average investor can now utilize a variety of platforms and retailers to buy in.
So where exactly can you invest in gold now that the price is rising? Below, we'll detail what you need to know about your options, whether your goal is to purchase physical gold or invest in another type of gold asset.
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Where to invest in gold as the price rises
Here are some of the top options for investing in gold in today's market:
Big box retailers
Several big-box retailers like Costco and Walmart have entered the gold market recently and are now offering gold bars and coins to their customers. For example, Costco sells 1-ounce gold bars from reputable refineries like PAMP Suisse, while Walmart offers both gold coins and bars on its website. These retailers provide an easy entry point for beginners in particular, who may be unfamiliar with more traditional gold dealers or investing platforms.
While the gold selection from these retailers can be limited compared to specialized dealers, buying gold through Costco or Walmart can offer competitive pricing and the confidence that comes with purchasing from well-known, trusted brands. Keep in mind, though, that these purchases may still require you to arrange for secure storage or insurance, which is typically necessary to protect your physical gold investments.
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Online gold dealers
Online gold dealers are a popular option for purchasing physical gold, such as gold bars and coins and they offer a wide range of products. Platforms like JM Bullion and APMEX allow investors to browse, compare prices and buy gold directly from the comfort of their homes. These sites also typically offer various weights and types of gold products, from smaller, affordable coins to larger bars suitable for serious investors.
One key advantage of using online gold dealers is the transparency in pricing and the ability to lock in prices instantly. Many dealers will provide educational resources, real-time price charts and market insights, which can help you make informed decisions. They also offer secure shipping and insured delivery to ensure your purchase arrives safely.
Traditional investment platforms
If you don't want the responsibility that comes with owning and storing physical gold, traditional investing platforms can also provide opportunities to gain exposure to gold without holding the metal itself. For example, gold exchange-traded funds (ETFs) and gold mining stocks are two popular alternatives.
Gold ETFs track the price of gold, offering liquidity and convenience while eliminating the need for physical storage. Shares in gold mining companies also offer leverage to the price of gold. If the price of gold increases, mining companies often benefit, potentially amplifying returns.
Both gold stocks and gold ETFs are widely available on investment platforms such as E*TRADE, Fidelity or Charles Schwab. That makes it easy to diversify your investment portfolio with these gold-related assets, as you can simply open an account and buy them — or use your current investment platform to make your purchase.
Local coin shops
For those who prefer face-to-face transactions, local coin shops are a reliable option for purchasing gold. Many coin dealers offer gold bars and coins at competitive prices, and they provide the advantage of immediate delivery. And, local dealers can often provide valuable insights and advice tailored to your needs, particularly for novice investors.
That said, it's important to do your research before buying from a local dealer. Prices can vary significantly from one shop to another and you'll want to ensure that the gold you're purchasing is certified and authentic.
The bottom line
As the price of gold rises, so do the opportunities for investors to diversify their portfolios. Whether you prefer to buy physical gold through online dealers or big-box retailers like Costco and Walmart or you prefer to gain exposure to gold through traditional platforms like ETFs and mining stocks, there are numerous avenues to explore. By carefully considering your investment goals and risk tolerance, you can make informed decisions about where to invest in gold and potentially capitalize on its continued growth.
