Best Ways to Invest in Gold in 2023

Not surprisingly, many Americans worry about their investment portfolios Stubborn inflationcontinued Increase in interest rates and uncertainty Banking sector and world events. If the current economic situation gives you pause, it may make sense to reevaluate your portfolio to make sure it’s still helping you move toward your financial goals.

One investment you may want to consider adding to your portfolio is gold. Gold has long been seen as a store of value and a Hedge against inflation. gold price It has risen in recent months, hitting $2,047 an ounce on May 5, 2023, shy of a record high of $2,069.40 on August 6, 2020. You can buy “yellow metal” in many forms, including Gold IRAphysical gold, Gold ETFs And Gold futures.

If you’re thinking about investing in gold now, get started by requesting a free investor kit to learn more.

Best Ways to Invest in Gold in 2023

Here are some of the best ways to start investing in gold now.

Gold IRA

A Gold IRA A retirement savings account that can hold precious metals such as physical gold, silver, platinum and palladium. Although gold IRAs have been around since the late 1990s, many Americans are just beginning to learn about them.

So, should investors consider gold IRAs as part of their retirement plans? “Absolutely,” said Joe Cavattoni, chief Americas market strategist at the World Gold Council. “Having an IRA gives you a diversified retirement platform, and investors would be wise to consider adding gold to that portfolio.”

While past performance never guarantees future results, gold is valued as a hedge against inflation. Additionally, Gold IRAs offer the same tax benefits as regular IRAs. if you want Your portfolio is diversified And spread the risk across your retirement plans, a gold IRA can make sense.

A reputable gold company can help you set up a gold IRA to meet IRS regulations, and the process is relatively straightforward. As with other investments, it’s a good idea to shop and compare multiple gold companies to identify the best one to help you get started. Request a free Gold IRA Information Kit to learn more.

physical gold

One of the most common ways to invest in gold is Buy physical goldIncluding gold bars and coins. Many investors prefer to have a tangible asset that they can see and touch. Just understand that you must store and insure any precious metals you own.

You can store your gold in a safe at your home or a safe deposit at your bank, although your investment is not insured in either case. You may be able to purchase insurance as an add-on to your homeowners insurance policy. Many investors prefer to save them Gold and silver With an authorized depository or vault that will also insure the precious metals. Depending on the size of your account, storage fees can range from about $5 to $60 per month.

Gold can be useful as a store of value during times of geopolitical uncertainty. Historically, gold has also served as a hedge against inflation and is a good portfolio diversifier during economic and stock market downturns.

Gold ETF

A gold exchange-traded fund (ETF) is one type Gold investment which allows you to gain exposure to gold prices without owning actual gold. Gold ETFs hold gold assets, such as bullion and futures contracts.

Gold ETFs are a popular entry point for gold investors because you can buy them through your brokerage account just like you would buy shares of a popular stock in the market.

“There are many ways to invest in gold, but the best for most investors is through gold ETFs,” said Robert Michaud, CIO of New Frontier Advisors. “Gold ETFs are free to trade through most major brokerage accounts, and the best ones are highly liquid, have low expense ratios and are backed by real gold. It gives investors a safe and cost-effective way to include gold as part of their overall portfolio, including stocks and bonds.”

Gold futures

Gold futures are contracts traded on futures exchanges that require the buyer to receive a specified amount of gold from the seller at a specified price on a specified date in the future. Such contracts allow investors to speculate on future gold prices. If you buy at a fixed price, you can make or lose money depending on whether the price of gold rises or falls.

Because of the risks involved, many investment experts advise against investing in futures for beginners. If your contract falls in value just before it expires, you could lose some or all of your investment. For this reason, many brokerage firms require you to sign a form so that you understand the risks involved before opening your account to invest in gold futures.

Bottom line

Gold can be an excellent investment in a high inflation environment and in times of economic and global uncertainty. As such, consider adding gold to your portfolio for its unique benefits such as protection against inflation and Your portfolio is diversified.

And while gold can make money over time, you shouldn’t buy gold as a primary strategy for wealth growth, as the stock market typically outperforms gold prices over time. As a general rule, aim to keep your gold holdings to less than 10% of your portfolio in gold to help spread risk.

If you are looking to invest in gold, compare the top gold companies to find the one that best suits your needs. Request a free investment guide here now and get started.