Investing in gold? Here are 3 things you might not know

With today’s economy Cool inflation But still high interest rate, many Americans took a closer look at their savings — and their investments. An option that took on new life in 2023 (and neared record-high prices in April) the gold. Precious metal may not be the first type of investment that comes to mind, but that doesn’t mean it isn’t valuable either.

That said, as with any investment, it helps to do your research and understand your options before jumping in. At that point, there are some things about gold investment that you might not know but that can help you invest in the best and most valuable way. By accounting for these three factors, you can more effectively — and successfully — begin adding some sparkle to your investments.

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3 Things You Don’t Know About Gold Investments

Here are three things you may not know about investing in gold.

Your investment amount varies

when Gold investment can be beneficial for all age groupsThe specific amount you should have in your portfolio varies from person to person. young peopleFor example, those with a long investment horizon would do best investing more than gold Older investors Those nearing retirement age will need more income-producing investments.

Although the general rule is that gold should be limited No more than 10% of your overall portfolio, how much of that 10% you use will depend on your age and personal financial situation. Younger people will likely want to be near the top of that range while older investors and potential retirees may want to be at the lower end. Still, everyone is different, so it pays to be introspective and understand all your options before taking the plunge.

Learn more about investing in gold for retirement now here.

There are many ways to invest

We’ve all seen television commercials flash gold coin, thus emphasizing the convenience of buying gold. And while this may be an option worth pursuing, there are more ways to invest in gold. You could put some money into one Gold IRA (Hedging against inflation and diversifying your portfolio with gold is a common way). Or you could follow a Gold Exchange-Traded Fund (ETF). If you like to speculate on where gold is headed amid broader economic concerns Gold futures Maybe for you.

The bottom line is: There are multiple ways to invest in gold. So make sure you find the best way for you before you get stuck with a type that doesn’t meet your goals (and you have to pay to store in the interim).

It will not generate income like other investments

Gold is a smart way to protect your hard-earned money, but experts say there’s a reason you should limit your investment. This is because gold, unlike some other investments, is not known for immediate returns. If that’s your primary goal, you’ll generally want to stick more with stocks and bonds.

That said, stocks and bonds can be volatile, and you can make money faster than you can lose it. That’s why gold is a reliable backup when markets crash and inflation roars. Don’t just expect to buy low and sell now for a high profit.

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Bottom line

Investing in gold may not be the first thing you do with your money, but it can still be worthwhile and effective, especially when the economy rebounds from a period of high inflation. To get the maximum return on your gold investment, make sure you understand exactly how much to put into the precious metal and explore the different options available. Finally, understand it Gold is a long-term investment With long-term benefits and it usually won’t provide a get-rich-quick route.