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The price of gold has surpassed numerous price records this year and is up by close to 30% from where it started on January 1. Gold began the year priced at $2,063.73 per ounce but has since surged past the $2,600 mark with many investors expecting it to hit $3,000 soon. This is due, in part, to gold’s traditional benefits of hedging against inflation (by maintaining its value during such periods) and diversifying portfolios (when other asset classes underperform).
But gold, like any other investment, needs to be pursued at certain times with a strategic approach, for investors to truly benefit. And with the economy changing again, thanks to cooler inflation and interest rate cuts, investors may want to make select moves now, before the start of November. Below, we’ll break down three of them.
Start by exploring the top gold investments available to you here.
3 smart gold investing moves to make before November
If you want to take advantage of gold’s benefits (and rising prices), consider making the following moves now, before November 1.
Diversify Your Portfolio
As the price of gold continues to soar, diversifying your investment portfolio to include gold can be a wise decision. Gold has historically shown a negative correlation to other assets like stocks, making it an effective way to hedge against market volatility and economic uncertainty. By diversifying your portfolio with gold investments, you can reduce overall risk and potentially increase returns.
Consider Long-Term Perspective
While the current price of gold may seem high, it’s important to consider the long-term perspective when investing in this precious metal. Gold has maintained its value over centuries and is viewed as a safe haven asset during times of economic turmoil. Therefore, investing in gold with a long-term perspective can provide stability and protection for your portfolio, especially in times of inflation or market downturns.
Stay Informed and Monitor Trends
With gold prices fluctuating due to various economic factors, it’s essential to stay informed and monitor market trends when investing in gold. Keep track of economic indicators, geopolitical events, and central bank policies that could influence the price of gold. By staying informed and being aware of market trends, you can make informed decisions about your gold investments and potentially capitalize on favorable price movements.
These additional insights can help investors navigate the dynamic gold market and make informed decisions about their investment strategies.
Start by exploring the top gold investments available to you here.
3 smart gold investing moves to make before November
If you want to take advantage of gold’s benefits (and rising prices), consider making the following moves now, before November 1.
Explore your options
Gold comes in a variety of investment types. From gold IRAs to gold ETFs to gold stocks, futures and bars and coins, there’s likely one type that’s more preferential for your portfolio and long-term investing goals than the others. But you won’t know which one (or two) that is until you start exploring your options. Some of these types may be better suited for beginner investors while others may be volatile and more appropriate for those with a bigger risk appetite. So start researching all of these alternatives now to avoid getting invested in the wrong type.
Learn more about your best gold options online now.
Invest before the price rises
The price of gold is on the cusp of breaking yet another price record. So, once you’ve determined which type is appropriate for your financial situation, don’t hesitate to buy in. Waiting for the price of gold to fall in 2024 could be a mistake. Not only has the metal been on an upward trend all year, but it also, historically, has been heading on an upward trend following rate cuts. A more cost-effective opening may never materialize and you’ll lose the portfolio protections gold can offer by delaying. Invest now, then, to avoid this scenario.
Limit your investment
It can be tempting to overbuy an asset that’s been breaking price records, as gold has for most of this year. The smart move, however, is to take the conventional gold investing approach despite this rising price. Limit your investment then to a maximum of 10% of your overall portfolio. This will allow other assets like stocks and bonds to perform as needed while still giving your portfolio a layer of protection in case they can’t. And remember that gold is more of a long-term investment versus a quick way to generate profit or income, even during today’s historic price run.
The bottom line
If you’re considering a gold investment, this October could be a good time to act. Before you do, however, be sure to explore all of your options to determine the best gold investment type for your unique financial situation. Don’t wait too long to act, however, as the price of gold is on an upward trajectory that most experts expect to continue. So act promptly but prudently by limiting your gold to 10% or less of your overall portfolio. By making these moves you’ll better position yourself for gold investing success, both in November and in the months that follow.
