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The price of gold has surpassed numerous price records this year and is up almost 30% from its beginning January 1. Gold started the year at $2,063.73 per ounce, but has since risen past $2,063.73 per ounce $2,600 mark while many investors expected it to be a blow $3,000 soon. This is partly due to the traditional benefits of gold hedge against inflation (by maintaining its value during such periods) and portfolio diversification (when other asset classes are underperforming).
But gold, like any other investment, needs to be pursued with a strategic approach at certain times so that investors can truly benefit from it. And now that the economy is turning again, thanks to lower inflation and interest rate cuts, investors may want to make some moves now, before early November. Below we highlight three of them.
Start exploring the best gold investments available to you here.
3 smart gold investing moves you need to make before November
If you want to reap the benefits of gold (and its rising prices), consider taking the following steps now, before November 1:
Explore your options
Gold is available in different types of investments. By gold IRAs Unpleasant gold ETFs Unpleasant golden shares, future And bars and coinsthere is likely one type that is more preferable for your portfolio and long-term investment goals than the others. But you won’t know which one (or two) they are until you start exploring your options. Some of these types may be better suited for novice investors while others can be volatile and more suitable for those with a greater appetite for risk. So, start exploring all these alternatives now to avoid investing in the wrong type.
Read more about your best gold options online now.
Invest before the price rises
The gold price is about to break a new price record. So once you’ve determined which type is right for your financial situation, don’t hesitate to buy. Waiting for gold prices to drop in 2024 could be a mistake. Not only has the metal been on an upward trend all year, it’s historically only been going up. A more cost-effective opening may never materialize, and you’ll lose the portfolio protection that gold can provide if you delay. So invest now to avoid this scenario.
Limit your investment
It can be tempting to overbuy an asset that has broken price records, as gold has done for most of this year. However, the smart move is to follow the conventional approach to gold investing despite this rising price. Then limit your investment to a maximum 10% of your total portfolio. This allows other assets, such as stocks and bonds, to perform as needed, while still giving your portfolio a layer of protection in case they cannot. And don’t forget that gold is more of a long-term investment versus a quick way to generate profits or income even during today’s historic price appreciation.
The bottom line
If you’re considering an investment in gold, October could be a good time to take action. Before you do this, however, you should explore all 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 quickly but carefully by limiting your gold to 10% or less of your total portfolio. By taking these steps, you’ll better position yourself for success in gold investing, both in November and in the months that follow.
