What beginner (and veteran) investors should do before the next gold price surge

CBS News

2 days ago

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A rising gold price may require both beginner and veteran investors to adjust their strategies.
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The price of gold is poised to break another record. That seems to be the takeaway this week as the price of the metal hovers around the $3,400 mark, after hitting that new high as recently as April. Now, thanks to a combination of rising inflation, interest rates and broader geopolitical tensions, the price could hit another new record, perhaps as soon as this week. For a metal that was priced under $2,000 per ounce at the end of 2023, investors could now see it surge as high as $4,000 for the same amount.
But whether you're a beginner just getting started in the precious metals market, or a veteran who has already incorporated gold into their portfolio, some strategic moves could be worth making, before the inevitable next price surge. Below, we'll break down three that each investor type should consider making now.
Start investing in gold before the next price spike here now.
What beginners should do before the next gold price surge
Not yet a gold investor? Here's what to consider doing before the price breaks a new record:
Get invested: Not yet invested in gold? It's never too late to start. With the price of the asset continually rising, today's "high" price could be tomorrow's low one. So don't delay acting while waiting for a low entry price point that's unlikely to materialize. Get invested now before the price becomes permanently out of reach.
Not yet invested in gold? It's never too late to start. With the price of the asset continually rising, today's "high" price could be tomorrow's low one. So don't delay acting while waiting for a low entry price point that's unlikely to materialize. Get invested now before the price becomes permanently out of reach. Look to fractional gold: Fractional gold
Avoid the temptation to sell quickly: Sure, you may be able to make a quick profit by buying gold now and, theoretically, selling it later this summer. But that would be against the general guidance of incorporating gold into your portfolio as an inflation protector inflation
Learn more about the smart ways beginners can invest in gold here.
What veterans should do before the next gold price surge
Hold steady: A rising asset price is a good thing, not necessarily a cause for selling. So, hold steady and monitor the market
A rising asset price is a good thing, not necessarily a cause for selling. So, hold steady and Consider buying more: Don't have gold quite at the recommended limit of 10% of your overall portfolio
Don't have gold quite at the recommended limit of Remember the initial reasons for investing: Did you first get into gold investing to turn a quick profit? Or was it to shore up your defenses against the damaging impacts of inflation? Did you buy gold to have a shiny object in your home safe? Or was it to diversify a portfolio
The bottom line
The above list is a good starting point for beginners and veterans ahead of a potential gold price spike, but it's not exhaustive. There could be other moves to make (or avoid) depending on your budget, portfolio and retirement plans. So, review these items carefully but consider also speaking with a financial advisor or gold company who can offer more personalized guidance. But do so soon, before the price of gold becomes too costly to strategize around.