Investing in gold bars and coins now? Here are 3 tips beginners should know now.
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Gold coins and bars could be a worthwhile investment, even for beginners, in today's economic climate.
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While inflation may be much cooler than it was in recent years, the damage from the latest cycle is already complete, and savvy investors who didn't have their portfolios properly secured have likely learned their lesson. In inflationary periods and after such times, it's generally smart to have a reliable hedge and portfolio diversification tool available.
For many, gold has provided exactly those functions. And with a variety of types to choose from, it's relatively easy to get invested in. Gold bars and coins, specifically, are seemingly ubiquitous right now, whether seen on a television commercial or highlighted by investors as a safe bet in an otherwise tumultuous financial landscape.
If you're new to gold investing, however, it helps to know a few tips before you start buying gold bars and coins, specifically. Since gold doesn't operate in the same manner that other assets do, the difference between having this knowledge and not could be costly. To that end, below we'll break down three timely tips beginners should know now, before investing in gold bars and coins specifically.
Explore your top gold investing options here.
3 tips beginners should know about investing in gold bars and coins now
Ready to add gold bars and coins to your portfolio (or home safe)? Here are three tips beginners should familiarize themselves with now:
There are new ways to invest now
The days of calling a telephone number advertised at the bottom of a TV commercial are long over. Gold bars and coins are easier to buy than arguably ever before. Not only can you visit your local jewelry store or pawn shop to get started, but you can also do so from the comfort of your home by exploring multiple gold investment companies online.
And, in recent years, even big box retailers have gotten involved in the gold investing landscape. Walmart and Costco both offer gold bars and coins to shoppers, which they can inspect in the store or add to their online shopping cart right now. Beginners should understand all of the ways to invest in gold bars and coins, then, before completing a transaction. By reviewing all of their options, they can improve their chances of investing in gold in the right amount at an affordable price.
Start reviewing your gold bars and coins options now.
You don't have to pay today's top price
Not accounting for some recent declines, gold's price is high right now. Recently having surpassed the $3,400 price record, gold prices have been on the rise for much of the last 18 months, specifically, seemingly putting the precious metal out of reach for many. But you don't necessarily have to pay today's top price to get invested in gold bars and coins. Fractional gold, for example, offers beginners all of the same safeguards a regular gold investment provides for a fraction of the cost.
By investing in gold in amounts less than an ounce, for instance, beginners can get started at a lower price point and then build up their investment total over time. Just understand that a rising price will cause fractional gold prices to increase, too, so if you know you need the protection gold bars and coins provide, it can be beneficial to get started sooner rather than later.
The price is likely to rise again
Sure, gold's price is currently "lower" than what it was. But $3,302.23 per ounce isn't exactly cheap, either. As mentioned above, gold prices only increase over time, accounting for minor declines and fluctuations. So, waiting for the perfect gold bar or coin to appear isn't the right approach. Any number of factors – from inflation to interest rates to geopolitical tensions abroad and domestic policies at home – could cause gold's price to spike again, potentially permanently making it unavailable for your portfolio.
So, don't let your research and exploration overwhelm the realities of the market. If you want to buy gold bars and coins now, then consider being aggressive as the price is likely to rise again, perhaps earlier than expected.
The bottom line
Investing in gold bars and coins can be a prudent decision for investors of all ages and experiences. For beginners, in particular, with broader investment horizons, it can be particularly advantageous to get started now. With this type of gold being broadly available, even at a reduced price, many may want to get started soon. Considering that the factors that caused gold's price to spike are still largely prevalent, the price could rise again, underlining the urgency of evaluating – and committing to – gold bars and coins promptly. Just be sure to keep them as a small but healthy portion of a diversified portfolio (experts recommend capping gold to 10% or less of your portfolio) to better ensure long-term investing success.
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