4 Smart Gold Investing Moves to Make in 2024

Gold can be a great investment for a wide array of people — if invested in correctly.

SEATTLE (Scrap Monster): 2024 is here and with it come new opportunities to improve your financial health. This can take many forms, from boosting your insurance protections to moving your money to high interest-earning savings vehicles or getting invested in some alternative assets. If you're looking for the latter, you may want to consider precious metals, and specifically gold. 

Investing in the shiny metal rocketed upward last fall, hitting an 11-year high. Due to its ability to hedge against inflation and diversify a portfolio, many investors turned to gold last year. But those benefits are still valuable now, even in a new calendar year. Like all investments, however, there are smarter ways to approach gold investing than others. Below, we'll break down four smart moves to make this year.

4 smart gold investing moves to make in 2024

Here are four smart gold investing moves to consider making now.

Get started

It may seem obvious, but to get the benefits of a gold investment, you'll need to get started first. So don't delay. Start by doing your research online with some top gold investing companies. Take a realistic approach but don't approach gold investing with fear, either. Understand that you have multiple options to choose from (more below) and you can get started either online or by buying gold from big retailers like Costco and Walmart, too.

Explore your options

Gold comes in many investment types, ranging from gold IRAs to gold ETFs to gold futures, stocks and gold bars and coins. Not every type will be right for you (many may not be) so, instead, familiarize yourself with all options to pick the right one for you. You may be surprised at which type better suits your needs and overall financial goals.

Know your limitations

Gold is generally not considered to be an income-producing investment, so go into it clear-eyed. Because of its steady value and tendency to rise in price when the economy looks shaky, gold is instead considered a protection against larger economic headwinds. While you can, and likely will, see your investment grow over time, it won't be the income-producer that more volatile assets like stocks and bonds have historically been. Understand this before diving into the gold market. 

Invest in the right amount

Because of gold's role as an investment protector versus a quick money-maker, most experts recommend limiting your investment in the precious metal. Specifically, you shouldn't let gold take up more than 10% of your portfolio. The specific percentage, however, will vary from investor to investor (older investors are generally steered toward a smaller portion of gold versus younger investors). If in doubt, consider consulting a financial advisor or gold investing professional for further guidance.

The bottom line

Gold can be a great investment for a wide array of people — if invested in correctly. You'll want to get started smartly by first exploring all of your potential options. And you should know the limitations of what a gold investment can produce. Finally, you'll want to invest in the right amount in order to reap the rewards a gold investment can provide while still keeping yourself free to take advantage of other, more volatile assets, too. By taking all four steps you'll better position yourself for a valuable gold investment in 2024 and the years to come. 

Courtesy: www.cbsnews.com

• Fire Destroys KL Scrap Yard
• New Resource Launched to Help King County, WA Residents Fight PFAS Exposure
• How Cities, Towns and Villages are Improving Recycling Practices
• Chip Recycling: Addressing E-Waste in the AI Hardware Industry