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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.
- Look to fractional gold: Fractional gold, also known as physical gold under one ounce, can be an affordable way to invest in the yellow metal now. With the price per ounce around $3,400, but the price of a fraction of an ounce considerably lower, this could be the way to get invested now without having to damage your financial health to do so.
- 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, not an income producer. And with inflation rising slightly again in May, it makes sense to keep a portion of your investment dedicated to battling higher costs.
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. What you want to avoid doing is selling for a seemingly high profit now, only to see the price of the metal surge to another level (or two or three) before the year is over.
- Consider buying more: Don’t have gold quite at the recommended limit of 10% of your overall portfolio? Then consider boosting it to the threshold now, with the price on the rise. This will not only get you more shares of a rising asset, but it positions you for further growth if this trajectory continues unabated.
- 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 otherwise too heavily invested in stocks, bonds and real estate? It can be tempting, in times like these, to forget the initial reasons supporting your gold investment. But it would be a mistake to do so, at the same time. Try to avoid making that common error.
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.
