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Gold has, for decades, been an alluring investment asset thanks to the unique benefits it offers. However, it has become an increasingly attractive option in today’s economic environment. After all, it’s one of a few alternative investment assets that can be used to diversify your portfolio, protect your wealth and hedge against inflation. But those aren’t the only draw of gold right now.
The allure of gold has been further amplified by its recent price surge, which has seen the commodity hit multiple record highs throughout 2024. The trend began in March, when gold reached a new pinnacle of $2,160 per troy ounce, marking an 8% increase from the previous record of $2,135 set in December 2023. The price of gold then soared to $2,259.29 per ounce on April 1 before reaching an unprecedented $2,439.98 per ounce in late May.
And, while there has been some price moderation since then, recent weeks have resulted in renewed momentum in gold prices. As of July 15, 2024, gold was trading at $2,411.71 per ounce, putting the price of gold close to its recent high. And, if this upward trend persists, we may soon witness yet another record-breaking high. Given this bullish scenario, it could be wise to consider making a few strategic moves to capitalize on gold’s potential.
Get started and find your best gold investing options now.
Gold prices are near a new record high. 3 savvy moves to make now
Here are three savvy moves you might want to consider making as the price of gold continues to climb.
Add 1-ounce gold bars to your portfolio
With gold prices hovering near record highs, purchasing 1-ounce gold bars could allow you to gain a significant store of value in a compact, tangible form — and could also allow you to directly capitalize on the recent upward price trend. After all, the current price momentum suggests that there’s potential for further gains, meaning that this could be an opportune time to acquire physical gold.
For example, while gold prices tend to increase over the long term, the price surge from $2,160 in March to above $2,400 a few months later demonstrates gold’s ability to rapidly appreciate. And, by owning 1-ounce bars, you’re positioned to benefit directly from any continued price increases. If gold reaches the highs as some analysts predict, the value of your physical holdings could increase substantially.
But the upward price trend is just part of the equation. As global economic uncertainties persist, physical gold also serves as a trusted safe-haven asset. The tangible nature of gold bars provides a sense of security that paper assets can’t match, especially in times of financial market volatility. And, while inflation has been tempered a bit over the last few months, inflation concerns are still present. That makes gold’s role as an inflation hedge even more relevant right now.
Own gold bars not only as a valuable investment but also for peace of mind during uncertain economic times.
Buy gold mining stocks
Putting some money into gold mining stocks may also be worth considering right now, as these types of stocks offer a way to potentially amplify your returns from the current gold price rally. That’s because as gold prices have climbed, many gold mining companies have seen their profit margins expand. This can translate to higher stock prices and increased dividend payouts for stockholders.
Investing in gold mining stocks not only allows you to benefit from the rising gold prices but also opens up opportunities for increased returns through stock price appreciation and dividends. The performance of mining companies is closely tied to the price of gold, providing investors with a chance to capitalize on the industry’s growth alongside the commodity itself.
Open a gold IRA
Opening a gold individual retirement account (IRA) could also be a smart move in the current high-price environment, as it allows you to lock in gold at today’s elevated levels within a tax-advantaged retirement account. And, if gold continues its upward trajectory from the current price per ounce, your retirement savings could benefit significantly.
By holding gold within an IRA, you not only gain potential tax advantages but also ensure that your retirement savings are protected against market volatility and inflation. Gold IRAs provide a secure way to diversify your retirement portfolio and guard against economic uncertainties, making them a valuable long-term investment strategy.
Consider opening a gold IRA to secure your retirement savings against market fluctuations and inflation while potentially benefiting from gold’s price appreciation.
The bottom line
The recent surge in gold prices presents interesting opportunities for investors. Remember, though, that while the potential for continued price appreciation exists, past performance doesn’t guarantee future results. So, make sure to do your homework and fully understand the potential benefits and considerations. That way, you can find the right option to enhance your portfolio’s performance and capitalize on any future price increases that may occur.
Getty Images
Gold has, for decades, been an alluring investment asset thanks to the unique benefits it offers. However, it has become an increasingly attractive option in today’s economic environment. After all, it’s one of a few alternative investment assets that can be used to diversify your portfolio, protect your wealth and hedge against inflation. But those aren’t the only draw of gold right now.
The allure of gold has been further amplified by its recent price surge, which has seen the commodity hit multiple record highs throughout 2024. The trend began in March, when gold reached a new pinnacle of $2,160 per troy ounce, marking an 8% increase from the previous record of $2,135 set in December 2023. The price of gold then soared to $2,259.29 per ounce on April 1 before reaching an unprecedented $2,439.98 per ounce in late May.
And, while there has been some price moderation since then, recent weeks have resulted in renewed momentum in gold prices. As of July 15, 2024, gold was trading at $2,411.71 per ounce, putting the price of gold close to its recent high. And, if this upward trend persists, we may soon witness yet another record-breaking high. Given this bullish scenario, it could be wise to consider making a few strategic moves to capitalize on gold’s potential.
Get started and find your best gold investing options now.
Gold prices are near a new record high. 3 savvy moves to make now
Here are three savvy moves you might want to consider making as the price of gold continues to climb.
Add 1-ounce gold bars to your portfolio
With gold prices hovering near record highs, purchasing 1-ounce gold bars could allow you to gain a significant store of value in a compact, tangible form — and could also allow you to directly capitalize on the recent upward price trend. After all, the current price momentum suggests that there’s potential for further gains, meaning that this could be an opportune time to acquire physical gold.
For example, while gold prices tend to increase over the long term, the price surge from $2,160 in March to above $2,400 a few months later demonstrates gold’s ability to rapidly appreciate. And, by owning 1-ounce bars, you’re positioned to benefit directly from any continued price increases. If gold reaches the highs as some analysts predict, the value of your physical holdings could increase substantially.
But the upward price trend is just part of the equation. As global economic uncertainties persist, physical gold also serves as a trusted safe-haven asset. The tangible nature of gold bars provides a sense of security that paper assets can’t match, especially in times of financial market volatility. And, while inflation has been tempered a bit over the last few months, inflation concerns are still present. That makes gold’s role as an inflation hedge even more relevant right now.
Own gold bars not only as a valuable investment but also for peace of mind during uncertain economic times.
Buy gold mining stocks
Putting some money into gold mining stocks may also be worth considering right now, as these types of stocks offer a way to potentially amplify your returns from the current gold price rally. That’s because as gold prices have climbed, many gold mining companies have seen their profit margins expand. This can translate to higher stock prices and increased dividend payouts for stockholders.
Investing in gold mining stocks not only allows you to benefit from the rising gold prices but also opens up opportunities for increased returns through stock price appreciation and dividends. The performance of mining companies is closely tied to the price of gold, providing investors with a chance to capitalize on the industry’s growth alongside the commodity itself.
Open a gold IRA
Opening a gold individual retirement account (IRA) could also be a smart move in the current high-price environment, as it allows you to lock in gold at today’s elevated levels within a tax-advantaged retirement account. And, if gold continues its upward trajectory from the current price per ounce, your retirement savings could benefit significantly.
By holding gold within an IRA, you not only gain potential tax advantages but also ensure that your retirement savings are protected against market volatility and inflation. Gold IRAs provide a secure way to diversify your retirement portfolio and guard against economic uncertainties, making them a valuable long-term investment strategy.
Consider opening a gold IRA to secure your retirement savings against market fluctuations and inflation while potentially benefiting from gold’s price appreciation.
The bottom line
The recent surge in gold prices presents interesting opportunities for investors. Remember, though, that while the potential for continued price appreciation exists, past performance doesn’t guarantee future results. So, make sure to do your homework and fully understand the potential benefits and considerations. That way, you can find the right option to enhance your portfolio’s performance and capitalize on any future price increases that may occur.
