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Gold investing has long been a smart way to protect your money. And, in recent years, it’s become an essential one.
With inflation high and interest rates elevated, many turned to gold to protect their portfolio as other assets appeared uneven. Investing in the precious metal subsequently hit an 11-year high in 2023. However, the interest has remained strong throughout 2024, as evidenced by numerous price records shattered. Gold was priced at $2,063.73 per ounce on January 1 but has since soared past $2,600 – with many expecting that price to soon hit $3,000.
Against this backdrop, both beginner investors and veterans who have yet to add gold to their portfolio may want to get started now. But they should do so before this November, in particular. Below, we’ll explain why.
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Why you should invest in gold before November
With the start of the new month just weeks away, it makes sense to get invested in gold now. Here’s why:
Geopolitical tensions could increase buyer demand
Gold demand typically increases when geopolitical tensions are high, as they have been for much of the last two years. If you combine those concerns with a looming U.S. presidential election and the fallout from that, it adds up to what is likely to be increased buyer interest. This has already been demonstrated, in part, with gold bars selling out at retailers like Costco. So you’ll want to get invested before more buyers enter a competitive market. Just be sure to do so in a moderate amount as most experts recommend limiting gold to a maximum of 10% of your overall portfolio.
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The price could rise again
Amid the aforementioned concerns and economic factors like inflation and interest rates, it’s easy to see the price of gold rising yet again. And with it already approaching $2,700, waiting too long to act could cause the precious metal to become out of reach for many. Buying in now, then, before November makes sense. While gold could come down in price slightly post-purchase it’s important to remember that, overall, the price of gold only rises. So act now before that rise makes an investment prohibitive.
It’s never too early to protect your portfolio
Gold is a great portfolio diversifier, offering protection and steadiness when other assets are volatile. And it’s never too early to add that protection into your asset mix. By maintaining and often rising in value when other assets underperform, gold can offer a buffer that stocks, bonds and even real estate simply cannot. And while recent economic developments surrounding rate cuts, unemployment and inflation have all been encouraging, it will still take some time for this news to reverberate through the wider economic climate. You’ll want to have gold as a protector when it does.
The bottom line
Now is a great time to invest in gold if you haven’t already taken advantage of the precious metal. By investing before this November you’ll position your money for protection against the volatility caused by geopolitical and domestic tensions. But you’ll also get in before the price has a chance to rise yet again. And remember that, no matter the timing, it’s never premature to protect your portfolio. Gold can help provide that security both now and in the months and years to come.
