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The price of gold is on the precipice of a new record high.
After growing past $3,400 per ounce in the spring, the price of the precious metal as of September 2 is now $3,480.07 for the same amount. And any number of current factors could easily drive it past $3,500 and, potentially, toward the $4,000 per ounce mark.
While this is encouraging news for investors with a diversified portfolio already partially made up of gold, it can be problematic for those who have yet to get started with the yellow metal. And, for beginner investors in particular, it can be difficult to determine where to begin with gold priced as high as it currently is.
That said, there are some strategic moves beginner investors should consider making now, before the next inevitable price surge. And while some of these moves may seem obvious, others may be less well known (and understood). Below, we’ll break down three gold moves beginner investors should consider making right now.
Start by seeing what gold price you could secure online here.
Gold moves beginner investors should make before the next price surge
While each gold investor’s approach may be slightly different, many who have yet to get started with the metal could benefit from taking the following steps now:
Get invested at a price you can afford
Just because gold is priced exorbitantly right now doesn’t mean you need to pay that top price. There are multiple ways to invest in gold, ranging from gold IRAs to gold ETFs to gold stocks and more, each of which offers a different entry price point, sometimes significantly lower than what’s listed on the market. Don’t be discouraged, then, by the prices you see in headlines and instead look to get invested with a type of gold and price you can afford. That noted, the longer you wait, the greater your chances of being priced out of the gold market entirely. So, be strategic but don’t wait too long to act, either.
Get invested in gold at a price you can afford online now.
Consider fractional gold options
Sure, the common measurement for gold is one try ounce. But did you know that you could invest in the metal in smaller amounts? Known as fractional gold, these gold bars, coins and other bullion options still allow you to invest in gold, simply at smaller amounts, below the traditional one ounce amount. This allows you to get invested at a lower cost while still adding the portfolio diversification and inflation hedging features that gold can offer at any price point. Still, with big retailers now offering gold in the traditional one ounce weights, it may take a bit more time and patience to find a fractional gold option that fits your budget and goals.
Evaluate a dollar-cost averaging approach
Dollar-cost averaging can make sense for a wide array of investments, but arguably more so with gold right now. This approach, in which you invest the same amount of money into an asset over set intervals, regardless of the price of the asset at the time, can help you get invested in gold over an extended period – but you’ll still be invested. And it won’t cost much up front.
While this can be a risky approach to an asset that has major swings in value, that’s less of a concern with gold since it tends to only rise in price, absent some minor fluctuations. Gold, after all, is just around $3,500 per ounce now, after barely sitting over $2,000 per ounce at the start of 2024. So this could be a smart approach for beginners who have yet to get started.
The bottom line
There are smart and strategic gold moves beginner investors should make now, before the next price surge. But the key here is to take action soon, before the price rises so high that even the more strategic options fail to apply. Consider speaking with a financial advisor or a gold investing company, then, who can answer your questions and better help you determine the right gold investing approach to take now, before the price changes once again.