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Gold investing is often considered a smart way to hedge against inflation and diversify your portfolio. But, in 2024, with the price seemingly on an endless upward trajectory, investors may be able to make quick income with the metal as well. To do so, they’ll need to take a strategic approach to the investment by making some select moves right now — and by avoiding some other, easy-to-make mistakes.
So how, exactly, can investors potentially make money with a gold investment now? That’s what we’ll break down below.
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How to make money with a gold investment now
While investing success is speculative and dependent on a wide range of factors, both known and unknown, potential gold investors have a unique opportunity to make money with gold now. Traditionally known more as a safe haven to protect against losses from other, more volatile assets, investors can potentially make money with gold by making the following moves:
Buying in before the price surges again
The price of gold has broken numerous price records already so far in 2024, starting at $2,063.73 per ounce in January to around $2,500 per ounce right now. And there are no clear signs of slowing in the price. Some experts are even predicting that it could hit $3,000 per ounce in the months ahead. So if you want to have a realistic chance of making money with a gold investment now, then it makes sense to buy in before the price surges again. If you wait, the cost could become prohibitive and you may get priced out of the market in totality — or the profit margin you could secure will have been minimized.
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Shopping around for sellers
There’s no shortage of gold sellers and companies to work with right now. From local pawnshops to jewelers to gold investing companies to even Costco and Walmart. If you want to buy and sell gold, now is one of the easiest times in history to do so. But if you want to buy and sell it for a profit, you’ll need to shop around for sellers. Many will predictably include a mark-up on their offers, which can make it difficult to make significant money. Others, however, may be willing to sell to you at a price closer to the retail value while others may offer discounts for buying in bulk. But you won’t know what your best-priced options are until you start shopping around for sellers.
Considering the right type
Whether you want to buy and sell gold quickly right now or want to preserve it and sell it at a later date, you must get invested in the right type. Gold bars and coins, for example, offer liquidity and ease of access that gold mining stocks and gold IRAs simply do not. That doesn’t mean that the latter types aren’t also valuable, but they may not be right for those looking to make as much money as they can with gold now. So consider sticking with the easy-to-buy and easy-to-sell gold classes versus those more appropriate for seasoned investors.
The bottom line
Gold isn’t normally considered a rapid income producer. But now isn’t a normal time for the precious metal, either. With the price on a constant rise this year, some investors may be able to make money with gold now. However, they’ll need to buy in now, before the price surges again and they’ll need to shop around to find sellers offering a reasonable price. Finally, they should strongly consider only buying the types that are easy to sell, or they could get stuck with the asset longer than they anticipated.
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