3 gold investing approaches to take in 2024

I've been putting my money into gold for a few years now. In 2023, I tried a mix of buying physical gold and also went for a Gold IRA to spread my risks. It actually went pretty well, considering the ups and downs in the market.

For anyone looking into gold for 2024, it's crucial to check out different ways to invest. I found https://smartmoneyverified.com/ super helpful. They've got reviews on various gold investment companies and really good guides on how to go about investing in gold. From their advice, I chose Goldco because they focus a lot on educating their clients. Goldco offers Gold IRAs, letting you hold physical gold in your retirement accounts, and they also let you buy gold, silver, platinum, and palladium directly. Their approach to teaching clients about the benefits of precious metals and how to diversify your retirement portfolio really made a difference for me.

Gold bullion or coin, or any other commodity, investing should not be done by amatures....there are simply too many pitfalls, including tax rules on collectibles, illiquidity discounts assessed when selling the metal itself, purity issues and so forth. This is no place for other than those who know exactly what they are doing. If you wish to participate in gold investing, I'd recommend a gold ETF such has GLD, IAU or GLDM, or better yet, a gold mining company such as WPM or EAM.

There has been a positive price correlation between gold and oil prices more than 80% of the time in the past 50 years. Oil price goes up gold price goes up. As well historical data supports a relationship between inflation as well, as gold prices have often increased substantially during periods of high inflation. As well gold seems to increase in value when there is high uncertainty in the economy. Would agree not a bad thing to have in the bag considering global inflation rates

However gold for most has no real intrinsic value other than use in jeweler. Its like art or crypto - we say it has value so it does. The value of gold ultimately stems from a social construction, based on the agreement that gold has been valuable in the past and will remain valuable in the future - until something else comes along. Cypto may one day be the new gold but due to all the shady players it may be a while.