Seniors considering a gold investment should understand these three things before getting started.
Because of its unique position among potential investments, most experts recommend limiting your gold investment to a relatively small portion of your overall portfolio., although that exact figure may be smaller depending on your exact age, goals and planned investment time. That's because gold is more of a reliable way to protect and diversify your current savings versus growing your bottom line.
To effectively do the former you'll want to make sure you're invested in the right amount now — and be flexible and capable enough to adjust that amount in the years to come.One of the reasons investors shouldn't exceed the limit for gold investing is because gold isn't typically counted on as an income-producing investment. Yes, it'll generally help keep your other investments afloat .
But it can't be relied upon to make income overnight, or even in a few weeks or months like more volatile investments, like stocks, can. Instead, gold is a better long-term investment that you can potentially sell for a profit in the years to come. "10 ounces of gold bought 23 years ago in 2000 would have cost around $2,800," Mel Mattison, CFP, financial services professional and consultant, recently told."Now, a child born then would have almost $20,000, perhaps just enough for a down payment on a starter home." Keep this in mind as you invest and understand that while gold will likely generate income, the substantial amount you're hoping for is unlikely to come overnight.
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