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Gold has long been considered a smart investment for many, regardless of age or investor profile. But interest in investing in the precious metal has surged in recent months and years, hitting an 11-year high last fall. And it’s easy to understand why: An ability to hedge against inflation and diversify portfolios has made gold especially attractive in today’s inflationary climate.
That said, gold isn’t exactly like any other asset. Beginner investors, in particular, should do their research before getting started. And that starts with picking the right gold investing company.
There are many great companies to choose from. But the path to choosing the right one starts with asking the right questions. Below, we’ll discuss a few questions prospective investors should consider to better determine the best gold investing company to use now.
Ready to get started? See what gold investing options you have available to you here.
Which gold investing company should I use?
Here are three questions to think about when considering which gold investing company to use.
What are my goals?
Different gold companies will be able to help you achieve different strategic goals. To determine which can help you achieve these goals, then, depends on what your goals are, exactly.
Are you looking to invest in gold for retirement? Or as a hedge against inflation? Are you looking to diversify your portfolio or are you looking for an asset that will appreciate with time, albeit slower than some other types?
Once you can determine your goals with a gold investment, you’ll better be able to find the right gold investing company to utilize.
Explore your options here now.
What type of gold do I want to invest in?
Gold doesn’t just come in the shape of bars and coins. It can also be invested in as a gold IRA or a gold exchange-traded fund (ETF). Those better versed in the gold market, meanwhile, may prefer gold stocks or gold futures.
But to determine the best gold investing company to use you’ll need to know which type you want to invest your money in. Narrow down the type of gold you want to invest in first and then start exploring the potential companies you can use from there.
How has the company been reviewed?
When exploring a new investment type it’s always important to do your research but particularly so when considering gold. Some gold investing companies are reviewed well and rated highly by organizations like the Better Business Bureau. Others, however, are not and may present some concerns for investors.
Websites like Trustpilot can also be a good resource. Simply doing basic research via a search engine can help determine if the company has been in the news lately — which may be a pro or con, depending on the context.
The bottom line
Gold is not like many other investment types. As such, prospective investors need to take a more judicious approach when searching for the right investment company to use. By understanding your goals, the type of gold you want to invest in and the reviews of the gold companies currently on the market, you’ll better be able to narrow down your decisions. Companies like American Hartford Gold, Goldco, Oxford Gold Group, Birch Gold Groupand Lear Capital can help you get started now.
Matt Richardson is the managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance.
