During recessions, investors must exercise caution, especially those who are used to taking risks. The slow down impacts almost everyone. During the latest economic decline, the media are pushing people to consider investing in gold. While you should handle all investments with care, take extra precautions when selecting a gold vendor.
Should I Sell my Junk Gold?
People are digging out junk gold from old jewelry boxes and are even giving up some keepsake necklaces in exchange for an infusion of cash. It may not be wise to sell your gold jewelry right now. However, it is unlikely your junk gold has little to do with your long term investment goals. Go ahead and sell anything you have laying around unless it does have particular sentimental value. Just take a few precautions and avoid selling to the guy on the street. You will get most for your gold if you get closer to the source. There are many people between the typical gold seller and the ultimate buyer. This means you get less per ounce. Research before you sell and try to leave out the middle man.
Where to Buy Gold
There are many options for buying and selling gold. Take time to sort through the reputations of each company. Buying gold has many more options than just the metal that you have to store yourself. Great Plains Lending can help determin which investments or funding options are right for you. An investor can buy gold commodity, exchange traded funds, and even mutual funds. A more cautious investment can include investing directly in the gold mining company.
Look at the performance of each sector of gold you consider purchasing. The GDX which is the Gold Miners ETF is a diversified option because there is a large mix of companies of varying sizes. The companies are less volatile than the actual metal and may be better for longer term investors.
Gold for Retirement
Seek advice from a financial institution about the best ways to implement fold into a retirement portfolio. If you don't want to talk to a real person just yet, try the free online tools to determine ways that can help your specific situation. These are important services as Social Security Retirement options look more bleak.
Know your Goals
Regardless of what investments are on the news and in trend, always make your financial decisions based on your needs and your goals. Look at where you are and where you want to go before you ever seek counsel of an outside party.