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How to capitalize on gold’s record price surge
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The price of gold has risen so far so quickly in 2024 that’s it been difficult for investors to keep up. As the price of the precious metal changes throughout the day, numerous price records have been surpassed this year, with the possibility of additional records likely for the final quarter of the year.
Starting at $2,063.73 per ounce on January 1, gold is now hovering just under $2,700 for the same amount. That’s more than a 30% increase in less than 10 months. So if you purchased gold toward the end of 2023 – and kept it – you’ve made a substantial profit already and could earn more soon.
But what about those investors who haven’t yet taken action? With a growing price like this, investors ranging from beginners to seniors may want to take advantage while they can. Fortunately, there are multiple ways to capitalize on gold’s record price surge now. Below, well break down three of them.
Start by exploring the top gold investments available to you here.
How to capitalize on gold’s record price surge
Want a piece of the surging gold action but don’t know where to start? Consider making the following moves now:
Buy in now – and sell for a quick profit
Gold is not a conventional income-producing asset. It’s more known as an inflation hedge and an effective way to diversify your portfolio to better protect against market volatility. But the price surge the metal has experienced in 2024 isn’t exactly conventional either, so your approach now can arguably be a bit different. So consider buying in now to sell relatively quickly to earn a profit. With the potential for the price of gold to hit $3,000 or higher shortly, this is more realistic than it may have seemed even just six months ago. But don’t wait too long, either, as the price could break additional records to come, putting it out of reach for your financial situation.
Get started with gold online today.
Sell your existing gold
Don’t have the budget to buy gold at its current price? Consider selling some of your existing gold, then, to capitalize. If you have gold bars and coins, for example, that are in good condition, you may be able to sell them at a substantially higher price than you originally purchased them. But other types of physical gold, like jewelry, can also suffice. Just make sure to work with a reputable gold company and be aware of some dangerous red flags before making this move.
Explore all gold investment types
There are a multitude of different gold investment types to choose from and not each one reacts the same way to a rising price. From gold IRAs to gold ETFs to gold stocks and gold futures, each has a different response to a rise in price and each has unique benefits. So explore all of them carefully to best determine which type is easiest to make money off of right now. And if today’s entry price is already too high for you, consider a smaller amount of physical gold (fractional gold coins, for example). This allows you to buy in and exploit the rising price without overextending yourself at the same time.
The bottom line
With no clear end in sight for the rising price of gold, now is an exciting time both for both investors and for those considering getting started the shiny precious metal for the first time. And while you can potentially capitalize on gold’s record price surge by taking one or more of the above steps, it’s critical to still remember that gold is (overall) a long-term investment, which should be capped at 10% of your overall portfolio. By understanding this, and using it as a framework for any current gold investing moves, you’ll better position yourself for success both during this thrilling price run and in the months still to come.
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The Chicago White Sox on Friday broke Major League Baseball’s 62-year-old single-season record with the most losses during a season with their 121st defeat against the Detroit Tigers.
The White Sox lost the game 4-1. This came after they had won three games in a row against the Los Angeles Angels and had hovered at 120 losses.
On Thursday, the Sox shut out the Angels 7-0.
The 121 losses eclipsed the total that the 1962 expansion New York Mets recorded. The White Sox had already surpassed the 2003 Detroit Tigers, a team that lost 119 games, setting the American League record. MLB only counts records set in the modern era, which began in 1900, so the 1899 Cleveland Spiders’ all-time record of 134 losses is not included.
The incredible feat of futility was the culmination of a long, grueling season in which the White Sox recorded multiple double-digit losing streaks, including a 14-game skid from May 22 to June 6, and then an American League-record 21-game losing streak between July 10 and Aug. 5. All that losing led to the firing of manager Pedro Grifol during just his second season at the helm. In less than two seasons, Grifol led the team to more than twice as many losses as he did wins.
Grady Sizemore took over as interim manager for the rest of the season.
The White Sox then recorded another 12-game losing streak that lasted from Aug. 23 through Sept. 3.
Jeff Chiu / AP
It’s been a season unlike anything fans of the franchise, which will mark the 20th anniversary of its last World Series win next year, have ever seen. The team’s winning percentage through Sunday of .231 is still significantly behind the next-worst season in franchise history, the 1932 White Sox that went 49-102-1 and posted a winning percentage of .325.
Until this season, the White Sox team with the most single-season losses in franchise history was the 1970 team, which went 56-106. This year’s team is just the sixth in franchise history to record 100 or more losses in a season, according to Baseball Reference, which has team statistics going back to 1901, the year the American League formally organized.
“I feel your pain”
The White Sox record has been so bad that even the team’s official X (formerly Twitter) account has been having some fun with the piling up of losses lately.
On Sept. 18, after a loss to the Angels, the team’s post for its final score read, “FINAL: the other team scored more runs than us.”
Last Saturday, the team posted, “FINAL: can be found on the MLB app,” after a loss to the Padres.
Then on Sunday, the team’s account posted a version of a widely used GIF of a car attempting to quickly drive onto an exit ramp, representing the team’s social media administrator, turning away from posting the final score and instead opting for “literally anything else.”
The Sox kept it up on social media after the Friday night loss.
A post read:
Things we’d rather do than read comments:
- Get a root canal
- File taxes
- Eat 5,000 saltine crackers without water
- The cinnamon challenge
- Put ketchup on a hot dog
- Bear crawl across the Sahara Desert
- Walk barefoot on an L train
The post also showed a separate window on a computer desktop screenshot showing a dejected Southpaw White Sox mascot, with the text, “slams laptop shut til tomorrow.”
The situation even prompted famed horror writer and Boston Red Sox fan Stephen King to weigh in on social media.
“Chicago White Sox fans, I feel your pain,” King posted on X. “As a fan of those other Sox, I tried to switch my loyalty to Cleveland during one particularly awful season (Butch Hobson, I’m talking about you). I couldn’t do it. Things will get better. They CAN’T get worse.”
Mark J. Terrill / AP
Despite the jokes on social media, White Sox team leadership has faced questions about what went wrong and how the team has been withstanding the historically difficult season.
General Manager Chris Getz summed up the feelings of the organization last month when he spoke to members of the news media after Grifol’s dismissal.
“There was lack of production overall,” Getz said. “I mean you look at how many games that we’ve led early and weren’t able to finish or how many games we haven’t been able to come back to get a win. Obviously, there was something that was broken. We know the flaws in this roster, but with that being said, we expected to win more games. We did.”
After last Sunday’s loss to the San Diego Padres, the team’s 120th of the season to tie the major league record, Sizemore, in true manager fashion, attempted to downplay the importance of the historic mark for the club.
“No loss is good,” Sizemore said. “Like I said, it’s not something we’re focused on. I think probably everyone outside of this clubhouse will be more obsessed with it than us.”