The start of the fourth and final quarter of 2024 gives investors a fresh opportunity to review what’s worked for their portfolio so far this year as well as what hasn’t. It’s also a smart time to invest in some alternative assets that have seen major success this year. One such option is precious metals, specifically gold. The price of the shiny metal has soared in 2024, breaking numerous price records as recently as September. And many experts are forecasting further price increases this October and beyond.

For beginners, gold may seem like an unusual asset perhaps better suited for more savvy, older investors. But this October is actually a great time to get started with the metal, even for those less experienced in the market. Below, we’ll break down three big reasons why beginners should consider investing in gold this month.

Start by exploring your top gold investment options here now.

Why beginners should invest in gold this October

Not sure if gold is the right investment for you now? Here are three reasons why it could be:

A chance to turn a quick profit

Gold is traditionally considered a long-term, safe-haven investment that’s more beneficial the longer you hold on to it. And while that conventional wisdom still generally holds, the nearly 30% price growth experienced by the metal so far this year offers beginners a rare opportunity to turn a quick profit by investing now and selling in the weeks or months ahead. 

Gold started the year priced at $2,063.73 per ounce but is now hovering around $2,700 for the same amount, with expectations that it could rise to or surpass $3,000 before the end of the year. So if you’re looking for an investment that can potentially turn a quick profit, it makes sense to pursue gold this October while the price is still in reach.

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A chance to start growing your retirement savings

The earlier you start saving for retirement, the better positioned you will be. Gold IRAs, for example, have long been considered a smart way to invest for your golden years, especially now as the price surges. So by investing now — and keeping your gold, versus selling it for the quick return noted above — you’ll have a chance to start growing your retirement savings from an early age. Remember that the price of gold, over the long term, typically only increases. That means you could position your portfolio for significant growth in the years ahead. 

Added diversification ahead of market volatility

The first interest rate cut in more than four years was just issued in September. Additional ones may be issued in November and December. Inflation is cooling but not yet exactly where the Federal Reserve wants it to be and concerns over unemployment are growing. In the meantime, geopolitical tensions are running high, a consequential U.S. presidential election is looming and the effects of the September rate cut have yet to fully materialize. 

Understanding this volatility, then, it makes sense to add a buffer to your portfolio with gold. In turbulent economic periods, gold tends to maintain and even rise in value. So consider adding some now while the market readjustments to a new norm. If you wait, investors flooding the gold market looking for protection could cause the price to become unaffordable. 

The bottom line

This October marks a smart time to invest in gold, particularly for beginners considering the timely benefits of the precious metal. By investing in the asset now, these investors can either turn a quick profit (if they sell as the price continues to rise) or they can start building in some long-term protection into their portfolio. And that protection and diversification can be especially advantageous to have now as the economy is set to change yet again. Just make sure that you cap any gold investment at 10% of your overall portfolio so that you don’t limit the potential of other, less predictable investments like stocks, bonds and even real estate.

Have more questions about investing in gold now? Learn more here.