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Does gold investing make sense with the price high? Here’s what experts say.
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In recent years, gold has caught investors’ eyes, especially since the start of 2024. The price of gold has been on a steady climb and even hit a new all-time high of $2,672 per ounce in September. This surge has pulled in even more investors, fueling further price increases. But now with gold prices at record levels, many are asking: Is it still smart to buy gold? Or should investors wait for a pullback?
We spoke with three financial advisors to get their perspectives on where gold prices might go from here. Below, we’ll detail what they’re saying about investing in the precious metal today.
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Does gold investing make sense with the price high?
Investing in gold can still be smart despite high gold prices, according to Steven Conners, founder and president of Conners Wealth Management.
While many investors think of gold primarily as a hedge against inflation, Conners argues its appeal is broader. “Inflation isn’t the [sole] reason to own gold,” he says. Amid geopolitical tensions and other economic concerns, it may make sense to add the protection gold can provide to your portfolio. This perspective underscores gold’s role as a safe-haven asset during global instability or uncertainty — not just as an inflation hedge.
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Why experts favor gold now
Gold’s recent price surge hasn’t deterred financial experts from recommending it. Some see the current market as a prime opportunity. “If [you buy] gold at these prices, [you] may be timing it just right,” says Conners. He points out that if gold surpasses its previous peak from decades ago, “it [could] begin a new stretch of outperformance … from a technical standpoint.”
While it’s tough to predict exactly where gold’s price is headed, industry veterans say the long-term outlook matters more.
“Gold is a long-term commitment and purchase,” explains American Prosperity Group’s CEO and founder, Mark Charnet. He argues that today’s prices mean little when considering gold’s potential over the next 10 to 20 years. This long-term thinking aligns with broader economic concerns.
“We believe it’s a very good time to consider gold (and silver) as part of [your] portfolio, [even though] it trades at record highs,” says Omar Qureshi, managing partner at Hightower Wealth Advisors St. Louis.
Qureshi sees gold as a safeguard against potential economic turbulence, including recession risks and growing national debt. In his view, these factors could weaken the U.S. dollar, making gold an attractive alternative.
Strategies for investing in gold at current prices
With gold prices at record highs, you might wonder, “What’s the best way to invest in it?” The experts we spoke to suggest two main strategies: taking a long-term view and buying gold in small increments. Here’s how these approaches can work in your favor:
Keep a long-term investment perspective
When it comes to gold, thinking long-term can help you ride out short-term swings. Qureshi acknowledges that gold can be a volatile asset class. But he advises that investors who understand why they’re buying gold can start at current prices and keep adding to their holdings, even as the market fluctuates. Waiting for prices to drop might backfire as “[that] contains a lot of risk in an upward trending market … you may never get the chance to buy it,” Qureshi says. This aligns with Charnet’s view that gold investments should be seen through a lens of 10 years or more.
Try dollar-cost averaging
Worried about gold’s high price? Consider “dollar-cost averaging,” or buying fixed, smaller amounts over time. Conners calls this an investor’s approach, rather than a trader’s. For example, “[you could buy] half the amount you were going to invest in now. If it experiences a drop, buy the other half then,” he suggests. This method can help you avoid the stress of trying to time the market perfectly. By spreading out your purchase, you can benefit from both high and low prices — reducing the impact of short-term fluctuations on your overall investment.
The bottom line
Investing in gold now can make sense as part of a diversified portfolio. Qureshi recommends allocating 10% of your growth holdings to precious metals, including gold and related mining stocks. This approach allows you to gain exposure to their benefits while maintaining a balanced investment strategy across various asset classes.
If you’re ready to invest, consider starting small and building over time. Most importantly, talk to a trusted financial advisor about how gold fits into your big-picture financial plan. They can help you balance the rewards against the risks and align your gold investments with your long-term goals.
Police are giving an update Tuesday on the school shooting at a private Christian school in Madison, Wisconsin, that left a teenage student and a teacher dead.
Five students and one teacher were also wounded in the shooting Monday at Abundant Life Christian School, police said. The injuries ranged from minor to life-threatening.
The student and the teacher who were killed have not been identified publicly, and will not be until their families are notified, police said. The shooter, who police identified as 15-year-old Natalie Rupnow, was found dead.
“Our community is really reeling from what happened last night and we’re really trying to put the pieces together to bring some answers to our community,” Madison Chief of Police Shon F. Barnes said Tuesday on “CBS Mornings.”
Rupnow, who went by Samantha, was a student at the school, Barnes said Monday. She appears to have died of a self-inflicted gunshot wound, Barnes said, and was pronounced dead while being taken to an area hospital. Police did not fire their weapons, police said. A motive is not yet known. Police are investigating how Rupnow obtained a gun, Barnes said, and Rupnow’s family is cooperating with the investigation.
How to watch the Wisconsin school shooting update
- What: Police give an update on the school shooting at Abundant Life Christian School.
- Date: Tuesday, Dec. 17, 2024
- Time: 1:15 p.m. local time; 2:15 p.m. ET
- Location: Madison, Wisconsin
- Online stream: Live on CBS News in the player above or on your mobile or streaming device.
Note: Streaming plans are subject to change.
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Walmart said it’s testing body cameras on some store employees, a move that comes after some of its locations have experienced shootings and other violent incidents.
A Walmart associate checking receipts in a store in Denton, Texas, was spotted wearing a recording device earlier this month, according to CNBC, which cited a photo shared by a shopper. Walmart on Tuesday confirmed with CBS MoneyWatch that it is piloting the use of body cameras.
“While we don’t talk about the specifics of our security measures, we are always looking at new and innovative technology used across the retail industry. This is a pilot we are testing in one market, and we will evaluate the results before making any longer-term decisions,” a Walmart spokesperson told CBS MoneyWatch.
In 2023, there were more than 200 violent incidents at Walmart stores, according to United for Respect, a worker rights group, while in 2019, a gunman killed 23 people inside a Walmart in El Paso. Based in Bentonville, Arkansas, Walmart operates 4,700 stores and clubs across the country, and employs 1.6 million people in the U.S.
The body cameras are “for the safety and security of workers — it’s not designed for anti-theft measures,” a person close to the situation told CBS.
Body cameras at other retailers
Walmart is not alone in looking at body cameras, with more than a third of retailers reporting having researched the option in a survey released last year by the National Retail Federation. “No retailer reported being fully operational, but 11% are either piloting or testing the solution,” according to the NRF’s findings.
“Retailers are making every effort to ensure the safety and well-being of their customers, associates and communities. The use of body cameras is still a newer technology being used in retail and individual retailers are finding how this technology best works within their environments,” David Johnston, the NRF’s vice president of asset protection and retail operations, said Tuesday.
According to the trade group’s latest study, “The Impact of Retail Theft & Violence 2024,” about 91% of those surveyed say that shoplifters are exhibiting more violence and aggression compared with 2019, “highlighting why retailers are continuously looking at measures to reduce the threat of violence,” Johnson said.
TJX, which operates TJ Maxx, Marshalls and HomeGoods, began outfitting security workers with police-type body cameras at some of its locations over the past year, the company said this summer.
When somebody walks in, “It’s almost like a de-escalation where people are less likely to do something when they’re being videotaped,” chief financial officer John Klinger told Wall Street analysts in late May.
“We hope that these body cameras will help us de-escalate incidents, deter crime and demonstrate to our associates and customers that we take safety in our stores seriously,” a TJX spokesperson stated in June.