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5 simple ways to buy and sell gold in 2024
There’s no question that the investing landscape can change quickly — and without much notice. All it takes is one unexpected event, like a global pandemic or a geopolitical conflict, to have a big impact on the market, and when that happens, it can have a devastating impact on the value of the stocks or other traditional investments in your portfolio.
Given how quickly the investing atmosphere can change, it makes sense that investors often turn to alternative investments to try and diversify their portfolios and safeguard their wealth. One popular alternative asset is gold, a precious metal that has retained its value throughout history, making it a smart option for reducing portfolio risk.
Gold investing hit an 11-year high in 2023, thanks in large part to the unique benefits investors can glean by adding it to their portfolios. And, this year, buying and selling gold is also more accessible than ever, thanks to a variety of buying and selling options that cater to different preferences and financial goals.
Start exploring your gold investing options online here.
5 simple ways to buy and sell gold in 2024
There are several easy ways to invest in gold this year, including:
Physical gold
The classic way to invest in gold has typically been to purchase physical gold — which is generally sold in the form of gold coins or bars. This method allows investors to own a tangible gold asset that can be stored securely.
Many reputable dealers offer a variety of gold products, ranging from small coins to 1-gram and 1-ounce gold bars or larger gold bars. But while physical gold provides a sense of security due to its tangible nature, it’s important to be mindful of storage costs and the potential challenges of liquidating physical assets quickly if you want to take this route.
Find out what your top gold investing choices are today.
Gold stocks
If you’re looking for exposure to the gold market without directly owning physical gold, you may want to consider gold mining stocks. Gold mining companies are involved in exploration, extraction and production of gold, and their stock prices are influenced by the performance of the gold market. While this option introduces additional risks associated with the mining industry, it also provides the potential for capitalizing on the growth of gold prices and the profitability of mining operations.
Gold exchange-traded funds (ETFs)
If you’re seeking a more liquid and easily tradable form of gold investment, gold ETFs can be an attractive option. ETFs are investment funds traded on stock exchanges, representing ownership in underlying assets (in this case, gold).
You can buy and sell shares of gold ETFs just like stocks, which is a flexible and cost-effective way to gain exposure to the precious metal. However, it’s crucial to carefully research and choose reputable gold ETFs to ensure the security and legitimacy of the investment.
Digital gold platforms
Digital gold platforms recently emerged as a convenient way to get involved with gold. These platforms allow you to purchase and sell gold or fractional amounts of gold through an app or online platform, making it accessible even to those with smaller budgets.
However, if you take this route, it’s essential to choose platforms with secure storage options and transparent pricing structures to ensure a trustworthy digital gold investment.
Gold futures and options
If you’re an experienced investor who’s willing to engage in more sophisticated financial instruments, gold futures and options can be a way to speculate on the future price movements of gold. Futures contracts involve an agreement to buy or sell a specified amount of gold at a predetermined price and date in the future, while options provide the right (but not the obligation) to buy or sell gold at a predetermined price.
These financial derivatives require a deep understanding of the market and carry higher risks, so they are typically more suited to seasoned investors who are comfortable with complex financial instruments.
How to decide which option makes sense for you
Choosing the right method to buy and sell gold depends on various factors, including your financial goals, risk tolerance and investment preferences.
Investment goals
Consider your primary investment objectives. If you’re looking for a safe-haven asset to hedge against economic uncertainties, physical gold may be a suitable choice. For those seeking potential capital appreciation, gold mining stocks or financial instruments like futures and options might align better with growth-oriented goals.
Risk tolerance
Evaluate your risk tolerance before diving into the gold market. Physical gold is generally considered a lower-risk option, providing a more stable tangible asset. On the other hand, gold mining stocks and financial derivatives can be more volatile, appealing to investors comfortable with higher levels of risk.
Liquidity needs
Assess your liquidity needs and how quickly you might need to access your investment. Physical gold can be less liquid and may require time to sell. If liquidity is a priority, ETFs, digital gold platforms or financial instruments like futures and options can offer more immediate transaction capabilities.
Costs and fees
Take into account the associated costs and fees of each investment option. Physical gold may incur storage and insurance expenses, while ETFs and digital platforms might have transaction fees. Understanding the overall costs involved will help you make informed decisions about the most cost-effective approach.
Knowledge and experience
Evaluate your level of knowledge and experience as well. Novice investors might find physical gold or ETFs more straightforward, as they are less complex compared to trading stocks or engaging in futures and options markets. Experienced investors may be comfortable exploring a broader range of options.
The bottom line
Whether you prefer the security of physical gold, the convenience of digital platforms or the potential returns from gold-related financial instruments, there are options to suit various investment preferences right now. As with any investment, though, it’s crucial to conduct thorough research, consider your financial goals and risk tolerance, and, if necessary, seek advice from financial professionals before making any decisions.
CBS News
Keanu Reeves debuts as pro auto racer at Indianapolis Motor Speedway, spins out
Hollywood actor Keanu Reeves made his professional auto racing debut on Saturday at the famed Indianapolis Motor Speedway.
“The Matrix” star, who qualified 31st out of 35 cars, ran as high as 21st before a single-car crash a little more than halfway through the 45-minute race briefly stopped him in his tracks.
The 60-year-old spun into the grass without a collision on the exit of Turn 9 when he had about 21 minutes of racing left. He re-entered the course and continued driving, signaling he was uninjured.
Reeves finished 25th.
The actor is competing at Indianapolis in the Toyota GR Cup, a Toyota spec-racing series and a support series for this weekend’s Indy 8 Hour sports car event. He has a second race on Sunday.
He is driving the No. 92 BRZRKR car, which is promoting his graphic novel “The Book of Elsewhere.” He is teammates with Cody Jones from “Dude Perfect.”
Reeves has previous racing experience as a former participant in the Toyota Grand Prix of Long Beach in the celebrity race. Reeves won the event in 2009.
CBS News
Passenger lands small plane after pilot experiences medical emergency
A passenger successfully landed a small plane on Friday after the pilot had a medical emergency, the Federal Aviation Administration said.
The twin-engine Beechcraft King Air 90 was traveling from Henderson Executive Airport in Las Vegas, Nevada to Monterey Regional Airport in California, with a pilot and one other person on board, the FAA said.
The pilot suffered an unspecified medical emergency while flying, the FAA said, forcing the passenger to take the controls and make an emergency landing at Meadows Field Airport in Bakersfield, California.
The Kern Fire Department told CBS News affiliate KBAX that firefighters were called to a report of a medical emergency on the plane. The pilot was reported to be “incapacitated,” the fire department said. Firefighters saw the plane approach and land safely, then “chased” the plane down the runway in emergency vehicles to meet it.
The FAA did not release the passenger or pilot’s identities nor give an update on the pilot’s condition. The pilot was taken to an area hospital by ambulance. The passenger did not report any injuries.
The FAA and the National Transportation Security Board will investigate the incident, the FAA said.
CBS News
Congo finally begins mpox vaccinations in a drive to slow outbreaks
Congolese authorities began vaccination against mpox on Saturday, nearly two months after the disease outbreak that spread from Congo to several African countries and beyond was declared a global emergency by the World Health Organization.
The 265,000 doses donated to Congo by the European Union and the U.S. were rolled out in the eastern city of Goma in North Kivu province, where hospitals and health workers have been overstretched, struggling to contain the new and possibly more infectious strain of mpox.
Congo, with about 30,000 suspected mpox cases and 859 deaths, accounts for more than 80% of all the cases and 99% of all the deaths reported in Africa this year. All of the Central African nation’s 26 provinces have recorded mpox cases. Officials in Congo previously told CBS News that they’ve struggled to diagnose patients and provide basic care in the vast country of 100 million people, where a fragile, under-resourced healthcare system is also burdened by the stigma associated with the virus.
Although most mpox infections and deaths recorded in Congo are in children under age 15, the doses being administered are only meant for adults and will be given to at-risk populations and front-line workers, Health Minister Roger Kamba said this week.
“Strategies have been put in place by the services in order to vaccinate all targeted personnel,” Muboyayi ChikayaI, the minister’s chief of staff, said as he kicked off the vaccination.
At least 3 million doses of the vaccine approved for use in children are expected from Japan in the coming days, Kamba said.
Mpox, also known as monkeypox, had been spreading mostly undetected for years in Africa before the disease prompted the 2022 global outbreak that saw wealthy countries quickly respond with vaccines from their stockpiles while Africa received only a few doses despite pleas from its governments.
However, unlike the global outbreak in 2022 that was overwhelmingly focused on gay and bisexual men, mpox in Africa is now being spread via sexual transmission as well as through close contact among children, pregnant women and other vulnerable groups, Dr. Dimie Ogoina, the chair of WHO’s mpox emergency committee, recently told reporters.
More than 34,000 suspected cases and 866 deaths from the virus have been recorded across 16 countries in Africa this year. That is a 200% increase compared to the same period last year, the Africa Centers for Disease Control and Prevention said.
A lack of diagnostic materials and basic medicines to treat the virus, which can improve survival rates, have also hampered efforts to contain the outbreak, and access to vaccines remains a challenge.
The continent of 1.4 billion people has only secured a commitment for 5.9 million doses of mpox vaccines, expected to be available from October through December, Dr. Jean Kaseya, head of the Africa CDC, told reporters last week. Congo remains a priority, he said.
At the vaccination drive in Goma, Dr Jean Bruno Kibunda, the WHO representative, warned that North Kivu province is at a risk of a major outbreak due to the “promiscuity observed in the camps” for displaced people, as one of the world’s biggest humanitarian crisis caused by armed violence unfolds there.
The news of the vaccination program brought relief to many in Congo, especially in hospitals that had been struggling to manage the outbreak. Doctors with several charities working in the country have told CBS News they’re overstretched and short on supplies, even having to use tents and mattresses on the floor of makeshift isolation wards to treat a constant influx of patients.
“If everyone could be vaccinated, it would be even better to stop the spread of the disease,” said Dr. Musole Mulambamunva Robert, the medical director of Kavumu Hospital, one of the mpox treatment centers in eastern Congo.
Eastern Congo has been beset by conflict for years, with more than 100 armed groups vying for a foothold in the mineral-rich area near the border with Rwanda. Some have been accused of carrying out mass killings.