With inflation stubborn (if cooled) and interest rates still elevated (if paused), investors need to be more judicious than usual with how they spend their money and where they keep it. Now, especially, it’s important to put your money in assets that can offer both protection and the potential for long-term growth. One such asset that many have turned to in recent years is precious metals, specifically gold and silver. Gold investing, in particular, hit an 11-year high last September and it’s easy to understand why.

Gold offers protection against inflation and can help with portfolio diversification. It can also safeguard your bottom line when other assets look unsteady, as many have in the face of inflation and high interest rates. That noted, timing is critical and right now is a great time for investors to get involved in gold. Below, we’ll review four gold investing moves beginners should make this spring.

Start by exploring your gold investing options online today.

4 gold investing moves beginners should make this spring

Here are four gold investing moves beginners should make this spring.

Understand your options

You may have seen television commercials highlighting gold bars and coins but those aren’t the only types of precious metal investments beginners can utilize. Gold IRAs, for example, can be ideal for retirement planning while gold exchange-traded funds (ETFs) may be preferential once your gold knowledge and understanding has increased. But don’t just jump in without understanding all of your options in advance. Utilize this time of lower inflation and elevated interest rates to improve your knowledge of this unique investment opportunity. This will boost your chances of gold investing success.

Learn more about investing in gold here.

Know your goals

Gold can generate income. But it’s not likely to generate income overnight – or as consistently or as quickly as other asset classes can. This is not a negative feature but it’s something to keep in mind for gold investing beginners. Know your goals, then, before getting started. If you’re looking for a hedge against inflation, a portfolio diversifer and a general buffer against the volatility of the overall market then gold can be beneficial for you. But if you’re looking for quick returns other investments may be preferable right now.

Get started

Once you understand your options and know your goals it’s important to get started. There are multiple, reputable gold IRA companies to utilize online right now. You can also use a local retailer if you prefer the liquidity physical gold bars and coins offer. You can even use big-name retailers like Costco and Walmart, which sell gold bars and silver coins online today (the former of which sold out quickly last summer). But don’t hesitate to get started now, as our next point demonstrates.

Monitor trends and prices

Gold hit a record high of $2,160 per ounce earlier this month. While it’s dropped slightly since it’s important to buy in now, before the cost becomes prohibitive. And you should monitor trends and prices after you’ve invested for opportunities to sell your investment – or buy more. Factors like inflation and geopolitical turmoil can easily affect your investment, which you should monitor closely just like you would any other.

The bottom line

If you’re a beginner gold investor now is a great time to get started. Thanks to the hedge against inflation it can provide, portfolio diversification and rising value, gold is particularly beneficial to invest in right now. But beginners need to be smart with their approach. This means understanding all of their potential investment options, knowing their goals, being proactive and getting started and, then, not becoming complacent and instead monitoring trends and prices. By making these four moves now beginners will boost their chances of success with gold this spring and in the months and years ahead.