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.