4 expert-backed gold investing tips all seniors should know

Over the last few years, persistent inflation has caused the price of everything from homes to food to increase drastically. This, in turn, has put a strain on many households’ budgets, as these higher costs can have a big impact on how far your budget will stretch.

That’s one reason why some seniors and older adults may be thinking about investing in gold. After all, gold can act as both a safe-haven asset and a hedge against inflation, both of which are important benefits in today’s economic climate. And, the price of gold also hit a new record high recently, climbing to $2,472.46 per ounce, helping to stir up even more interest from investors. 

While gold’s value has somewhat moderated in the time since — the price of gold is $2,421.42 per ounce as of July 31, 2024 — it remains high compared to last year’s prices. So, many seniors may be wondering whether to buy gold now to take advantage of what this type of investing can offer. Before you add gold to your retirement plans, though, it’s important to consider these expert-backed tips.

Ready to add gold to your retirement portfolio? Start comparing your options now.

4 expert-backed gold investing tips all seniors should know

If you want to become a successful gold investor as a senior, here’s what to focus on, according to the experts we interviewed.

Purchase gold from a reputable dealer 

One major factor to consider is the need to research any company you’re considering before buying gold. Scams can happen when buying gold — and counterfeit gold products can be an issue — so it’s important to make sure that you’re buying it from a reputable gold dealer.

Peter Thomas, chairman at precious metals dealer Ausecure, says seniors should look to buy from a well-established dealer that has been in business for at least 10 years. Choosing a firm that has been in business this long increases your chances of successfully receiving [authentic] yellow metal, Thomas says.

Another reason to do your research, says Hanna Horvath, a certified financial planner, is that there are many scams around investing in gold. 

“Seniors should be cautious — especially if someone is promising unrealistic returns,” Horvath says. 

After all, unrealistic promises could be a sign that a gold investment opportunity is a scam.

Find out how the right gold investment could boost your retirement portfolio today.

Limit gold to 10% or less of your portfolio’s value

While investing in gold as a senior can be beneficial as it can provide a hedge against inflation and help diversify your portfolio, experts say you should only invest a small percentage of your portfolio in this asset. That’s because other types of investment assets can provide more consistent income for retirement,…