Not all that glitters is gold, but the value of the precious metal has been surging this year.
Gold prices have broken record after record, rising more than 30 per cent in 2024 while hitting an all-time high of US$2,748.23 this week.
The U.S. Federal Reserve鈥檚 recent dramatic half-point interest rate cut, geopolitical tensions and economic uncertainty surrounding the U.S. presidential election have created the conditions for prices to soar. The rally has been boosted by the central banks of China, India and Turkey easing their reliance on the U.S. dollar as well as retail giant Costco stocking 1-ounce bullion bars.
鈥淐ostco offering gold makes it as easy for a retail investor to buy gold as it is for them to buy household staples,鈥 said Joseph Cavatoni, senior market strategist for the World Gold Council. 鈥淏uying gold has never been easier and more accessible.鈥
While gold, typically invested in as a hedge against inflation, has shined this year, there are plenty of things to know before investors join the gold rush.
Traders tend to flock to gold during periods of uncertainty, betting that its value will hold up better than other assets such as stocks, bonds and currencies if an economy faces a downturn.
鈥淏etween 2008 and 2012, the value of gold increased dramatically, as is evidenced by the 101.1-percent surge in the Producer Price Index (PPI) for gold,鈥 the U.S. Bureau of Labor Statistics noted.
鈥淕old does well in moments of risk. If you look at market drawdowns or systemic events in the market, that鈥檚 when gold really shines,鈥 said Cavatoni.
For a new gold buyer, Cavatoni says the first step is considering your objective in holding gold, be it to diversify your portfolio or as a safe-haven asset.
From there it鈥檚 a matter of deciding whether to make the investment using financial instruments like gold-backed exchange-traded funds or by purchasing it in physical form.
Both come with their own considerations. Delivery, storage and safekeeping, for instance, are all factors for holding gold in physical form.
Another consideration when buying gold in the retail market is how the sticker price of the bullion compares to the spot price of gold.
鈥淵ou need to make sure that you鈥檙e comfortable with that price level 鈥 that you鈥檙e buying the investment that you want and not being offered something that might be a little bit more collectible,鈥 Cavatoni said.
From banks to reputable brick-and-mortar and online retailers, gold buyers have choices in where to invest. But Cavatoni advises having a 鈥渞ound-trip mentality鈥 when purchasing physical gold, emphasizing the importance of the selling stage as much as the purchase process.
鈥淲hen it comes time to holding it for as long as you鈥檇 like and selling it, make sure you have a trusted partner that you can go back to and make that sale,鈥 he said.
Other things to keep in mind are the gold鈥檚 purity and the form it comes in. Products like gold jewelry might command higher premiums based off design and artistic value, which introduce more complexities.
On the other hand, gold-backed ETFs free consumers from the considerations that need to be made when purchasing physical gold.
鈥淚t鈥檚 just like buying a stock,鈥 Cavatoni said. 鈥淵ou can do that commission-free on a lot of the platforms these days, so it鈥檚 very cheap to get in and out.鈥
But as with any investment, Cavatoni says acting prudently and doing your homework when purchasing gold in any form takes precedence over speed.
鈥淚f something sounds too good to be true, then it might be not true. Make sure you鈥檙e careful before you make the investment,鈥 he said. 鈥淵ou don鈥檛 need to rush into owning gold.鈥
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