Tips on Making a Gold Investment

While Americans have encountered economic instability before, it’s never been like this.

Sure, we all learned about The Great Depression in school. It was a period in American history when the stock market crashed and people were left struggling to find enough money to support their families. 

At the same time, the government’s decision to push Americans to move to the Midwest and farm hit a turning point. While these new farmers had experienced a few years of plentiful harvests, in the nineteen twenties they were in for quite a shock.

It was called the dust bowl, and it was a series of wind storms that blew away crops that were planted too shallowly in the soil. These two factors combined to upend American life. Many people struggled to put food on the table.

One hundred years later and it seems as though not much has changed. The stock market has crashed again and experts are saying that we’re on our way to another recession. 

Because of shipping issues and supply chain disruptions, many Americans are struggling to find the things that they need. Infant formula and tampons are in short supply, and consumers have become desperate to find what these items and more.

Inflation has increased the cost of everyday goods such as milk, eggs, and butter. Suddenly, your grocery money doesn’t go quite as far. Click the link: https://www.imf.org/external/pubs/ft/fandd/basics/30-inflation.htm for more information about inflation.

If you’re preparing for retirement, all of these things may be concerning to you. That is because what you once thought would be an adequate nest egg to retire with might not make it quite as far as you thought.

So what can you do?

Many people are choosing to look into alternative investment options when it comes to their retirement account. You may already have a 401k, a Roth Ira, or a 403b account from your employer or a previous financial decision.

But are those the only options? 

Lucky for you, the answer is a resounding “No!” You have another option when it comes to retirement funds. It’s called a Gold IRA, and it might be just what you’re looking for.

Gold IRA? What’s That?

If you’ve never heard the term before, it could be shocking to you. It sounds like a marketing gimmick, a way for you to think that this investment opportunity is “as good as gold.”

You’ll be happy to know that there is no trickery involved with the name. A gold IRA is just what it sounds like. It’s a retirement fund based on the investment of gold, and sometimes other precious metals.

Instead of investing in US currency, which, as we’ve discussed above can be volatile, you’ll be making a more solid investment into physical stock in gold.

Not figurative stock, as you would if you were investing in the stock market. A gold IRA involves real gold that you can hold in your hands. Does it get any better than that?

Can I Get One?

Although they sound like something straight out of the society pages, you won’t need any special references or credit checks in order to invest in a Gold IRA. 

You can choose to roll over an existing retirement account for little to no cost.

If you don’t already have a retirement fund, don’t fret! You’re still eligible to open an account. 

Are They Hard to Get?

While it is not difficult to invest in a Gold IRA, it can take some time. You’ll want to keep that in mind if and when you begin the investment process.

The reason they take time is because you are investing in a physical commodity.

The process often works like this. First, you will contact a reputable company to help you make your investments, such as Kingold Jewelry or another company of your choice. (More on how to choose the right company for you later)

You will often message them through their website or call them directly. Once you have made contact, the company will find you an advisor to work with. If you’ve ever invested in the stock market, you’ll be somewhat familiar with this process.

Once you are assigned an account manager, they will be in contact with you within a few days. Some companies are even able to respond on the same day.

They will discuss your investment needs to be sure that they are able to meet these needs for you. Once you are sure that you are on the same page, your advisor will be ready to start making purchases on your behalf.

These companies are connected to a network of gold sales merchants who are ready to sell at market prices to savvy investors. Your advisor will negotiate, finalize the deal, and arrange shipping on your behalf.

It can take a few days or even weeks for the gold to be deposited in your account. Many companies offer you the option of having your own vault or sharing it with others. No matter which option you choose, your metal will be stored in a temperature controlled environment to ensure long-term durability. It will also be guarded twenty-four hours a day by trained security officers.

Finding the Right Company For You

I promised that we’d get around to this topic!

Once you’ve decided that investing in gold or other precious metals is right for you, you’re ready to take the next step.

There are many companies that offer this service, and you’ll want to be sure that you’re doing business with the best one for you.

Your first step is to check out online resources. You’ll want to read user reviews to see if there any consistent issues brought up by members

Take into account the spelling and grammar of the reviews. Remember that many spam bots are not able to write in perfect English. If you find that many negative reviews are hard to read because they are filled with errors, you may want to disregard them.

If you follow all of these steps you’ll be sure to find the right investment for you.