Investing in gold as a senior could be beneficial — but it won't be the right move for everyone. Here's why.
While inflation has shown signs of cooling in recent months, as of the latest report, it was still 1% higher than the Federal Reserve's 2% target rate. As a result, the Fed has kept its benchmark rate locked at a 22-year high. This, in turn, has kept the cost of borrowing elevated at a time when the price of consumer goods also remains high. Amid the current economic environment, many seniors are turning to gold to help hedge against the repercussions of high inflation.
If hedging against market declines is your goal, Miller recommends 1-ounce gold bars as the asset to invest in. 'They are small, easy to store, and function as a means of exchange,' says Miller. That makes these small gold bars the vehicle of choice when investing in gold for this purpose, according to Miller.3 times seniors shouldn't invest in goldWhile purchasing gold as a senior can be beneficial, there are times you should avoid investing in this yellow metal, experts say.
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