There are multiple types of gold investments but which one is right for you? Here's what some experts think.
There are many reasons you might want to buy gold — particularly in today's economic climate. For one, it's long been considered a smart hedge against inflation, which has remained stubbornly high for the last two years. It's also a good portfolio diversifier, allowing you to spread your wealth across different asset classes and protecting it in the event of a downturn in other sectors you're invested in. Still, there are lots of ways to buy gold.
'If financial markets suffer a significant downturn, the price of gold may rise which would help preserve the value of your retirement accounts.'There also may be tax benefits to having a gold IRA. Depending on what type of account you have, you may enjoy tax-deferred growth of your money or, in retirement, tax-free withdrawals.The major drawback is that IRAs have age limits. If you withdraw money from an IRA before you're 59.5, you'll face a 10% penalty.
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