There are pros and cons to both types of gold assets — especially in today's unusual economic climate.
Consumers have been flocking to gold in recent years to seek a hedge against inflation and a way to safeguard their wealth in challenging economic times. The uptick in demand has sent gold prices soaring, with the average price per ounce hitting record highs several times this year. Some forecasts expect gold prices to continue rising as we enter 2025, which could make now a smart time to add gold to your portfolio.
There are capital gains taxes to consider, which can increase your tax bracket, resulting in higher taxes all around.If you choose a digital option that does not hold physical gold — like a gold ETF or mutual fund, for instance — you can avoid some of these taxes. A gold futures account can also be a smart way to increase your exposure to the precious metal, says James Cordier, CEO and head trader at Alternative Options.
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