The gold price has been on a remarkable upward trend in recent months, breaking numerous price records and attracting the attention of investors around the world. The trend began early in the year, when gold his first record price of 2024 on March 8. Then, on April 1, less than a month later, the gold price climbed to yet another new highlightjust to be darkened again end of may.

The price increase of the precious metal did not stop there. The price increase of gold continued, with the precious metal landing at an all-time high $2,472 per ounce on July 18. But even that record was short-lived, as today (August 13) gold officially reached its fifth price milestone of the year when it surpassed $2,506 an ounce.

This continued price increase helps to attract more customers a new wave of participants to the gold market. If you want to get in on the gold rush, there are several strategic moves you can consider now.

Consider your gold investing options and get started now.

Gold Price Surpasses $2,500 Per Ounce: 4 Steps to Take Now

If you want to take advantage of what the gold market has to offer you right now, here are some things you might want to consider:

Add 1-ounce gold bars to your portfolio

As gold prices continue to break records, own physical gold has become an increasingly attractive option – and 1-ounce gold barsin particular, could be a good bet right now. By adding 1-ounce gold bars to your portfolio, you own a tangible asset, an asset that can serve as a protection against inflation and economic uncertainty.

Gold bars are also very liquidso it is usually easy to sell your gold bars and profit from future price growth. In addition, these smaller gold bars come with a more affordable price compared to bigger options — and even big box stores, like Costconow carry, so they are also widely accessible. The compact nature of these bars also means that they easier to store and transportation.

Discover how the right gold investment can benefit you today.

Buy shares in gold mining companies

Investing in gold does not necessarily mean buying physical precious metals. There are alternative ways to gain exposure to the gold market, such as investing in gold reserves — which are shares of gold mining companies. This approach offers an indirect but potentially profitable way to profit from rising gold prices.

That’s because when the value of gold rises, it can have a positive impact on the profitability of gold mining companies. As the price of their primary product increases, these companies often see improved profit margins. In today’s market, with gold prices exceeding $2,500 per ounce, even small improvements in production or output can lead to significant profit growth for mining activities.

A bull market in gold also often stimulates increased activity within the mining sector. Companies are motivated to expand their operations, intensify exploration efforts and develop new projects to take advantage of favorable market conditions. Such developments can the value of gold mining stockswhich may make them an attractive option.

Open a Gold IRA to Prepare for Retirement

Another option for incorporating gold into your investment strategy is through a specialized retirement account known as a golden individual retirement account (IRA)This type of self-directed IRA allows investors to hold physical precious metals, including gold, in a tax-efficient manner.

By using a gold IRAyou can potentially benefit from the stability and growth of gold investments while enjoying the tax benefits typically associated with traditional retirement accounts. Gold IRAs can also serve as a hedge against economic uncertainty and help diversify your investments beyond traditional stocks and bonds.

That said, setting up and maintaining a gold IRA requires careful consideration and expertise, and working with a qualified and reliable custodian is important so that your account complies with IRS regulations. Otherwise, you may face legal or financial complications later.

Take advantage of the momentum with gold futures

For investors who are comfortable with higher levels of risk and have significant market experience, gold futures contracts present an interesting option — one that allows you to potentially profit from the current high gold prices through leveraged positions. These contracts are essentially agreements between parties to trade gold at a specific price on a future date. This allows you to speculate on gold price movements without having to own physical gold.

One of the main attractions of gold futures is their potential for higher returns during periods of rising gold prices. Because of the leverage involved, even relatively small price increases can result in significant profits for those holding futures positions. This means that when gold prices are trending upwards, investing in futures contracts can potentially yield higher returns compared to other forms of gold.

However, it is crucial to understand that trading futures markets involves significant risks. The same leverage that can magnify profits can also magnify losses if the market moves unfavorably.

The heart of the matter

The record-breaking rise in the price of gold presents a range of opportunities worth considering, including investing in physical gold, gold stocks, gold IRAs and gold futures contracts. But while these gold investments can be rewarding in the current climate, keep in mind that you should do your research and consider your risk appetite before making any major investment decisions. Ultimately, though, the golden opportunity is there — it’s up to you to decide how best to take advantage of it.