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Gold is a hot commodity these days, with everyone from amateurs to experienced investors looking to grab a piece of the golden pie. Unlike paper currency, gold is not subject to inflation or global uncertainty.
As with any investment, it is a good idea to know all the facts prior to taking the plunge and risking loss on your investment.
The price of gold has fluctuated wildly over the last year, with prices starting at $1,700 at the start of 2012, and spiking as high as $1,800 in October of that year. Despite the unpredictable change in value from one day to the next, it's never too late to invest in gold. While it is true that gold likely has hit its peak and will not climb any higher, it always will have value higher than paper currency.
But there are some things to know prior to investing.
The most important rule in gold investment is to allocate a fixed amount of money toward gold regardless of the current price. By doing so, it helps to spread out the risk over a period of time. It is recommended making an allocation of 3 to 10 percent monthly. More aggressive investors may want to allot 20 percent toward gold investing each month, but that is only recommended if there is an experienced money manager to assist in the monthly transactions.
There are four ways to invest in gold:
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