Michael Wagner in CBS MoneyWatch: Do’s and Don’ts for Gold Investing

As economic uncertainty seemingly becomes the new normal of 2023, Americans are increasingly searching for ways to protect their wealth by investing in gold. While gold is historically seen as a safe haven investment during economic downturns and global unrest, there are still risks associated with allocating toward this precious metal. CBS MoneyWatch spoke with Michael Wagner, co-founder of Omnia Family Wealth, to learn about some do’s and don’ts for effectively investing in gold.

According to Wagner, one tactic potential gold investors should avoid is buying physical gold, which often targets everyday individuals through extensive advertisements, as the cons of investing in gold bullion often outweigh its benefits. Instead, he tells the publications that gold exchange-traded funds (ETFs) may be the better option for investors looking to diversify their portfolios.

“Whenever gold has a good year, you start to see ads on daytime TV to call and buy gold,” Wagner explains. “But a lot of the fees, including shipping and insurance costs, can really add up. I would urge people to think about the expenses of buying physical versus looking into an ETF. If you are buying gold or silver as a portfolio diversifier, I think it probably makes sense to do it in the financial markets.”

Click here to read the entire CBS MoneyWatch article.