I Asked a Financial Planner for Tips on Investing in Gold

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• While many buy gold as a hedge against inflation, CFP Jake Skelhorn told me that’s a risky move.
• Instead, buying gold makes sense if it’s a way to diversify my investments — and gold IRAs work well.
• Before buying gold, he told me to consider all the other costs I might face.

My husband and I have always kept our finances and investments separate. But recently, we have started to commingle some of our money and work together on joint goals. Last year, we opened up a joint bank account and credit card to fund our family expenses.

This year, we’re strategizing a few ways we can invest our cash together to diversify our portfolios. Now that the price of gold is at a record high, one thing we’ve been discussing is the option of investing in gold bars.

Some of our friends recently bought gold bars to diversify their investment portfolios, so we decided to speak with certified financial planner Jake Skelhorn to learn more.

1. It might not be the best option for inflation

When I asked Skelhorn why people buy gold bars, he said the most…