Gold Is on Shining Again. Is It Too Late to Get In?

Gold is up about 15% in August alone. (Chris McGrath/Getty Images)

I wish I jumped into gold the last time I had FOMO (fear of missing out), around the start of the year. Is it too late now to grab some of the precious metal, which is up about 15% this month alone? That’s what I’m wondering, but it’s the wrong question to ask. Everyday investors shouldn’t be timing gold—or any market.

Rather, it’s best to pick an asset allocation you’re comfortable with and hold it long-term. Sure, you can rebalance periodically and make tactical tweaks. But if you feel tempted to rip everything up with every big market move, you probably didn’t start with the right allocation for your goals and risk tolerance.

Some pros take this approach, too. In the Permanent Portfolio, fund manager Michael Cuggino maintains a fixed target percentage of various assets regardless of what the market is doing. He spoke to Barron’s this past week about his approach on Barron’s Live. The idea is to have a mix of non-correlated assets, because no one knows what’s going to pop at any given time. During serious market stress, his portfolio tends to hold up better than most.

Cuggino has 20% in gold. Advisors generally recommend that investors keep around 5% of their portfolio in the shiny metal. While you might sleep better with some gold in a safe, it’s easiest to hold it in ETF form.

I’m a bit skeptical about gold’s utility in an end-times scenario. Gold bars or coins will probably be less valuable than food or fuel in a bartering economy. But what do I know? I’m no doomsday prepper. Even if I wanted to stockpile supplies, I have no room in my New York City apartment. Now, if I can only make room for some gold in my portfolio.

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