Gold is what's known as an unproductive asset -- it doesn't contribute to any kind of economic growth on its own, and its price barely keeps pace with inflation. Buying gold is also cumbersome. Where to store it? How to keep it safe? Should you buy coins or jewelry or gold bars? And then there is the cost. Right now, an ounce will set you back $1,514.
There's a lot to think about when dealing with the precious metal itself, but investors looking to diversify their portfolios don't necessarily need to acquire physical gold to do so. Although gold is often a top choice for people who are worried about the economy, more optimistic investors looking for company stability and a history of greater returns can strike it rich(er) by investing in Kirkland Lake Gold Ltd. (NYSE: KL), a company that mines this precious metal instead.
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