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The Price of Gold Hits a 16 Year High

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You won't find any 49'ers, but there's a gold rush going on. With the price of the precious metal recently hitting a 16 year high of more than $456 per ounce, investors are going for the gold.

Jody Team with Briaud Financial Planning said investing in precious metals is all about timing.

"In the beginning of this year there was a point where these funds were down 30% so it is a very hard investment to stay with right now because of it's volatility," said Team.

Like many investments, gold fluctuates easily. As the American dollar weakens fueling inflation, gold prices soar. Inflation decreases and the opposite happens.

Team recommends having about 5% to 10% of your investment in gold to protect from the dollar going down.

The problem with gold is it's harder to value.

"The only thing it runs off of is the dollar, inverts to the dollar, so it's a lot harder to valuate than a company," said Team.

Financial planners say gold is a safe haven in times of turmoil. Team said if inflation continues to rise, it might be wise to invest in gold.

"I would suggest waiting until you see dips in the price of gold because of that volatility. There will be an opportunity to get into gold," said Team.

But again timing is key. If you're unsure of when the dips are, Team suggests investing a little every month over a full year.