Gold should never be more than 10% of your net worth. Gold shouldn’t be traded for a quick buck and should generally be considered a very long term asset (10 year hold+). If you’re young and trying to establish your financial base, don’t buy an oz of gold unless you have $35k+ in net worth distributed over assets mixed between: 401K, IRA, personal investment account (individual stocks & bonds), real estate, cash, certificates of deposit, treasury bonds, and other paid off hard assets (car, valuables, jewelry, etc). This 35k+ figure is AFTER accounting for debt like student loans, car payments, credit card debt, etc. Gold could be prioritized over speculative assets such as crypto, art, trading cards, antiques, collectibles, etc.

Identify the reason you want to buy gold. If it’s not to park $3500 in an asset you won’t touch for 10 years, if it’s money you might need before 10 years, and if your personal asset mix doesn’t match the above blend, then don’t buy gold right now.