I’m 25, and I opened a 401k in NC at 20, so I have an NC401k. I don’t know how to use it as far as investing goes. However, I have been hearing good things about investing in gold and silver. So can I use my NC401k to invest in gold? How do I do that?
no you take a penalty on your 401k and lose money if you want to invest in something save your money an then yo use that money to invest
Most 401K plans have investment alternatives that are selected by the sponsor. In this case, you have no alternatives. If you can select a stock in your 401K, then you could invest in GLD or SLV to directly track the price of these metals. Otherwise, when you change jobs or retire, you can roll the 401K into an IRA of some type, then buy GLD or SLV.
You can’t hold actual gold in a 401k but you can get around that rule depending on what your 401k options are. If you are invested in a brokerage account with unlimited options, look for mutual funds with the words “precious metals” in them. those are invested in gold, silver, platinum etc etc. However, if your options are limited to a selection of funds then it’s not likely any precious metal options are in there.