Is this the right time to invest in gold?

In my opinion, investing in gold is always the best form of investment as it has the capacity of providing better returns even the market faces rescission too. Only because of the value it has. But even gold also should be traded in a right way else we may face some loss. Like anything you are going to invest in (or do for the first time) it is my opinion that you should always understand the area fully. Whether it be stocks, bonds, or precious stones and metals, make sure you know what you're getting into!

The bottom line is that there are several advantages to every investment. For example, if you are more concerned with holding the physical gold, buying shares in a gold mining company might not be what you are looking for. Instead, you might want to consider investing in gold coins, gold bullion, or jewelry. If your primary interest is in using leverage to profit from rising gold prices, the futures market might be your golden ticket!

We can't afford to invest in gold right now, but we have been investing in silver for several months now and have profited a great deal so far!

That's a good thing to try too. Silver may actually be undervalued as an investment despite how many other people think otherwise. If you bought months ago I think you are doing pretty well considering how high things have gone.

I guess that depends on what your goal is:make high returns : gold does not beat inflation so no meaningful real return available from gold in the long term. Short term "predictions" of gold price movements seem speculative to me. Safe haven: When other assets lose value due to important adverse events like war, economic/capital market crash, natural disasters, etc. gold has proven to be the ultimate currency. When all other systems break down, it does help if you have some physical gold. Diversify your investment portfolio: Gold prices used to be inversely proportional to growth assets like Equity and Real Estate. It was therefore a good way to diversify and lower the risk in one's investment portfolio. However, over the last decade, gold price behaviour has changed and become more like that of financial assets. This is due to the popularity of the gold-linked financial instruments. In fact, the largest investments in gold are through ETFs. While gold still does have some utility in portfolio diversification, it's not as high as it used to be.