There is little doubt that in this day and age, with the prevailing economic condition being one of utter turmoil and despair, that many average investors are throwing in the towel, running for the hills from the coming doom and destruction that appears everywhere over the horizon. The truth is, though, that every economy – bull, bear, robust or depressed – offers the prescient and savvy investor great opportunities to make money and to preserve wealth.

This means that you will have to do your research, think critically about what your options are, what your goals and strategies are, and how best to proceed. In addition, while gold and silver investing is a great way to make a profit and stabilize a portfolio in this dour economic climate, it is not for every type of investor. Investing in precious metals requires a commitment beyond that demanded for other types of investors, playing the markets and holding treasury notes, bonds or securities.

Here are the three things that you absolutely need to know about gold, silver, and other precious metals in order to decide of such an investment is actually right for you.

Precious Metals Require Patience

One of the things that can often trip up investors who are used to stocks, bonds and other trappings of the conventional market is that investing in gold, silver and other precious metals is completely different, and it requires patience. With a stock, it is not uncommon to experience double-digit growth in a short amount of time. However, with gold, silver and other precious metals, mid to high single digit growth is about the best that one could hope for, and this is a good thing. Fast gains quickly become even faster losses.

Precious Metals Require a Good, Safe Place to Store and Secure the Investment

Another drawback for investors used to investing in paper stocks is the fact that, with precious metals, you will need to physically store them at your home, or another secure location in order to derive its benefits. Sure, there are banks that can hold them for you, for a fee. In addition, you better hope that you can get to a bank in a hurry, if you are faced with a financial emergency.

Precious Metals Require a Uniquely Long Term Strategy

Moreover, investing in gold and other precious metals requires that you devote yourself to it for the long haul. You cannot reasonably “short” the precious metals market with any effectiveness.