Gold has made headlines in recent years, but it remains arguably the most misunderstood investment resource, says gold financial strategist William A. Storum.

"The conventional narrative is that people ran to gold in the panic of the 2008-09 economic crash, and that the price eventually plummeted by 28 percent from the 2012 close - from $1,675 an ounce to about $1,200 in 2013 - but there was no context or national discussion as to what that really meant," says Storum, author of "Going for the Gold," (www.goldandtax.com).

"What most in the media failed to emphasize was the fact that this drop was the first since the year 2000. Such a long-lasting bull run should not have been overlooked, and despite the 2013 setback, gold remains a valuable investment."

The reasons to own gold have not changed, he says. Many, however, simply don't know that there are many ways in which to invest in gold - not just owning the metal. Storum reviews those options.

•  Along with coins and bars, a well-established way to invest in gold is to invest in the shares of a company that mines gold. As long as the price of gold increases, gold-mining firms are likely to show higher profits, which will increase their share prices. Gold producers are also valued on their production volume. Higher profits can generate ample dividends to investors, but lower gold prices or other circumstances, such as unrest in a host country, for example, can result in losses. So, investing in mining stocks and funds is, in many respects, like any other stock market investment. Many gold mining stocks are publicly traded, and several mutual funds hold a diverse collection of these stocks. Stocks and funds rate high for convenience and profit potential, but investors are exposed to market swings.

•  Of course, don't forget about actual gold ... which comes in the form of coins and bars. This is the most direct investment, readily at hand and free from fraud, which many folks prefer due to market volatility. However, you'll need to minimize dealer markups and find a practical mode of storage. Bullion is a good form to start with; it's a term referring to a gold item that's valued solely by its weight and purity. Generally, you'll pay a premium of nearly 2 to 3 percent when you buy and take a discount of the same magnitude when you sell. If premiums and discounts are much higher when buying and selling, you're probably being ripped off. As gold has been shown to be a good long-term investment, these premiums and discounts will likely be marginal costs.

•  Among the new forms of gold exchange-traded funds, bullion ETFs (exchange-traded funds) have become the most popular. They offer a direct pay on the price of gold, but they don't provide direct access to gold you can touch and trade. Funds holding a variety of mining stocks are known as open-ended mutual funds, whereby investors buy shares from a fund company and sell shares back to the same company. ETFs have emerged in recent years to rival mutual funds. Bullion ETFs are among those with the highest visibility and, for investors, bullion ETFs provide a practical way to profit from gold price increases without worrying about dealer markups, storage, insurance and other concerns. The advent of bullion ETFs permits institutional investors to buy gold and include it in their asset allocation.

"These are just some of the ways you can invest in gold," Storum says. "It's important to note that there are different types of tax implications for these investments. For example, whereas gold stocks are taxed like regular stocks, bullion ETFs are taxed as collectibles with different rates and rules."

About William A. Storum

William A. Storum, JD, is a member of the California Bar Association (inactive) and a licensee (inactive) of the California Board of Accountancy. He has extensive experience in individual, corporate, real estate and partnership taxation and has represented clients in tax audits and other tax matters with the IRS. As an investor, Storum came to understand the need to own gold in order to preserve wealth from our government's reach. He wrote "Going for the Gold," (www.goldandtax.com), in an effort to clarify widespread confusion about investment in and taxation on gold. Storum graduated cum laude from the University of Santa Clara with a bachelor's degree in accounting with a minor in economics, and from the University of Santa Clara School of Law, cum laude.

And get a gift of your own, a state tax deduction

DES MOINES, IA (12/09/2014)(readMedia)-- State Treasurer Michael L. Fitzgerald has a simple solution for the gift-giving dilemmas of the holiday season. "Instead of trying to put together a wish list of toys that will soon be forgotten or broken, invite the special people in your life to give one of the most meaningful gifts a child may ever receive," Fitzgerald said. "Opening a College Savings Iowa account has two-fold benefits, not only are you helping a child prepare for his or her future education, but you can take advantage of the tax benefits as well. Anyone can help toward paying for a college education."

"Families need all of the help they can get. That is why College Savings Iowa is pleased to offer the Ugift® service to plan participants," added Fitzgerald. "This easy-to-use service allows participants to invite family and friends to celebrate a child's milestones by contributing to his or her College Savings Iowa account."

. For more information about future events, find College Savings Iowa on Facebook and Twitter (@Iowa529Plan).

* Adjusted annually for inflation. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income.

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Investment returns are not guaranteed and you could lose money by investing in the plan. Participants assume all investment risks as well as the responsibility for any federal and state tax consequences. If you are not an Iowa taxpayer, consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.

For more information about the College Savings Iowa 529 Plan, call 1-888-672-9116, or visit www.collegesavingsiowa.com to obtain a Program Description. Investment objectives, risks, charges, expenses, and other important information are included in the Program Description; read and consider it carefully before investing. Vanguard Marketing Corporation, Distributor.

College Savings Iowa is an Iowa trust sponsored by the Iowa State Treasurer's Office. The Treasurer of the State of Iowa sponsors and is responsible for overseeing the administration of the College Savings Iowa 529 Plan. The Vanguard Group, Inc., serves as Investment Manager and Vanguard Marketing Corporation, an affiliate of The Vanguard Group, Inc., assists the Treasurer with marketing and distributing the Plan. Ascensus Investment Advisors, LLC, provides records administration services. The Plan's portfolios, although they invest in Vanguard mutual funds, are not mutual funds.

CHICAGO - Governor Pat Quinn today visited the set of the new TV drama "Empire" to welcome the series to Illinois. Created by Lee Daniels and Danny Strong for Twentieth Century Fox Television, "Empire" is filmed in Chicago and employs approximately 250 Illinois workers. The event is part of Governor Quinn's agenda to create jobs and drive Illinois' economy forward.

"Thanks to the investment we made to build Cinespace Studios, Illinois is now the top destination outside Hollywood for the next summer blockbuster or TV series," Governor Quinn said. "'Empire' is the latest major production to come to Illinois, creating hundreds of good jobs and generating millions of dollars in economic investment."

Since 2009, Illinois' film industry has driven more than $1.2 billion in economic growth, including roughly $600 million in wages for Illinois workers. "Empire" is spending $25 million in 2014 to shoot its first 12 episodes. Of that amount, about half will go directly to Illinois wages. The production is using 75 Illinois vendors.

"Empire" is being filmed at the Cinespace Chicago Film Studios on the city's near west side. The Cinespace facility was constructed with $5 million from Governor Quinn's Illinois Jobs Now! capital construction program in May of 2011 coupled with a large private investment and currently stands as the largest soundstage in the United States outside of Hollywood.

Since its opening in 2011, revenue to the state from the film industry has grown substantially. In 2013, the industry generated an estimated $358 million in spending, a record that nearly doubled the prior all-time high set in 2012. In 2013, the industry supported more than 4,200 full-time equivalent jobs in Illinois.

The Cinespace studio has been home to major productions such as TV series "Chicago Fire," "Chicago P.D." and "Boss," as well as blockbuster studio films such as "Transformers" and "Divergent."

"The tremendous growth in Illinois' film industry was made possible by our film tax credits, talented crews, iconic shooting locations and world-class sound stages and studios," Illinois Film Office Managing Director Betsy Steinberg said. "All of this stems from Governor Quinn's commitment to fostering a thriving film and television industry in Illinois."

The film office, part of the Illinois Department of Commerce and Economic Opportunity, actively promotes the state as an ideal location for video productions. The office also administers the Illinois Film Tax Credit. Governor Quinn signed a 10-year extension of the credit in 2011, which has led to more productions throughout the state. The 30 percent tax credit is awarded to filmmakers for money spent on Illinois goods and services, including wages paid to Illinois residents.

"Empire" is a hip-hop family drama and is scheduled to premiere on Jan. 7, 2015.