Considering the mixed outlook for the stock market and global economy, many investors might be more comfortable buying gold over stocks. However, I believe this could be the wrong decision. Today, I’m going to explain why I reckon it may be worth buying the FTSE 250, rather than gold, for high returns over the long term. The drawbacks of gold Owning gold might look attractive in a crisis, but the yellow metal has some significant drawbacks. For example, it doesn’t produce any income and usually costs money to store. This means investors are dependent upon the precious metal increasing in price to make a return. 5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Also, gold is generally traded in dollars. As such, UK investors not only have to deal with the costs associated with owning gold, but also with foreign exchange costs. Fluctuating exchange rates can also erode profits earned on the yellow metal. On the other hand, FTSE 250 stocks do produce income. Many companies offer a steady stream of dividend income. These businesses also earn profits in dollars, but their income streams are well-diversified. As such, investors are, to a significant degree, insulated from foreign exchange volatility. What’s more, the FTSE 250 has produced significantly higher returns for investors over the past few decades than gold. FTSE 250 profitsOver the past three decades, the FTSE 250 has produced an average annual return for investors of the region of 12%. That means every £1,000 invested in 1990 is worth £36,000 today, a total return of 3,500%. By comparison, from 1990 to 2020, the price of gold increased by around 360%. These are only rough figures. The exact return achieved by investors will depend on different factors such as the length of time invested and invested. Still, I think they clearly illustrate why stocks have been a better investment than gold in the long run. Time to diversifyThat said, I think it would be unwise for investors to avoid the yellow metal entirely and devote 100% of their portfolio to FTSE 250 stocks. Every portfolio should contain some gold, to provide diversification and protection against market downturns.Historically, investors have bought gold in uncertain times, pushing up the price of the precious metal when investors are usually selling stocks. This may be the best way to diversify a portfolio against uncertainty.However, it’s unlikely gold alone will help you get rich and retire early. For that, a combination of stocks, as well as a small amount of gold, may be the best option. FTSE 250 stocks have proven they can produce outstanding returns over the long run. The best way to replicate this return could be to own a diversified basket of these stocks, or buy a tracker fund. When owned as part of a diversified portfolio, I reckon these stocks have the potential to help you get rich and retire early. Now could be the time to adopt this approach while UK shares continue to trade at depressed levels following this year’s stock market crash. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Rupert Hargreaves | Sunday, 4th October, 2020 Enter Your Email Address Rupert Hargreaves has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Simply click below to discover how you can take advantage of this. I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. 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ABC News(NEW YORK) — Gusty winds, lightning and rain are pummeling the Northeast this morning, bringing flash flood warnings to New York City, Philadelphia and Washington, D.C. The storm has already toppled trees and power lines in the New York City area, reported ABC station WABC in New York.One subway station resembled a waterfall. The rain stretches as north as New England, bringing an especially rough day to Boston Marathon runners. As the race began in Hopkinton, Massachusetts, this morning, the temperature was a chilly 40 degrees with a wind chill of 29 degrees, and wind gusts reached 30 mph.The rain will get heavier in Boston this afternoon.Roads are icy in other parts of New England today, where there’s an icy mix of freezing rain, sleet and snow. Rainfall totals for the Northeast will be 2 to 4 inches. On Tuesday the storm system will lift north into Canada and the heavy rain will end in the Northeast.But on Tuesday morning, gusty winds and lake effect snow will remain in parts of the Northeast as well as the Great Lakes. Up to half a foot of snow is possible in northern Wisconsin and the upper peninsula of Michigan. The spring storm first brought tornadoes and severe winds to Arkansas, Louisiana, North Carolina and Virginia before it hit the Northeast. One man was killed in Guildford County, North Carolina, when a tree collapsed on his car Sunday, officials said. There is another storm moving into the West this morning, which will bring more snow for the Midwest and the Great Lakes this week.A swath of snow will spread from Nebraska through Wisconsin and Illinois on Wednesday afternoon. The snowfall will be the heaviest in southern Minnesota and northern Iowa, where as much as 8 inches of snow could fall.Copyright © 2018, ABC Radio. All rights reserved.