Judge Will Decide on Do Kwon’s Extradition
In a decision by the Podgorica High Court, former Terraform Labs CEO Do Hyeong Kwon, widely known as Do Kwon, is set to be extradited after serving a four-month sentence in Montenegro for fabricating travel documents. The United States and South Korea have both requested his extradition, and the final decision on his destination lies with the Justice Minister of the court.
South Korea and the US Seek Extradition
Do Kwon, a notorious figure, is facing extradition once he completes his sentence in Montenegro, but where he will ultimately be sent remains uncertain. Recent news reveals that South Korea is seeking his extradition for engaging in fraudulent and unfair trading practices. Similarly, the US also wants him extradited for similar offenses, including securities fraud and market manipulation.
While Kwon has agreed to be extradited to South Korea, the court has acknowledged that multiple extradition requests have been made. As a result, the final decision will be made by the Minister of Justice of Montenegro, as stated in the press release.
The Podgorica High Court's announcement further clarifies, "If the Minister of Justice allows the final extradition of the accused individual, the extradition will take place after the completion of the criminal sentence imposed by the Basic Court in Podgorica. This sentence is related to the criminal offense of document forgery committed by the same person."
What are your thoughts on Do Kwon's potential extradition? Which country do you think he will be sent to? Share your opinions in the comments section below.
Frequently Asked Questions
Is gold buying a good retirement option?
Although buying gold as an investment might not sound appealing at first, when you look at the average annual gold consumption worldwide, it is worth looking into.
Physical bullion bars are the most popular way to invest in gold. But there are many other options for investing in gold. It's best to thoroughly research all options before you make a decision.
If you don’t need a safe place for your wealth, then buying shares of mining companies or companies that extract it might be a better alternative. If you require cash flow, gold stocks can work well.
ETFs are an exchange-traded investment that allows you to gain exposure to the market for gold. You hold gold-related securities and not actual gold. These ETFs typically include stocks from gold miners, precious metallics refiners, commodity trading companies, and other commodities.
Can I buy or sell gold from my self-directed IRA
Your self-directed IRA can be used to purchase gold, but first you need to open an account with a brokerage firm such as TD Ameritrade. You can also transfer funds from an existing retirement fund.
The IRS allows individuals to contribute as high as $5,500 ($6,500 if they are married and jointly) to a traditional IRA. Individuals can contribute as much as $1,000 per year ($2,000 if married filing jointly) to a Roth IRA.
If you do decide that you want to invest, it is a good idea to buy physical bullion and not in futures. Futures contracts, which are financial instruments based upon the price of gold, are financial instruments. You can speculate on future prices, but not own the metal. Physical bullion, however, is real gold and silver bars that you can hold in your hand.
Should You Invest in gold for Retirement?
How much money you have saved, and whether or not gold was an option when you first started saving will determine the answer. You can invest in both options if you aren't sure which option is best for you.
You can earn potential returns on your investment of gold. It's a great investment for retirees.
Most investments have fixed returns, but gold's volatility is what makes it unique. This causes its value to fluctuate over time.
However, it doesn't necessarily mean that you shouldn't invest your money in gold. It just means that you need to factor in fluctuations to your overall portfolio.
Another benefit to gold? It's a tangible asset. Gold is much easier to store than bonds and stocks. It can be easily transported.
You can always access gold as long your place it safe. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. Because gold prices tend to rise along with other commodities, it's a good way to hedge against rising costs.
Also, you'll reap the benefits of having some savings invested in something with a stable value. Gold rises in the face of a falling stock market.
Another advantage to investing in gold is the ability to sell it whenever you wish. Like stocks, you can sell your position anytime you need cash. You don't have to wait for retirement.
If you do decide to invest in gold, make sure to diversify your holdings. Do not put all your eggs in one basket.
You shouldn't buy too little at once. Start small, buying only a few ounces. Next, add more as required.
It's not about getting rich fast. It is to create enough wealth that you no longer have to depend on Social Security.
And while gold might not be the best investment for everyone, it could be a great supplement to any retirement plan.
What are the fees for an IRA that holds gold?
An Individual Retirement Account (IRA) fee is $6 per month. This fee covers account maintenance fees, as well any investment costs that may be associated with your investments.
To diversify your portfolio you might need to pay additional charges. The type of IRA you choose will determine the fees. Some companies offer free checking, but charge monthly fees for IRAs.
Most providers also charge an annual management fee. These fees range from 0% to 1%. The average rate per year is.25%. These rates can be waived if the broker is TD Ameritrade.
How much tax is gold subject to in an IRA
The fair market price of gold when it is sold determines the tax due on its sale. If you buy gold, there are no taxes. It is not income. If you sell it later, you'll have a taxable gain if the price goes up.
You can use gold as collateral to secure loans. Lenders seek to get the best return when you borrow against your assets. For gold, this means selling it. The lender might not do this. They might keep it. Or they might decide to resell it themselves. In either case, you risk losing potential profits.
In order to avoid losing your money, only lend against your precious metal if you plan to use it to secure other collateral. You should leave it alone if you don't intend to lend against it.
Can I have a gold ETF in a Roth IRA
A 401(k) plan may not offer this option, but you should consider other options, such as an Individual Retirement Account (IRA).
A traditional IRA allows for contributions from both employer and employee. You can also invest in publicly traded businesses by creating an Employee Stock Ownership Plan (ESOP).
An ESOP provides tax advantages because employees share ownership of company stock and profits the business generates. The tax rate on money that is invested in an ESOP is lower than if it was held in the employees' hands.
Also available is an Individual Retirement Annuity. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions made to IRAs are not taxable.
Should You Buy or Sell Gold?
Gold was once considered an investment safe haven during times of economic crisis. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such gold.
The trend for gold prices has been upward in recent years but they still remain low relative to other commodities like silver and oil.
Some experts believe that this could change very soon. Experts predict that gold prices will rise sharply in the wake of another global financial collapse.
They also point out that gold is becoming popular because of its perceived value and potential return.
Here are some things to consider if you're considering investing in gold.
- Consider first whether you will need the money to save for retirement. It's possible to save for retirement without putting your savings into gold. However, you can still save for retirement without putting your savings into gold.
- Second, you need to be clear about what you are buying before you decide to buy gold. Each one offers different levels security and flexibility.
- Last but not least, gold doesn't provide the same level security as a savings account. Your gold coins may be lost and you might never get them back.
If you are thinking of buying gold, do your research. You should also ensure that you do everything you can to protect your gold.
Statistics
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
law.cornell.edu
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement accounts
finance.yahoo.com
investopedia.com
irs.gov
How To
Gold IRAs are a growing trend
The gold IRA trend is growing as investors seek ways to diversify their portfolios while protecting against inflation and other risks.
Owners can invest in gold bars and bullion with the gold IRA. It is a tax-free investment that can be used to grow wealth and offers an alternative investment option to those who are concerned about stocks or bonds.
A gold IRA allows investors to manage their assets without worrying about market volatility. They can use the gold IRA to protect themselves against inflation and other potential problems.
Investors also get the unique benefits of owning physical Gold, including its durability, portability, flexibility, and divisibility.
A gold IRA provides many additional benefits. One is the ability for heirs to quickly transfer ownership of gold. Another is the fact that gold is not considered a currency or a commodities by the IRS.
This means that investors who are looking for financial safety and security are becoming more interested in the gold IRA.
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By: Jamie Redman
Title: Do Kwon Faces Extradition Dilemma: Montenegro’s Justice Minister to Decide Between US and South Korea
Sourced From: news.bitcoin.com/do-kwon-faces-extradition-dilemma-montenegros-justice-minister-to-decide-between-us-and-south-korea/
Published Date: Fri, 24 Nov 2023 14:30:47 +0000
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