Renowned commodities trader Peter Brandt has made a bold prediction, suggesting that Bitcoin could experience a significant surge of 230% in comparison to Gold within the next 12-18 months.
Peter Brandt's Expertise and Prediction
Peter Brandt, a veteran trader with over 50 years of experience, is no stranger to making accurate forecasts. Having correctly predicted Bitcoin's parabolic bull market back in 2017, Brandt's latest projection focuses on the potential rise of Bitcoin against Gold.
Bitcoin's Current Standing and Future Forecast
Currently, the BTC/GLD ratio stands at around 29, indicating that it takes 29 ounces of gold valued at $68,000 to acquire one Bitcoin. However, Brandt anticipates this ratio to triple to 100 ounces following the conclusion of Bitcoin's upcoming consolidation phase.
The Implications of Brandt's Prediction
If Brandt's forecast materializes, one Bitcoin could be valued at over $234,000 based on today's gold prices. This significant increase of 230% highlights the potential growth trajectory for Bitcoin in the near future.
Bitcoin's Performance Against Gold
Since its inception in 2009, Bitcoin has demonstrated remarkable growth in comparison to Gold, showcasing a staggering 375,000% increase over the years. Brandt remains optimistic about Bitcoin's future prospects against Gold, emphasizing the cryptocurrency's long-term uptrend.
Bitcoin's Position as a Digital Store of Value
With the recent approval and successful launch of US Bitcoin spot ETFs earlier this year, Bitcoin's reputation as a digital store of value continues to strengthen among institutional investors. Brandt's bullish stance on Bitcoin's performance against Gold underscores the cryptocurrency's potential for further growth and dominance in the market.
Frequently Asked Questions
What are the benefits of having a gold IRA?
The best way to save money for retirement is to place it in an Individual Retirement Account. It's not subject to tax until you withdraw it. You have complete control over how much you take out each year. There are many types available. Some are better suited for people who want to save for college expenses. Some are better suited for investors who want higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. However, once they begin withdrawing funds, these earnings are not taxed again. So if you're planning to retire early, this type of account may make sense.
The gold IRA allows you to invest in different asset classes, which is similar to other IRAs. Unlike a regular IRA which requires taxes to be paid on gains as you wait to withdraw them, a IRA with gold allows you to invest in multiple asset classes. People who prefer to save their money and invest it instead of spending it are well-suited for gold IRAs.
Another advantage to owning gold via an IRA is the ease of automatic withdraws. It means that you don’t have to remember to make deposits every month. To ensure that you never miss a payment, you could set up direct debits.
Finally, gold is one of the safest investment choices available today. Its value is stable because it's not tied with any one country. Even in times of economic turmoil gold prices tend to remain stable. It is therefore a great choice for protecting your savings against inflation.
How much gold do you need in your portfolio?
The amount you make will depend on the amount of capital you have. If you want to start small, then $5k-$10k would be great. Then as you grow, you could move into an office space and rent out desks, etc. Renting out desks and other equipment is a great way to save money on rent. Only one month's rent is required.
You also need to consider what type of business you will run. My website design company charges clients $1000-2000 per month depending on the order. Consider how much you expect to make from each client, if you decide to do this kinda thing.
Because freelance work pays freelancers, you won't likely get a monthly income if you do freelance work. You might get paid only once every six months.
You must first decide what kind and amount of income you are looking to generate before you can calculate how much gold will be needed.
I recommend starting with $1k-$2k in gold and working my way up.
How Do You Make a Withdrawal from a Precious Metal IRA?
First, decide if it is possible to withdraw funds from an IRA. Make sure you have enough cash in your account to cover any fees, penalties, or charges that may be associated with withdrawing money from an IRA.
You should open a taxable brokerage account if you're willing to pay a penalty if you withdraw early. If you decide to go with this option, you will need to take into account the taxes due on the amount you withdraw.
Next, you need to determine how much money is going to be taken out from your IRA. This calculation depends on several factors, including the age when you withdraw the money, how long you've owned the account, and whether you intend to continue contributing to your retirement plan.
Once you know what percentage of your total savings you'd like to convert into cash, you'll need to determine which type of IRA you want to use. Traditional IRAs allow for you to withdraw funds without tax when you turn 59 1/2. Roth IRAs, on the other hand, charge income taxes upfront but you can access your earnings later and pay no additional taxes.
Finally, you'll need to open a brokerage account once these calculations are completed. Brokers often offer promotional offers and signup bonuses to encourage people into opening accounts. To avoid unnecessary fees, however, try opening an account using a debit card rather than a credit card.
When you finally get around to making withdrawals from your precious metal IRA, you'll need a safe place where you can store your coins. Some storage facilities will accept bullion bars, others require you to buy individual coins. Before you choose one, weigh the pros and cons.
Bullion bars require less space, as they don't contain individual coins. But you will have to count each coin separately. However, you can easily track the value of individual coins by storing them in separate containers.
Some people prefer to keep coins safe in a vault. Others prefer to place them in safe deposit boxes. Whatever method you choose to store your bullion, you should ensure it is safe and secure so you can enjoy its many benefits for many years.
What is a Precious Metal IRA?
A precious metal IRA allows for you to diversify your retirement savings in gold, silver, palladium and iridium. These rare metals are often called “precious” as they are very difficult to find and highly valuable. They are great investments for your money, and they can protect you from inflation or economic instability.
Precious metals often refer to themselves as “bullion.” Bullion refers only to the actual metal.
You can buy bullion through various channels, including online retailers, large coin dealers, and some grocery stores.
You can invest directly in bullion with a precious metal IRA instead of buying shares of stock. You'll get dividends each year.
Precious metal IRAs do not require paperwork nor annual fees, unlike regular IRAs. Instead, you pay a small percentage tax on the gains. You can also access your funds whenever it suits you.
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- 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)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
irs.gov
finance.yahoo.com
investopedia.com
bbb.org
How To
The History of Gold as an Asset
From the very beginning of time, gold was a currency. It was widely accepted around the world and enjoyed its purity, divisibility and uniformity. Due to its value, it was also internationally traded. However, since there were no international standards for measuring gold at this point, different weights and measures existed worldwide. One pound sterling, for example, was equivalent in England to 24 carats, and one livre tournois, in France, to 25 carats. A mark, on the other hand, was equivalent in Germany to 28 carats.
In the 1860s, the United States began issuing American coins made up of 90% copper, 10% zinc, and 0.942 fine gold. The result was a decrease in foreign currency demand, which led to an increase in their price. At this point, the United States minted large amounts of gold coins, causing the price of gold to drop. They needed to pay off debt because they had too much money coming into circulation. They decided to sell some excess gold to Europe in order to do this.
Many European countries didn't trust the U.S. dollars and started to accept gold for payment. Many European countries started to accept paper money as a substitute for gold after World War I. The value of gold has significantly increased since then. Even though gold's price fluctuates, it is still one of the most secure investments you could make.
—————————————————————————————————————————————————————————————–
By: Vivek Sen
Title: Renowned Trader Peter Brandt Forecasts 230% Surge in Bitcoin Price
Sourced From: bitcoinmagazine.com/business/legendary-trader-peter-brandt-predicts-230-bitcoin-price-increase
Published Date: Fri, 31 May 2024 14:04:22 GMT
Leave a Reply