Today’s guest on GoldCore TV thinks it’s very likely that in the next ten years we will be moving onto a new gold standard.
It is of course, not uncommon for gold market commentators to say something along these lines. But Jan Nieuwenhuijs is a gold analyst, who is bringing the chat around gold demand firmly into the 21st Century. His analysis and relentless questioning has put him on the map as the go-to expert when it comes to gold reserves, the movement of gold and the international role of gold.
We welcomed him onto the show to ask him about the investigative reporting he does on the movement of gold and how he thinks money-printing central bankers will make the seismic shift to a new Gold Standard.
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Next week we bring you the latest episode of our flagship show, The M3 Report. We look at the energy crisis and ask what chain of events brought us to where we are today. Steve St Angelo joins us to give us his invaluable insight and stay tuned for his appearance in Chart Watch when we look at the massive shortage in the SLV. If you’re not already, then why not Subscribe to GoldCoreTV channel now so you don’t miss the show’s release!
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GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)
20-09-2022 1667.90 1664.15 1458.75 1460.29 1665.56 1667.48
16-09-2022 1664.30 1664.65 1461.75 1460.06 1666.96 1668.65
15-09-2022 1689.00 1689.10 1467.23 1467.32 1690.01 1689.10
14-09-2022 1703.80 1703.90 1473.79 1473.70 1702.78 1706.97
13-09-2022 1727.05 1704.85 1474.38 1474.35 1699.94 1699.56
12-09-2022 1726.50 1726.40 1478.23 1477.28 1698.01 1705.51
09-09-2022 1726.95 1713.40 1485.87 1479.52 1711.58 1705.18
08-09-2022 1720.25 1709.35 1498.17 1488.33 1720.42 1716.19
07-09-2022 1705.05 1702.65 1486.63 1492.54 1722.10 1719.34
06-09-2022 1712.50 1702.60 1477.89 1480.41 1721.23 1724.73
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The post What we can Learn from the International Gold Market appeared first on GoldCore News.
Frequently Asked Questions
What should I pay into my Roth IRA
Roth IRAs allow you to deposit your money tax-free. You can't withdraw money from these accounts before you reach the age of 59 1/2. However, if your goal is to withdraw funds before that time, there are certain rules you must observe. First, you can't touch your principal (the initial amount that was deposited). No matter how much money you contribute, you cannot take out more than was originally deposited to the account. If you decide to withdraw more money than what you contributed initially, you will need to pay taxes.
The second rule states that income taxes must be paid before you can withdraw earnings. Withdrawing your earnings will result in you paying taxes. Let's take, for example, $5,000 in annual Roth IRA contributions. Let's say you earn $10,000 each year after contributing. Federal income taxes would apply to the earnings. You would be responsible for $3500 So you would only have $6,500 left. Since you're limited to taking out only what you initially contributed, that's all you could take out.
So, if you were to take out $4,000 of your earnings, you'd still owe taxes on the remaining $1,500. In addition, 50% of your earnings will be subject to tax again (half of 40%). So even though you received $7,000 in Roth IRA contributions, you only received $4,000.
There are two types of Roth IRAs: Traditional and Roth. Traditional IRAs allow you to deduct pretax contributions from your taxable income. To withdraw your retirement contribution balance plus interest, your traditional IRA is available to you. There is no limit on how much you can withdraw from a traditional IRA.
Roth IRAs won't let you deduct your contributions. But once you've retired, you can withdraw the entire contribution amount plus any accrued interest. There is no minimum withdrawal required, unlike a traditional IRA. Your contribution can be withdrawn at any age, not just when you reach 70 1/2.
How to Open a Precious Metal IRA
The first step in opening an Individual Retirement Account, (IRA), is to decide if it's something you want. Open the account by filling out Form 8606. To determine which type of IRA you qualify for, you will need to fill out Form 5204. This form should be filled within 60 calendar days of opening the account. Once this is done, you can start investing. You may also choose to contribute directly from your paycheck using payroll deduction.
To get a Roth IRA, complete Form 8903. Otherwise, the process is identical to an ordinary IRA.
To be eligible to have a precious metals IRA you must meet certain criteria. The IRS says you must be 18 years old and have earned income. You cannot earn more than $110,000 annually ($220,000 if married filing jointly) in any one tax year. And, you have to make contributions regularly. These rules apply to contributions made directly or through employer sponsorship.
An IRA for precious metals allows you to invest in gold and silver as well as platinum, rhodium, and even platinum. You can only purchase bullion in physical form. This means you can't trade shares of stock and bonds.
To invest directly in precious metals companies, you can also use precious metals IRA. This option may be offered by some IRA providers.
There are two major drawbacks to investing via an IRA in precious metals. First, they're not as liquid as stocks or bonds. This makes them harder to sell when needed. Second, they don't generate dividends like stocks and bonds. Therefore, you will lose money over time and not gain it.
What are the benefits to having a gold IRA
The best way to save money for retirement is to place it in an Individual Retirement Account. You can withdraw it at any time, but it is tax-deferred. You have complete control over how much you take out each year. There are many types of IRAs. Some are better for those who want to save money for college. Others are designed for investors looking for higher returns. Roth IRAs, for example, allow people to contribute after they turn 59 1/2. They also pay taxes on any earnings when they retire. Once they start withdrawing money, however, the earnings aren’t subject to tax again. This account is a good option if you plan to retire early.
Because it allows you money to be invested in multiple asset classes, a ‘gold IRA' is similar to any 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. This makes gold IRA accounts a great choice for those who want their money to be invested, not spent.
Another benefit of owning gold through an IRA is that you get to enjoy the convenience of automatic withdrawals. That means you won't have to think about making deposits every month. To ensure that you never miss a payment, you could set up direct debits.
Finally, gold is one the most secure investment options available. Because it's not tied to any particular country, its value tends to remain steady. Even during economic turmoil, gold prices tend to stay relatively stable. It is therefore a great choice for protecting your savings against inflation.
Can I hold 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 contributions from both employee and employer. Another way to invest in publicly traded companies is through an Employee Stock Ownership Plan.
An ESOP can provide tax advantages, as employees are allowed to share in company stock and the profits generated by the business. The money invested in the ESOP is then taxed at lower rates than if it were held directly in the hands of the employee.
Also available is an Individual Retirement Annuity. An IRA allows for you to make regular income payments during your life. Contributions to IRAs do not have to be taxable
Should you Invest In Gold For Retirement?
This will depend on how much money and whether you were able to invest in gold at the time that you started saving. If you are unsure of which option to invest in, consider both.
Not only is it a safe investment but gold can also provide potential returns. It's a great investment for retirees.
While many investments promise fixed returns, gold is subject to fluctuations. Therefore, its value is subject to change over time.
However, it doesn't necessarily mean that you shouldn't invest your money in gold. It is important to consider the fluctuations when planning your portfolio.
Another benefit to gold is its tangible value. Unlike stocks and bonds, gold is easier to store. It can be easily transported.
You can always access your gold if it is stored in a secure place. There are no storage charges for holding physical gold.
Investing in gold can help protect against inflation. You can hedge against rising costs by investing in gold, which tends to rise alongside other commodities.
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.
You can also sell gold anytime you like by investing in it. As with stocks, your position can be liquidated whenever you require cash. You don’t even need to wait until retirement to liquidate your position.
If you do decide to invest in gold, make sure to diversify your holdings. Do not put all your eggs in one basket.
Don't purchase too much at once. Start by purchasing a few ounces. Add more as you're able.
Keep in mind that the goal is not to quickly become wealthy. It is to create enough wealth that you no longer have to depend on Social Security.
Even though gold is not the best investment, it could be an excellent addition to any retirement plan.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- 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)
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- 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)
External Links
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- How do you keep your IRA Gold at Home? It's not legal – WSJ
bbb.org
irs.gov
finance.yahoo.com
How To
3 Ways To Invest in Gold For Retirement
It is important to understand the role of gold in your retirement plan. You have many options for investing in gold if there is a 401K account at your workplace. You may also want to consider investing in gold outside of your workplace. You could, for example, open a custodial bank account at Fidelity Investments if your IRA (Individual Retirement Account) is open. You may also want to purchase precious metals from a reputable dealer if you don’t already have them.
These are the three rules to follow if you decide to invest in gold.
- You can buy gold with your cash – No need to use credit cards or borrow money for investment financing. Instead, deposit cash into your accounts. This will protect you from inflation and help keep your purchasing power high.
- Physical Gold Coins: You should own physical gold coins, not just a certificate. The reason is that it's much easier to sell physical gold coins than certificates. You don't have to store physical gold coins.
- Diversify your Portfolio – Don't put all your eggs in one basket. By investing in multiple assets, you can spread your wealth. This helps reduce risk and gives you more flexibility during market volatility.
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By: Stephen Flood
Title: What we can Learn from the International Gold Market
Sourced From: news.goldcore.com/what-we-can-learn-from-the-international-gold-market/
Published Date: Wed, 21 Sep 2022 15:10:52 +0000
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