The Salvadoran Media Speculates on Bukele's Political Move
In recent weeks, the Salvadoran media has been abuzz with speculation that President Nayib Bukele, known as the leader of Bitcoin Country, will step down from his current role to pursue a second term in office. This move, however, is contingent upon obtaining a special license from the Salvadoran Legislative Assembly, which requires three-quarters approval from the body. Previously, it was widely believed that Salvadoran presidents were limited to a single five-year term. However, a landmark Supreme Court ruling has opened the door to the possibility of a second term, provided the incumbent steps down at least six months before the next presidential term commences on June 1, 2024.
The Constitutional Framework for a Second Term
The Supreme Court's ruling introduced a nuanced framework for seeking a second presidential mandate in El Salvador. It stipulated that a candidate can serve a maximum of two terms within a ten-year period. However, the crucial aspect of this provision is that the candidate cannot hold the presidency and campaign simultaneously. This unique requirement ensures that a candidate must "humble" themselves to the status of a citizen without a position of power within the government. This safeguard prevents the misuse of state resources for campaign purposes, an issue that has plagued many democracies around the world.
The Race Against Time
President Bukele has not yet registered as a candidate for the upcoming elections. The Supreme Electoral Tribunal has set a deadline of October 26, 2023, for presidential candidates to submit their registrations. However, it is increasingly likely that Bukele will need to step away from the presidency in order to meet this crucial deadline. This adds an extra layer of complexity to an already intricate political process.
In a recent press conference, Bukele indicated that he would register as a candidate on October 24 or earlier, but definitely before the deadline and in accordance with the law. However, it remains unclear whether he will step down before registering or not. There are two possible options for Bukele:
1. To step down from the presidency before the October 26 deadline and register as a candidate.
2. To register as a candidate while still in the presidency by the October 26 deadline and step down later to meet the constitutional requirement. However, this scenario is only viable if the Supreme Elections Tribunal rules that Bukele's candidacy is provisional, provided that he does not campaign until he steps down, which must happen by November 30.
Implications for El Salvador's Future
This development carries significant implications, particularly for the Bitcoin project in El Salvador, which is a flagship initiative of Bukele's administration. Additionally, it holds paramount importance for Salvadorans who have experienced notable gains in terms of security and overall improvements in their country. The upcoming elections, scheduled for February 4, 2024, will undoubtedly shape the future trajectory of El Salvador.
Bukele's Popularity and Controversies
President Bukele enjoys an overwhelming approval rating of over 90%, making him the clear frontrunner in the upcoming elections. However, not everyone agrees with his bid for a second term. Detractors and members of the political opposition argue that the Supreme Court ruling that enabled his candidacy is unconstitutional. This dissent has sparked heated debates on the legality and ethical implications of his potential second term.
The Road Ahead
As the presidential electoral campaign officially kicked off on October 3, 2023, all eyes are on Bukele and his next move. When he decides to temporarily vacate his post to seek a second term, the question of who will step in as interim president becomes vital. Both local and international observers will closely monitor this transition period.
The political landscape in El Salvador is undergoing a seismic shift as President Nayib Bukele prepares for a bid for a second term. The Supreme Court ruling, the electoral deadlines, and the intricacies of Salvadoran politics converge in this pivotal moment. The outcome of these events will not only shape the future of El Salvador but will also have far-reaching implications for the region and beyond. As the nation stands at the precipice of this historic juncture, the eyes of the world remain fixed on Bitcoin Country.
This is a guest post by Jaime Garcia. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Frequently Asked Questions
How do I Withdraw from an IRA with Precious Metals?
First decide if your IRA account allows you to withdraw funds. 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. You will also have to account for taxes due on any amount you withdraw if you choose this option.
Next, determine how much money you plan to withdraw from your IRA. This calculation will depend on many factors including your age at the time of withdrawal, how long the account has been in your possession, and whether you plan to continue contributing towards your retirement plan.
Once you determine the percentage of your total saved money you want to convert into cash, then you need to choose which type IRA you will use. Traditional IRAs allow you to withdraw funds tax-free when you turn 59 1/2 while Roth IRAs charge income taxes upfront but let you access those earnings later without paying additional taxes.
Once these calculations have been completed you will need to open an account with a brokerage. To encourage customers to open accounts, brokers often offer signup bonuses and promotions. However, a debit card is better than a card. This will save you unnecessary fees.
When it comes time to withdraw your precious metal IRA funds, you will need a safe location where you can keep your coins. Some storage areas will accept bullion, while others require you to purchase individual coins. Before choosing one, consider the pros and disadvantages of each.
Bullion bars, for example, require less space as you're not dealing with individual coins. However, each coin will need to be counted individually. However, you can easily track the value of individual coins by storing them in separate containers.
Some prefer to store their coins in a vault. Some prefer to keep them in a vault. No matter what method you use, it is important to keep your bullion safe so that you can reap its benefits for many more years.
Can I hold a gold ETF in a Roth IRA?
Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).
A traditional IRA allows for contributions from both employer and employee. Another option is to invest in publicly traded corporations with an Employee Stockownership Plan (ESOP).
An ESOP gives employees tax advantages as they share the stock of the company and the profits it makes. The money invested in the ESOP is then taxed at lower rates than if it were held directly in the hands of the employee.
A Individual Retirement Annuity is also possible. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions made to IRAs are not taxable.
What is the best precious-metal to invest?
Answering this question will depend on your willingness to take some risk and the return you seek. Gold has been traditionally considered a haven investment, but it's not always the most profitable choice. For example, if you need a quick profit, gold may not be for you. You should invest in silver if you have the patience and time.
If you don't care about getting rich quickly, gold is probably the way to go. Silver might be a better investment option if steady returns are desired over a long period of time.
Is buying gold a good way to save money for retirement?
Although it may not look appealing at first, buying gold for investment is worth considering when you consider the global average gold consumption per year.
Physical bullion is the most popular method of investing in gold. However, there are many other ways to invest in gold. It is best to research all options and make informed decisions based on your goals.
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 need cash flow from an investment, purchasing gold stocks is a good choice.
You also can put your money into exchange-traded funds (ETFs), which essentially give you exposure to the price of gold by holding gold-related securities instead of actual gold. These ETFs usually include stocks of precious metals refiners or gold miners.
What is a Precious Metal IRA and How Can You Benefit From It?
You can diversify your retirement savings by investing in precious metal IRAs. This allows you to invest in gold, silver and platinum as well as iridium, osmium and other rare metals. These metals are known as “precious” because they are rare and extremely valuable. They are great investments for your money, and they can protect you from inflation or economic instability.
Precious metals are sometimes called “bullion.” Bullion refers actually to the metal.
Bullion can be purchased via a variety of channels including online sellers, large coin dealers, and grocery stores.
An IRA for precious metals allows you to directly invest in bullion instead of purchasing stock shares. This ensures that you will receive dividends each and every year.
Precious metal IRAs have no paperwork or annual fees. Instead, your gains are subject to a small tax. Additionally, you have access to your funds at no cost whenever you need them.
What are the pros and disadvantages of a gold IRA
An Individual Retirement Account is a more beneficial option than regular savings accounts. You don't pay taxes on any interest earned. This makes an IRA great for people who want to save money but don't want to pay tax on the interest they earn. There are some disadvantages to this investment.
If you withdraw too many funds from your IRA at once, you may lose all your accumulated assets. The IRS may prevent you from taking out your IRA funds until you reach 59 1/2. If you do withdraw funds, you'll need to pay a penalty.
Another problem is the cost of managing your IRA. Many banks charge between 0.5%-2.0% per year. Others charge management fees that range from $10 to $50 per month.
Insurance is necessary if you wish to keep your money safe from the banks. Many insurers require that you own at least one ounce of gold before you can make a claim. You might be required to buy insurance that covers losses up to $500,000.
If you are considering a Gold IRA, you need to first decide how much of it you would like to use. Some providers restrict the amount you can own in gold. Others allow you to pick your weight.
It is also up to you to decide whether you want to purchase physical gold or futures. Futures contracts for gold are less expensive than physical gold. Futures contracts offer flexibility for buying gold. They let you set up a contract that has a specific expiration.
You also need to decide the type and level of insurance coverage you want. Standard policies don't cover theft protection, loss due to fire, flood or earthquake. However, it does cover damage caused by natural disasters. You might consider purchasing additional coverage if your area is at high risk.
Insurance is not enough. You also need to think about the cost of gold storage. Storage costs will not be covered by insurance. Banks charge between $25 and $40 per month for safekeeping.
Before you can open a gold IRA you need to contact a qualified Custodian. A custodian is responsible for keeping track of your investments. They also ensure that you adhere to federal regulations. Custodians can't sell assets. They must instead keep them for as long as you ask.
Once you've chosen the best type of IRA for you, you need to fill in paperwork describing your goals. Your plan should include information about the investments you want to make, such as stocks, bonds, mutual funds, or real estate. Your monthly investment goal should be stated.
Once you have completed the forms, you will need to mail them to your provider with a check and a small deposit. After reviewing your application, the company will send you a confirmation mail.
You should consult a financial planner before opening a Gold IRA. Financial planners are experts at investing and can help you determine which type of IRA is best for you. You can also reduce your insurance costs by working with them to find lower-cost alternatives.
- 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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.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)
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
Tips to Invest in Gold
Investing in Gold is a popular investment strategy. This is due to the many benefits of investing in gold. There are many ways you can invest in gold. There are many ways to invest in gold. Some prefer buying physical gold coins while others prefer gold ETFs (Exchange Traded Funds).
Before buying any kind of gold, you need to consider these things.
- First, make sure you check if your country allows you own gold. If your country allows you to own gold, then you are allowed to proceed. You can also look at buying gold abroad.
- Second, it is important to know which type of gold coin you are looking for. You have options: you can choose from yellow gold, white or rose gold.
- Thirdly, you should take into consideration the price of gold. It is better to start small, and then work your way up. You should diversify your portfolio when buying gold. Diversifying assets should include stocks, bonds real estate mutual funds and commodities.
- Don't forget to keep in mind that gold prices often change. It is important to stay up-to-date with the latest trends.
By: Jaime García
Title: Bukele Likely To Step Down As President To Seek A Second Term
Sourced From: bitcoinmagazine.com/el-salvador-bitcoin-news/bukele-likely-to-step-down-as-president-to-seek-a-second-term
Published Date: Mon, 23 Oct 2023 13:00:00 GMT