When we woke up to see gold had hit an all-time high overnight, we knew we needed to take a look at some charts. And who better to do that with than technical analyst Chris Vermeulen of TechnicalTraders.com.
Interview with Chris Vermeulen
GoldCore CEO, Dave Russell, took some time this afternoon to speak with Chris about what took the gold price to new all-time highs, why it has now pulled back, and what the long-term horizon looks like.
It’s not just the gold price they cover in this 20-minute chat. They also discuss gold miners, uranium stocks, and silver futures.
As ever, we love to hear your thoughts on these videos and what the gold price means for your investment strategy. Does today’s performance have you buying more gold, or do you think a bigger pullback is coming? Let us know!
Here are the recent gold prices:
|AM LBMA FIX – USD
|PM LBMA FIX – USD
|AM LBMA FIX – GBP
|PM LBMA FIX – GBP
|AM LBMA FIX – EUR
|PM LBMA FIX – EUR
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According to Chris Vermeulen, this is a super cycle at play for gold. Stay informed and make informed investment decisions based on the insights provided by industry experts.
This article is based on an interview with Chris Vermeulen conducted by GoldCore CEO, Dave Russell. The gold prices are sourced from LBMA fixings.
This article is for informational purposes only and does not constitute investment advice. Always do your own research and consult with a qualified investment advisor before making any investment decisions.
Frequently Asked Questions
What precious metals can you invest in for retirement?
Gold and silver are the best precious metal investments. Both can be easily bought and sold, and have been around since forever. You should add them to your portfolio if you are looking to diversify.
Gold: This is the oldest form of currency that man has ever known. It is very stable and secure. Because of this, it is considered a great way of preserving wealth during times when there are uncertainties.
Silver: The popularity of silver has always been a concern for investors. It's a good choice for those who want to avoid volatility. Unlike gold, silver tends to go up instead of down.
Platinium: Another form of precious metal is platinum, which is becoming more popular. Like gold and silver, it's very durable and resistant to corrosion. It's however much more costly than any of its counterparts.
Rhodium: The catalytic converters use Rhodium. It is also used in jewelry-making. It's also relatively inexpensive compared to other precious metals.
Palladium (or Palladium): Palladium can be compared to platinum, but is much more common. It's also much more affordable. For these reasons, it's become a favorite among investors looking to add precious metals to their portfolios.
How do you withdraw from an IRA that holds precious metals?
First, decide if it is possible to withdraw funds from an IRA. After that, you need to decide if you want to withdraw funds from an IRA account. Next, make sure you have enough money in order for you pay any fees or penalties.
An IRA is not the best option if you don't mind paying a penalty for early withdrawal. Instead, open a taxable brokerage. If you choose this option, you'll also need to consider taxes owed on the amount withdrawn.
Next, determine how much money you plan to withdraw from your IRA. This calculation is dependent on several factors like your age when you take the money out, how long you have had the account, and whether or not your plan to continue contributing.
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 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.
After these calculations have been completed, you will need to open a brokerage bank account. 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 facilities will accept bullion bars, others require you to buy individual coins. Before you choose one, weigh the pros and cons.
Bullion bars, for example, require less space as you're not dealing with individual coins. However, you'll need to count every coin individually. However, you can easily track the value of individual coins by storing them in separate containers.
Some prefer to keep their money in a vault. Some people prefer to store their coins safely 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.
Who is entitled to the gold in a IRA that holds gold?
The IRS considers an individual who owns gold as holding “a form of money” subject to taxation.
You must have at least $10,000 in gold and keep it for at most five years to qualify for this tax-free status.
While gold may be a great investment to help prevent inflation and volatility in the market, it's not wise to keep it if you won't use it.
If you plan on selling the gold someday, you'll need to report its value, which could affect how much capital gains taxes you owe when you cash in your investments.
Consult a financial advisor or accountant to determine your options.
Should You Invest in gold for Retirement?
The answer depends on how much money you have saved and whether gold was an investment option available when you started saving. If you are unsure of which option to invest in, consider both.
You can earn potential returns on your investment of gold. Retirement investors will find gold a worthy investment.
Gold is more volatile than most other investments. As a result, its value changes over time.
However, this does not mean that gold should be avoided. This just means you need to account for fluctuations in your overall portfolio.
Another advantage of gold is its tangible nature. Gold is more convenient than bonds or stocks because it can be stored easily. It is also easily portable.
You can always access gold as long your place it safe. Physical gold is not subject to storage fees.
Investing in gold can help protect against inflation. It's a great way to hedge against rising prices, as gold prices tend to increase along with other commodities.
A portion of your savings can be invested in something that doesn't go down in value. Gold tends to rise when the stock markets fall.
You can also sell gold anytime you like by investing in it. You can also liquidate your gold position at any time you need cash, just like stocks. You don't even need to wait for your retirement.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all your eggs on one basket.
Also, don't buy too much at once. Start with just a few drops. You can add more as you need.
Remember, the goal here isn't to get rich quickly. It is to create enough wealth that you no longer have to depend on Social Security.
Gold may not be the most attractive investment, but it could be a great complement to any retirement strategy.
What does gold do as an investment?
The supply and demand for gold affect the price of gold. Interest rates can also affect the gold price.
Because of their limited supply, gold prices can fluctuate. In addition, there is a risk associated with owning physical gold because you have to store it somewhere.
What tax is gold subject in an IRA
The tax on the sale of gold is based on its fair market value when sold. If you buy gold, there are no taxes. It isn't considered income. If you sell it after the purchase, you will get a tax-deductible gain if you increase the price.
For loans, gold can be used to collateral. Lenders try to maximize the return on loans that you take against your assets. This usually involves selling your gold. It's not guaranteed that the lender will do it. They may keep it. They might decide that they want to resell it. You lose potential profits in either case.
To avoid losing money, only lend against gold if you intend to use it for collateral. It is better to leave it alone.
What should I pay into my Roth IRA
Roth IRAs can be used to save taxes on your retirement funds. You can't withdraw money from these accounts before you reach the age of 59 1/2. You must adhere to certain rules if you are going to withdraw any of your contributions prior. First, your principal (the original deposit amount) cannot be touched. This means that you can't take out more money than you originally contributed. If you wish to withdraw more than you originally contributed, you will have to pay taxes.
You cannot withhold your earnings from income taxes. You will pay income taxes when you withdraw your earnings. Consider, for instance, that you contribute $5,000 per year to your Roth IRA. In addition, let's assume you earn $10,000 per year after contributing. The federal income tax on your earnings would amount to $3,500. The remaining $6,500 is yours. This is the maximum amount you can withdraw because you are limited to what you initially contributed.
Therefore, even if you take $4,000 out of your earnings you still owe taxes on $1,500. In addition, 50% of your earnings will be subject to tax again (half of 40%). So, even though you ended up with $7,000 in your Roth IRA, you only got back $4,000.
There are two types if Roth IRAs, Roth and Traditional. Traditional IRAs allow for pre-tax deductions from your taxable earnings. Your traditional IRA can be used to withdraw your balance and interest when you are retired. A traditional IRA can be withdrawn up to the maximum amount allowed.
Roth IRAs are not allowed to allow you deductions for contributions. Once you are retired, however, you may withdraw all of your contributions plus accrued interest. There is no minimum withdrawal amount, unlike traditional IRAs. Your contribution can be withdrawn at any age, not just when you reach 70 1/2.
- 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)
- 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)
- 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)
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- Do You Need a Gold IRA to Get Retirement?
- What are the Options? Types, Spreads and Example. Risk Metrics
A rising trend in gold IRAs
Investors seek diversification and protection against inflation by using gold IRAs.
The gold IRA allows owners to invest in physical gold bullion and bars. It is tax-free and can be used by investors who aren't concerned about stocks and bond.
Investors also get the unique benefits of owning physical Gold, including its durability, portability, flexibility, and divisibility.
In addition, the gold IRA offers several other advantages, including the ability to quickly transfer ownership of the gold to heirs and the fact that the IRS does not consider gold a currency or a commodity.
This is why the gold IRA has become increasingly popular with investors looking to provide financial security during times of financial uncertainty.
By: Dave Russell
Title: Chris Vermeulen on Gold: This Is A Super Cycle At Play
Sourced From: news.goldcore.com/chris-vermeulen-on-gold-this-is-a-super-cycle-at-play/
Published Date: Mon, 04 Dec 2023 19:10:05 +0000