Milei Triumphs in Argentina's Presidential Race
Argentina has embraced its newly elected president, Javier Milei, who secured a majority in the popular vote, surpassing his opponent Sergio Massa. Milei, an anarcho-capitalist, aims to dismantle the political "caste" that he believes has failed the nation, boldly stating earlier this year that the state "destroys wealth."
At 53 years old, the libertarian economist Javier Milei has emerged victorious over the left-leaning finance minister Sergio Massa to become Argentina's president. In a recent interview with Tucker Carlson, Milei, a proponent of free-market capitalism, attributed Argentina's economic challenges to a century of socialist policies. The election on Sunday evening was a decisive run-off following a tightly contested initial vote where Massa held a narrow lead.
Massa conceded defeat to Milei on Sunday before the final vote tally was announced. "The results are not what we expected, and I have contacted Javier Milei to congratulate him and wish him luck," Massa stated to the media.
Milei has garnered support from bitcoiners and crypto enthusiasts, as the Argentine politician has been a vocal advocate for bitcoin (BTC), stating that it "represents the return of money to its original creator, the private sector."
Furthermore, Milei supports the concept of dollarization and advocates for the abolition of the country's central bank, proposing to dollarize the nation as a remedy for its economic troubles. As the leader of Latin America's third-largest economy, Milei faces significant challenges, particularly with Argentina's inflation rate soaring to 121% in October.
Following Milei's electoral success, "Argentina" and "Milei" have become trending topics on social media platform X, generating millions of posts. Simultaneously, major news outlets such as the Guardian and the Washington Post have been quick to label Milei as "far right" and draw parallels between him and former U.S. President Donald Trump.
What is your opinion on Milei's victory? Share your thoughts and perspectives on this subject in the comments section below.
Frequently Asked Questions
What is the best way to hold physical gold?
Gold is money and not just paper currency. People have been using gold for thousands of years to store their wealth and protect it from economic instability and inflation. Gold is a part of a diversified portfolio that investors can use to protect their wealth from financial uncertainty.
Many Americans are now more inclined to invest in precious metals like gold and silver than stocks or bonds. It's not guaranteed that you'll make any money investing gold, but there are several reasons it might be worthwhile to add gold to retirement funds.
One reason is that gold historically performs better than other assets during financial panics. Between August 2011 and early 2013 gold prices soared nearly 100 percent, while the S&P 500 plunged 21 percent. Gold was one asset that outperformed stocks in turbulent market conditions.
Gold is one of the few assets that has virtually no counterparty risks. Even if your stock portfolio is down, your shares are still yours. You can still own your gold even if the company where you invested fails to pay its debt.
Finally, gold offers liquidity. This means that you can sell gold anytime, regardless of whether or not another buyer is available. It makes sense to buy small quantities of gold, as it is more liquid than other investments. This allows for you to benefit from the short-term fluctuations of the gold market.
How much gold do you need in your portfolio?
The amount of money you need to make depends on how much capital you are looking for. If you want to start small, then $5k-$10k would be great. As you grow, it is possible to rent desks or office space. So you don't have all the hassle of paying rent. Rent is only paid per month.
You also need to consider what type of business you will run. In my case, I run a website-creation company. Our clients pay us between $1000-2000/month and depending on their order. So if you do this kind of thing, you need to consider how much income you expect from each client.
You won't get a monthly paycheck if you work freelance. This is because freelancers are paid. So you might only get paid once every 6 months or so.
You need to determine what kind or income you want before you decide how much of it you will need.
I would recommend that you start with $1k-2k worth of gold and then increase your wealth.
Do you need to open a Precious Metal IRA
The most important thing you should know before opening an IRA account is that precious metals are not covered by insurance. It is impossible to get back money if you lose your investment. This includes all investments that are lost to theft, fire, flood, or other causes.
You can protect yourself against such losses by purchasing physical gold and silver coins. These items can be lost because they have real value and have been around for thousands years. If you were to offer them for sale today, they would likely fetch you more than you paid when you bought them.
Choose a reputable company with competitive rates and quality products if you are looking to open an IRA. Consider using a third-party custody company to keep your assets safe and allow you to access them at any time.
Remember that you will not see any returns unless you are retired if you open an Account. Do not forget about the future!
What are the benefits of a gold IRA
The benefits of a gold IRA are many. It's an investment vehicle that lets you diversify your portfolio. You have control over how much money goes into each account.
You also have the option to transfer funds from other retirement plans into a IRA. This is a great way to make a smooth transition if you want to retire earlier.
The best thing is that investing in gold IRAs doesn't require any special skills. These IRAs are available at all banks and brokerage houses. Withdrawals can be made instantly without the need to pay fees or penalties.
However, there are still some drawbacks. Gold is historically volatile. It's important to understand the reasons you're considering investing in gold. Are you looking for growth or safety? Are you looking for growth or insurance? Only after you have this information will you make an informed decision.
You might want to buy more gold if you intend to keep your gold IRA for a long time. You won't need to buy more than one ounce of gold to cover all your needs. Depending on the purpose of your gold, you might need more than one ounce.
A small amount is sufficient if you plan to sell your gold. You can even manage with one ounce. But, those funds will not allow you to buy anything.
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- (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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (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)
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not exactly legal – WSJ
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement accounts
How to keep physical gold in an IRA
An easy way to invest gold is to buy shares from gold-producing companies. This method is not without risks. There's no guarantee these companies will survive. There is always the chance of them losing their money due to fluctuations of the gold price.
Alternative options include buying physical gold. You will need to either open an online or bank account or simply buy gold from a reliable seller. These options offer the convenience of easy access, as you don't need stock exchanges to do so. You can also make purchases at lower prices. It's easier to track how much gold is in your possession. So you can see exactly what you have paid and if you missed any taxes, you will get a receipt. You have less risk of theft when investing in stocks.
However, there are disadvantages. You won't get the bank's interest rates or investment money. Additionally, you won’t be able diversify your holdings. You will remain with the same items you bought. Finally, the tax man might ask questions about where you've put your gold!
BullionVault.com offers more information on buying gold for an IRA.
By: Jamie Redman
Title: Libertarian and Free Market Proponent Javier Milei Wins Argentine Presidency
Sourced From: news.bitcoin.com/libertarian-and-free-market-proponent-javier-milei-wins-argentine-presidency/
Published Date: Mon, 20 Nov 2023 01:03:00 +0000