In today's competitive digital world, technical analysis is often dismissed as nothing more than astrology for men. However, this misconception couldn't be further from the truth. To shed light on the true value of technical analysis, I had the privilege of speaking with chart expert Patrick Karim. Through our conversation, Patrick eloquently explained the intricacies of charts and how they can help us understand market trends and predict the future performance of gold.
Unveiling the Power of Charts
Charts serve as a visual representation of the emotions driving the market. It is crucial to remember that trading decisions are often based on human emotions, and charts provide a valuable tool for understanding and analyzing these emotions. Patrick demonstrated this by examining the Physical Gold and Silver Trust chart and the historical gold price.
Expecting Breakouts and Predicting Gold's Future
One of the key insights Patrick shared is the importance of identifying breakouts in charts. Breakouts occur when the price of an asset moves beyond a particular level of resistance or support. By recognizing these breakouts, we can gain valuable insights into the future direction of the gold price. Based on his analysis, Patrick shared his predictions on where the gold price is heading next.
In Markets Today:
Yesterday, both gold and silver December-futures hit a three-week low. This drop can be attributed to a slight return of risk-appetite in the market, as there has been no significant escalation in the war in the Middle East. Additionally, central banks signaling their intent to maintain interest rates has not provided much support to gold prices.
Interestingly, the market does not appear to be pricing in the possibility of a US government shutdown, which is expected to happen next week. However, as the House of Representatives November 17th Deadline approaches, we anticipate some upward pressure on the gold price.
The Future Demand for Silver
A recent report published by the Silver Institute has forecasted a significant increase in the demand for silver over the next decade. The report predicts a growth of over 40% in demand from the industrial, silverware, and jewelry sectors. This projection highlights the potential for silver as an investment opportunity.
Here are the recent gold prices:
08-11-2023 1960.10 1959.35 1599.64 1595.89 1837.99 1833.36
07-11-2023 1967.80 1960.70 1598.44 1594.44 1839.70 1836.39
06-11-2023 1987.10 1984.60 1600.41 1601.57 1848.20 1847.86
03-11-2023 1988.50 1994.45 1627.59 1615.90 1868.20 1860.42
02-11-2023 1986.70 1983.60 1629.49 1628.54 1869.48 1864.58
01-11-2023 1982.50 1986.35 1633.38 1634.17 1879.61 1881.47
31-10-2023 1997.60 1996.90 1638.43 1645.05 1873.55 1883.48
30-10-2023 1996.15 1997.60 1645.83 1644.82 1886.56 1883.14
27-10-2023 1987.60 1982.90 1636.99 1631.93 1881.26 1873.64
26-10-2023 1991.45 1975.00 1647.13 1630.96 1888.09 1874.67
25-10-2023 1970.15 1983.30 1625.18 1635.03 1864.16 1876.20
If you're interested in investing in gold, consider buying gold coins and bars and storing them in secure vaults in Switzerland, London, or Singapore with GoldCore. Switzerland remains a top-notch jurisdiction for owning precious metals, and you can learn more about storing gold in Switzerland by accessing our comprehensive guide.
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Remember, technical analysis is not just astrology for men. It is a powerful tool that can help us navigate the ever-evolving and competitive digital world. By leveraging the insights provided by charts, we can make informed decisions and maximize our investment potential. So, embrace the power of technical analysis and unlock the treasure trove of opportunities it offers.
The post Patrick Karim, Charts and Gold’s Next Breakout appeared first on GoldCore News.
Frequently Asked Questions
How much of your IRA should include precious metals?
It is important to remember that precious metals can be a good investment for anyone. You don’t need to have a lot of money to invest. In fact, there are many ways to make money from gold and silver investments without spending much money.
You could also consider buying physical coins like bullion bars, rounds or bullion bars. Shares in precious metals-producing companies could be an option. Or, you might want to take advantage of an IRA rollover program offered by your retirement plan provider.
You can still get benefits from precious metals regardless of what choice you make. These metals are not stocks, but they can still provide long-term growth.
And unlike traditional investments, they tend to increase in value over time. This means that if you decide on selling your investment later, you'll likely get more profit than you would with traditional investing.
What precious metals do you have that you can invest in for your retirement?
Silver and gold are two of the most valuable precious metals. They are both easy to trade and have been around for years. These are great options to diversify your portfolio.
Gold: This is the oldest form of currency that man has ever known. It is very stable and secure. This makes it a good option to preserve wealth in uncertain times.
Silver: Investors have always loved silver. 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. It's durable and resists corrosion, just like gold and silver. It is however more expensive than its counterparts.
Rhodium: Rhodium can be used in catalytic convertors. It is also used to make jewelry. It is also quite affordable compared with other types of precious metals.
Palladium (or Palladium): Palladium can be compared to platinum, but is much more common. It's also much more affordable. This is why it has become a favourite among investors looking for precious metals.
Can I have a gold ETF in a Roth IRA
This option may not be available in a 401(k), but you should look into other options such as an Individual Retirement account (IRA).
Traditional IRAs allow for contributions from both employees and employers. A Employee Stock Ownership Plan, or ESOP, is another way to invest publicly traded companies.
An ESOP is a tax-saving tool because employees have a share of company stock as well as the profits that the business generates. The money you invest in the ESOP will be taxed at a lower rate than if it were directly held by the employee.
A Individual Retirement Annuity is also possible. An IRA allows for you to make regular income payments during your life. Contributions to IRAs don't have to be taxable
Do You Need to Open a Precious Metal IRA
Before opening an IRA, it is important to understand that precious metals aren't covered by insurance. If you lose money in your investment, nothing can be done to recover it. This includes investments that have been damaged by fire, flooding, theft, and so on.
Protect yourself against this type of loss by investing in physical gold or silver coins. These items are timeless and have a lifetime value. These items are worth more today than they were when first produced.
Consider a reputable business that offers low rates and good products when opening an IRA. You should also consider using a third party custodian to protect your assets and give you access at any time.
You won't get any returns until you retire if you open an account. Don't forget the future!
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.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)
- You can only purchase gold bars at least 99.5% purity. (forbes.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)
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
Guidelines for Gold Roth IRA
It is best to start saving early for retirement. You should start as soon as you are eligible (usually at age 50) and continue saving throughout your career. It is essential to save enough money each year in order to maintain a steady growth rate.
You may also wish to take advantage of tax-free investments such as a SIMPLE IRA, SEP IRA, and traditional 401(k). These savings vehicles permit you to make contributions, but not pay any tax until your earnings are withdrawn. These savings vehicles can be a great option for individuals who don't qualify for employer matching funds.
Savings should be done consistently and regularly over time. You'll miss out on any potential tax benefits if you're not contributing the maximum amount allowed.
By: Dave Russell
Title: Patrick Karim, Charts and Gold’s Next Breakout
Sourced From: news.goldcore.com/patrick-karim-charts-and-golds-next-breakout/
Published Date: Thu, 09 Nov 2023 14:03:28 +0000