Gold IRAs | The Gold Standard #2218

2 years ago
194

https://www.midasgoldgroup.com/

Host Dave Deno and his guest Ken Russo, VP of the Midas Gold Group, often talk about Gold IRAs. This episode explains what a Gold IRA is and how it works.

April was a rough month for the stock market, and inflation rose. Fortunately, April is now in the rearview mirror. Unfortunately, May isn’t going to be much better. There couldn’t be a better time to talk about Gold IRAs. Even if you already know how a Gold IRA works, it’s still an excellent time to review the basics.

Current Financial Issues Impacting Investments

Dave mentions an article he read recently on prices increasing food prices worldwide. People know from experience that inflation is more significant than what the government reports. Higher food prices are just one aspect of a general increase in the cost of living. Meat and poultry are up to fifty percent. All of these conditions are further antagonized by Putin’s attack on Ukraine.

Most of us aren’t wearing masks anymore. However, the global economy is still reeling from the economic fallout of the pandemic. Prices continue to rise as the markets start winding down. As rising inflation continues to tax the middle-class, most households have to tighten their belts another notch.

The real problem with printing money like the Fed has these past years is that our economic output hasn’t grown to match it. There’s “too much money chasing too few goods.”

Our Money Does No Retain Its Value

Do you have much cash in savings? Have you considered transferring some of that into more tangible assets but haven’t done it yet? You may want to consider an example Ken Russo shares about the value of a dollar now compared to 1971 when Nixon took us off the Gold Standard. What you could have purchased in 1971 for $100 would cost $700 at today’s prices. The spot price of gold was thirty-five dollars in 1971. Today, an ounce of gold hovers around $1,900.

What is an IRA?

Traditional IRAs have tremendous advantages over brokerage accounts. In a brokerage account, the capital gains from selling at a profit and dividends earned by your investment are taxable based on current income levels. Retirement funds grow much faster over time. Regular income tax is paid only when a withdrawal from the IRA happens. An IRA has none of the tax consequences just described.

What is a Gold IRA?

A Gold IRA is a self-directed individual retirement account (IRA) that enables you to invest and hold physical gold or silver. Gold IRAs follow the same general rules as conventional IRAs regarding tax benefits.

Custodians Manage Gold IRAs

Custodians help manage the paperwork and tax reporting for gold transactions to meet the IRS requirements. Custodians can also help with any gold and silver storage needs. Under the IRS regulations of a Gold IRA, precious metals have to be stored outside the home. Your Custodian handles the transfer of gold as part of setting up your Gold IRA. When gold is delivered to you or your home, the IRS considers it a withdrawal, subject to taxation and potentially early withdrawal penalties.

How to Buy Precious Metals for a Gold IRA

Once a self-directed Gold IRA is established, physical gold can be purchased with cash transferred from other funds like a checking or savings account. You can also roll over an existing retirement account to buy precious metals. No taxes are owed on a rollover since the funds remain within a qualified retirement account.

Featured Precious Metal Product

Ken Russo treats us with one of the genuinely great gold bullion coins on the precious metals market. The Royal Canadian Mint makes some of the most popular gold and silver bullion products worldwide. Coins produced by the Royal Canadian Mint are crafted with superb attention to detail and are renowned for their quality. The Canadian Gold Maple Leaf has done a great deal in building the Royal Mints’ reputation since it first appeared on the global market in 1979. In 2005, the Royal Canadian Mint became the first to produce 99.999% pure gold. The Canadian Gold Maple Leaf is an approved gold bullion product for self-directed IRAs.
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