The closely watched final number had not previously been reported but Chairman Maximo Pacheco said earlier this week that 2024 output was “slightly higher” than the 1.325 million tons produced in 2023.
Source – Reuters
“Investors around the world have started the year looking for protection against sticky and potentially rising inflation, fiscal debt worries and the unpredictability of Trump,” said Ole Hansen, head of commodities strategy at Saxo Bank.
“The market is sleepwalking into a squeeze right now,” Daniel Ghali, senior commodity strategist at TD Securities, said in an interview. “People are completely disregarding this risk.”
Source – Bloomberg / Yahoo Finance
Did you know that during the 2008 financial crisis, while the S&P 500 dropped by 38.5%, gold prices increased by 5.5%? This stark contrast highlights why more people are turning to precious metals IRAs to diversify their retirement portfolios. There’s never been a more critical time to consider this powerful retirement strategy.
Let me share something that might surprise you: many people don’t realize that they can hold physical gold, silver, platinum, and palladium in their retirement accounts! Whether you’re worried about inflation, market volatility, or simply want to diversify your retirement savings, a precious metals IRA could be your answer.
Holding precious metals is what I’m doing to put into an IRA for my future. There are more and more people, of all ages, that are thinking or doing this or are already doing this. It’s never to late and again in these uncertain times so it’s wise to start thinking ahead.
Let’s dive into everything you need to know about securing your retirement with this unique investment vehicle.
A precious metals IRA, also known as a gold IRA, is a specialized individual retirement account that allows you to hold physical precious metals as part of your retirement portfolio. I remember when I first learned about these accounts – I was honestly skeptical! But after seeing how they’ve helped protect peoples wealth during market downturns, I became a true believer.
Let me tell you about a mistake I realized when I started doing research about gold IRAs. I was looking to purchase some beautiful collectible gold coins for a future IRA, not realizing till later, that it wouldn’t qualify! The IRS has strict requirements about which metals can be included in your precious metals IRA.
Approved coins and bullion include:
The setup process is actually simpler than most people think! As I am learning it seems overwhelming but it’s actually quite straightforward when broken down.
Choose a Custodian
Fund Your Account
Select Your Metals
Here’s something that will surprise many of us – you can’t keep your IRA-held precious metals in your home safe! The IRS requires specific storage arrangements, and getting this wrong can result in painful tax consequences.
One aspect I have grown to like about precious metals IRAs is their tax advantages. Just like traditional IRAs, they offer powerful tax benefits that can help accelerate your wealth building.
Let’s talk money – because understanding the full cost structure is crucial for making an informed decision. I encourage everyone to look beyond just the obvious fees. *these may or may not be subject to change*
Through research, I’ve learned that successful precious metals IRA investing isn’t just about buying gold – it’s about strategic allocation and understanding your goals.
Securing your retirement with a precious metals IRA can be a smart move in today’s uncertain economic environment. Whether you’re looking to protect against inflation, diversify your portfolio, or simply add a tangible asset to your retirement savings, a precious metals IRA offers unique advantages worth considering.
Remember, the key to success is working with reputable custodians, understanding the rules and requirements, and maintaining a balanced approach to your overall retirement strategy.
Consider speaking with a financial advisor to determine if a precious metals IRA aligns with your retirement goals and risk tolerance. It never hurts to ask questions it will only benefit you.
Ready to take the next step? Start by researching IRS-approved custodians and comparing their services and fees.
Your future self might thank you for taking this important step toward securing your retirement!
IMPORTANT DISCLOSURE
This article is for informational and educational purposes only. I am not a financial advisor, investment advisor, or registered broker. The content provided here reflects personal research and opinion and should not be considered professional financial advice.
Any investment decisions you make should be based on your own research or consultation with a qualified financial professional who can review your personal situation, goals, and risk tolerance. Investment in precious metals, including gold, carries risk and past performance does not guarantee future results.
Examples, statistics, and scenarios mentioned in this article are for illustration purposes only. Your actual investment needs and suitable portfolio allocations may differ significantly based on your individual circumstances.
Always conduct thorough due diligence and consult with licensed financial, investment, tax, and legal professionals before making any investment decisions. This is especially important for retirement planning and precious metals investments.
By reading this article, you acknowledge that any actions you take based on this information are at your own risk.
Last updated: [Oct] 2024
“This we hope will be reality in a three to five year period,” PolyMet’s Warren Hudelson told MPR News in 2004.
Now, 20 years later, the controversial mine in northeast Minnesota still hasn’t opened. It hasn’t even begun construction, because three key permits it needs to advance — approvals state and federal agencies granted more than five years ago — have since been revoked or suspended.
Source – MPRnews
Copper rallied more than 1% in London after the Washington Post reported that US President-elect Donald Trump’s aides are exploring tariff plans that would be applied to every country but only cover imports of key goods.
Source – Bloomberg
On January 7, 2025, A-Mark Precious Metals, Inc. (NASDAQ:AMRK) stock closed at $27.50 per share with a market capitalization of $637.563 million.
“As a long-biased fund, we prefer to own various countercyclical companies to lower the risk of our portfolio. At the beginning of the year, we identified a pawn store operator and a wholesaler / retailer of precious metals called A-Mark Precious Metals, Inc. (NASDAQ:AMRK) as interesting long-term opportunities that simultaneously provided a hedging function to our portfolio. We have exited our position in AMRK during the year. We believed that economic uncertainty and higher precious metals prices would spark renewed consumer demand for physical gold and silver coins. This demand did not materialize and we therefore saw no immediate catalyst in AMRK.” stated Night Watch Investment Management in its Q4 2024 investor letter
Source – Insider Monkey
Follow up on Kentucky considers bill to entice gold and silver investors
House Bill 2, introduced last week by Rep. T.J. Roberts, R-Burlington, and backed by several other GOP representatives, would void a controversial line-item budget veto by Beshear last year that prevented state lawmakers from exempting “bullion currency” — or gold and silver coins — from taxation.
The proposed bill would also give people who have paid sales taxes on gold and silver since August — when the exemption was set to take effect — the power to use the courts to seek a refund along with $1,000 for “each day that the violation occurred,” paid by the governor’s office.
Source – Louisville Courier-Journal