Gold is on a tear, hitting a record high in New York on Monday at almost $3,150 an ounce to bring the rise this year to 19%.
Analysts at Bank of America think gold could hit $3,500 an ounce if demand increases by 10%.
“Uncertainty around Trump Administration trade policies could continue to push the dollar lower, further supporting gold prices near-term. In our view, a broad rebalancing of America’s twin deficits could be bullish gold too.”
Source – Markets Insider
“Any country with gold reserves should be holding at least 11% of that amount in bitcoin reserves,” Armstrong posted to X in response to criticism of Trump’s plan for a national bitcoin reserve. “And I believe in the next five to 10 years bitcoin’s market cap will likely surpass gold. So these reserves should grow to exceed gold.”
“We’re gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,” Trump told CNBC.
Source – Forbes
The stock climbed 12% on Friday, its steepest one-day gain in nearly two months, outperforming the benchmark Kospi index’s 0.85% rise.
The extraordinary shareholders’ meeting had initially been called by private-equity firm MBK Partners and Korea Zinc’s major shareholder Young Poong, which have teamed up and increased their combined stake to more than 40% since September for control of the smelter, to reshape its board and management led by Chairman Yun B. Choi.
Source – The Wall Street Journal
You know what shocked me when I first started learning about Gold IRAs? Finding out that keeping your IRA gold in a home safe isn’t just inadvisable – it’s actually illegal! Can you believe that! After learning more about precious metals and IRAs, this is a shock.
Yes, the IRS does in fact mandate these storage facilities for IRAs (Individual Retirement Accounts) but specifically for precious metals held in these IRAs.
On the flip side, if you have personal gold investments that are not in retirement accounts, you have much more flexibility in storage options since those assets have already been taxed.
We can’t just bury our gold under the big oak tree southeast of some park no one knows about only you. Even if you do it’s not wise to do so. Its overall a bit of a risk and we have to be mindful of where we put our hard-earned precious metals.
Let’s start by a short break down of the essential storage requirements that the IRS mandates:
Here are pros and cons of various storage methods:
Cons:
Cons:
Here are the most reputable storage facilities:
These are just a few locations but there are plenty more to choose from.
Let me share some real numbers I’ve seen recently:
The IRS doesn’t mess around when it comes to security requirements:
Try to avoid these mistakes that could trip up investors:
Here’s what you need to keep track of:
Something often overlooked – how to access your metals in an emergency:
Understanding this relationship is crucial:
Let me share some insider knowledge about moving your metals:
Proper storage of your Gold IRA assets isn’t just about security – it’s about maintaining IRS compliance and protecting your retirement savings. Remember these key points:
Take time to research different storage facilities and their specific offerings. Compare fees, security measures, and accessibility options. Most importantly, work with reputable custodians who have established relationships with top-tier storage facilities.
Remember, cutting corners on storage requirements isn’t worth risking your retirement savings or facing IRS penalties. When in doubt, always consult with qualified professionals who can guide you through the requirements specific to your situation.
Important Disclosure : This guide id for informational and educational purposes only. I am not a financial advisor, tax professional, or legal expert. The information provided is based on research and general knowledge of IRA regulations. Always consult with qualified financial, tax and legal professionals before making any decisions about your retirement accounts.
Gold prices edged up on Friday, poised for a weekly gain on safe-haven inflows and a U.S. jobs report revealing lower than expected job growth in February, suggesting the Federal Reserve is on track to cut interest rates this year.
Spot gold added 0.3% to $2,918.11 an ounce as of 09:24 (1424 GMT). Bullion has gained over 2% so far this week, as U.S. President Donald Trump’s ever-shifting tariff policies fanned uncertainty.
“Weaker than expected number is giving gold a slight boost… also a weaker dollar for the week right now is helping,” said Bob Haberkorn, senior market strategist at RJO Futures.
Spot silver fell 1% to $32.28 an ounce and platinum shed 0.1% to $965.58, while palladium edged 0.5% up to $946.
Source – Reuters
Gold futures fall, though they remain in a relatively tight range. Futures are down 0.4% at $3,329.10 a troy ounce, having fallen as low as $3,404.40/oz earlier in the session, though they sit up 0.6% on week.
Source – The Wall Street Journal
The U.S. is expected to implement a 50% tariff on copper imports at the end of the week, but what happens next is anyone’s guess as talk of an exemption for Chile, the biggest U.S. supplier of the metal, and a potential U.S. and European “metal alliance” heats up.
“There remains uncertainty over country-based exemptions and a general sense of tariff fatigue,” wrote Natalie Scott-Gray, senior metals demand analyst at StoneX, in a note Tuesday. The European Union, meanwhile, looks to get a break when it comes to U.S. tariffs on steel, aluminum and copper.
President Donald Trump’s announcement on July 8 of the coming tariff had led to a 13% spike in copper prices that day, to settle at $5.6855 a pound, a record-high finish at that time, based on data going back to 1968, according to Dow Jones Market Data.
Scott-Gray said that when it comes to a potential country-based tariff exemption, Chile is “singled out,” not just because of Marcel’s comments and ongoing negotiations this week, but because the U.S. is reliant on Chile’s imports and the fact that the U.S. holds a trade surplus with Chile, she said.
Source – Market Watch
At 13:19 GMT, XAG/USD is trading $30.84, Unchanged.
Prices have also remained above the pivot at $30.53, which keeps the short-, medium-, and long-term trends firmly upward.
Daily Gold (XAU/USD)Gold, often viewed as silver’s counterpart, has outperformed with a breakout above $2,726.30, pushing prices closer to record highs at $2,790.17.
A sustained rally above $30.53 and a breakout over $30.98 may open the door for further gains, but for now, silver remains in gold’s shadow.
Source – FXEMPIRE
