Gold prices rose on Tuesday, supported by safe-haven demand amid uncertainty over U.S. President Donald Trump’s tariff plans for next week that could potentially boost inflation.
Spot gold was up 0.3% at $3,021.39 an ounce at 11:24 a.m. ET (1524 GMT). U.S. gold futures were up 0.4% at $3,026.20.
“Investors are concerned about the state of the world, especially with U.S. policies being what they are, and so they’re buying gold as an alternative asset because they’re concerned that the U.S. government may throw the world into a global recession,” said Jeffrey Christian, managing partner of CPM Group.
Spot silver gained 1.8% to $33.59 an ounce, platinum added 0.8% to $980.80 and palladium added 1.1% to $961.60.
A contested mine in Central Idaho that will produce gold and antimony earned the U.S. Forest Service’s final approval following a lengthy environmental review and objections from the Nez Perce Tribe, which will lose access for decades to federal lands guaranteed by a U.S. treaty.
“This approval elevates the Stibnite Gold Project to an elite class of projects in America that have cleared NEPA,” Jon Cherry, Pepetua’s president and CEO, said in a statement.
“The tribe’s treaties with the United States are the supreme law of the land and remain binding,”
Trump announced 25% tariffs on all vehicles and foreign-made auto parts imported into the United States late on Wednesday, prompting heavy losses in Japanese and South Korean stocks in Asian trading overnight.
General Motors slumped 6%, while shares in Ford fell almost 5%, reflecting concerns about the impact on their supply chains.
“Uncertainty on the tariff front remains high, which is really tough for both businesses but also investors to plan into the future, and of course it’s making it really difficult for investors to price risk,” said Baylee Wakefield, a multi-asset portfolio manager at Aviva Investors.
Gold prices rose, up 0.7% on the day at $3,040 an ounce. Goldman Sachs raised its gold price forecast on Wednesday, citing stronger-than-expected ETF inflows and sustained central bank demand.
The coins are available in gold, silver and clad metals and can be purchased individually or as a set. The $5 gold coin depicts the Marine Corps Color Guard; the $1 silver coin shows the flag raising at Iwo Jima; and the half-dollar clad coin features two Marines, one wearing the continental uniform of 1775 with a musket, and the other in modern-day camouflage uniform holding an M4 service rifle.
Panama has approved First Quantum Minerals’ maintenance plan for its closed copper mine in the country, but not a re-start of the site, a top trade official said on Friday
Trade and Industry Minister Julio Molto said the plan included environmental safety measures that were necessary following the abrupt shut-down by government order under the prior administration in late 2023.
“The mine is not being reopened. We’re authorizing the implementation of the care and safe management plan to ensure it is environmentally protected,” Molto told a press conference.
He said that experts estimate that process could take three to six months, accounting for environmental measures.
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.
What Is a Precious Metals IRA?
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.
Operates similarly to traditional IRAs but holds physical precious metals
Offers the same tax advantages as conventional IRAs
Requires a specialized custodian who handles storage and compliance
Follows specific IRS regulations regarding metal purity and storage
Can be established as traditional or Roth IRA
Eligible Precious Metals for Your IRA
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.
Gold must be 99.5% pure (except American Gold Eagles)
Silver must be 99.9% pure
Platinum must be 99.95% pure
Palladium must be 99.95% pure
Approved coins and bullion include:
American Eagle coins (gold, silver, platinum)
Canadian Maple Leaf coins
Austrian Philharmonic coins
Australian Kangaroo/Nugget coins
Several types of bars and rounds meeting purity requirements
Setting Up Your Precious Metals IRA
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
Research reputation and track record
Compare fees and services
Check customer reviews and ratings
Verify IRS approval status
Fund Your Account
Roll over existing retirement accounts
Make new contributions
Transfer from another IRA
Consider contribution limits
Select Your Metals
Work with approved dealers
Choose eligible products
Consider diversification strategy
Review premium over spot prices
Storage Requirements and Options
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.
Must use IRS-approved depositories
Segregated or non-segregated storage options
Regular auditing and insurance requirements
Geographic location considerations
Security and access protocols
Tax Benefits and Considerations
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.
Tax-deferred growth potential
Possible tax deductions for contributions
Roth IRA options available
Required Minimum Distribution (RMD) rules
Early withdrawal penalties and exceptions
Costs and Fees to Consider
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*
Setup fees ($50-$300)
Annual custodian fees ($75-$300)
Storage fees (0.5-1% of assets annually)
Transaction fees for buying/selling
Insurance costs
Dealer premiums over spot prices
Investment Strategies and Portfolio Allocation
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.
Recommended allocation percentages (typically 5-15% of portfolio)
Rebalancing strategies
Market timing considerations
Long-term vs. short-term planning
Risk management techniques
Conclusion
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!
Spot gold was up 0.8% at $2,864 per ounce by 09:24 a.m. ET (1424 GMT), after hitting a record high of $2,877 earlier in the session.
“Gold continues to be largely influenced by trade uncertainties… the tariffs with China and the retaliation has the market on edge, so safe-haven flows remain the dominant factor,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Spot silver rose 0.4% to $32.23 per ounce, platinum gained 1.6% to $979.40 and palladium added 0.4% to $994.75.