Posted on 12/08/2023 8:34:39 AM PST by davikkm
Central banks are set to surpass 1,000 tons of gold purchases for the second consecutive year, aiming to reach levels not seen since 2010. This surge in buying suggests a potential return to a bullish gold market. Adding to the optimism, gold futures are experiencing the steepest contango since the 1980s, indicating growing interest and potential support for a sustained uptrend in gold prices.
The significant increase in central bank gold purchases underscores a renewed confidence in the precious metal as a store of value and a hedge against economic uncertainties. Investors are closely watching these developments, considering the historical significance of central bank actions as indicators of broader economic trends.
(Excerpt) Read more at citizenwatchreport.com ...
Seems to be more like the rational reaction to the lack of confidence in the fate of the dollar which continues its decline.
Great for people who can invest in gold, not so great for those who can't. However, the silver lining is, well silver. Because when gold rises, so do the other precious metals, but the time to buy is now. 🙂
While US “central bank” is turning to digital unbacked currency they CANNOT own, except through abrograted Congressional Charter. For the next 90 years- unless we de-charter them.
Pray. It could happen.
Make sure it's a certified Gold IRA however so you don't get taken advantage of conmen. There are strict rules surrounding Gold IRAs and typically your gold and silver are stored at a depository.
A couple years back, I moved about 20% of my total retirement savings into a Gold IRA. Now I'm thinking I probably should have done it at a higher percentage. But my index funds have been doing well also.
“certified Gold IRA however so you don’t get taken advantage of conmen. There are strict rules surrounding Gold IRAs and typically your gold and silver are stored at a depository.”
It you can’t touch it you don’t own it.
(Personally I don’t have any gold—but “safe” and “certified” depositories would give me zero comfort.)
bookmark (certified gold ira)
This is always said right before Gold sinks.
Remember, this is an IRA so if you take possession of it, it becomes a distribution and you will need to pay the taxes (or penalties if you are under 59 1/2).
It works the same with any IRA. Even if you have a million dollars in a standard IRA, you can't stick it in your own bank account without first taking a distribution.
I’m with you on this topic. Without claiming I know everything about them, I don’t see the functionality of gold IRAs.
As I understand it, the only thing that can go in or out of an IRA is cash money. So if you have 5 gold eagles, let’s say, you can’t place them into your gold IRA. You have to buy new (to you) ones. Likewise, if you wish to withdraw from your IRA, you have to have your custodian sell some metal and you get the proceeds in cash/check/wire. Given that metals transaction have fearsome frictional costs about $60-$100 on the current $2000-$2050, both on the buy and the sell side, I consider this punitive. This applies to inside or outside an IRA. Trading physical gold is very friction-prone.
Secondly, owning metals has a strong aspect of anonymity to it. No, you cannot sell $200K worth of gold to your local coin shop, but yes, you can buy and/or sell a few ounces pretty much ad lib. Cash, non-reportable < $9999. A DAY.
Thirdly, given the above, why would you want the gov’t to know you hold gold? Doesn’t that in and of itself make you a terrorist?
Lastly, on these IRAs that hold physical, isn’t there a storage fee? Couple percent a year, minimum?
As Obozo said “just words”.
I have every confidence that folks in the financial industry are liars, thieves, crooks, con artists and Ponzi schemers.
They have rarely disappointed me!
That is true, but I have reservations about not being physically in possession of the gold.
Last week I believe it was over $2100 an ounce, and the talking heads were saying it was here to stay at over $2000 an ounce for one reason or another.
At this time, it's been heading south steadily since it peaked last week, and is about $2007 an ounce.
It was actually around $1830 an ounce right when Hamas attacked Israel, and it then proceeded to shoot up in price rather quickly.
It's bouncing around these days, but I wouldn't be so sure it's going to be some kind of “bull market” as far as Gold is concerned.
We'll see...
gold and silver are under strict controls of the PTB
meanwhile, bitcoin is on a tear
“If you cant eat it , shoot it, or get drunk with it , it has no value.”
You can’t eat, shoot or drink fiat currency either.
also, BTP is definitely a factor, too
As well as STP...
Undoubtedly
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