To say that 2024 has been an interesting year is quite the understatement. After all, who would have had “Trump assassination attempt” on their 2024 bingo card? What promised to be a heated Presidential election will likely be even more so. And with over three months still to go before the elections, there’s no telling what will happen between now and then. But it isn’t just political events that are impacting precious metals prices today, it’s financial events too. While the summer normally is a time when things get quiet due to so many people being on vacation, this summer has been an exciting one so far for gold and silver. Here’s how recent events have impacted gold and silver prices. Attack on Trump Boosts Gold Price As safe haven assets, gold and silver are assets that people tend to demand during times of heightened uncertainty. And what could drive uncertainty higher than an assassination attempt on a former President who is running to retake his office? While the election is still too far out to predict, many polls had Trump moving ahead recently, due to President Biden’s numerous and much publicized foibles. But all it takes is one bullet and all of that goes up in the air. It’s only natural that many people would react by buying gold, sending gold prices higher to new all-time highs. Despite some profit-taking in the interim, gold still looks like a pretty strong candidate to hit $2,500 in the near future, and $2,600 wouldn’t even be out of the question either. Silver jumped quite a bit too, although profit-taking there has been a little bigger than with gold. Still, given the heightened uncertainty surrounding the election, that could keep silver and gold prices staying elevated for at least the next few months. Fed Comments Getting More Dovish While political uncertainty has been a major driver in gold and silver prices, recent comments from a number of Federal Reserve officials have been interpreted as meaning the Fed is leaning towards easing monetary policy in the near future. First there was Fed Chairman Jay Powell, who stated that the Fed’s next move would more likely be to start easing policy, which he thinks the Fed could do at the right moment. Then came Fed Governor Christopher Waller, who stated that he believes the “time to lower the policy rate is drawing closer.” Finally, New York Fed President John Williams also threw his hat into the ring, adding to the chorus of voices expressing the view that monetary easing could be coming sooner rather than later. While Williams and others think that it’s still not time to cut rates, a few more months of “good” data on inflation would likely nudge them to consider rate cuts. That means that a rate cut is all but out of the question at this month’s Federal Open Market Committee. But with the next meeting after that taking place in September, after two more months of Consumer Price Index (CPI) data, there could be more momentum for a September rate cut. If headline CPI drops below 3% for the next two months, and if core CPI remains low, there could be a rate cut in September. Markets are already starting to try to price in one or two rate cuts that could cut the federal funds rate below 5% by the end of the year. Again, as with the election, there’s a lot of time between then and now. And there are a lot of things that could change between now and then that could derail whatever the Fed thinks it may end up doing in September. But markets are almost universally certain that rate cuts will be beneficial for gold and silver prices. How You Can Prepare As we’ve said before, gold and silver have been trusted as safe haven assets for hundreds of years. When times get tough, and people get fearful, gold and silver become some of the most demanded safe haven assets around. The only thing that seems to be certain about this year is that nothing is certain. From Iran and Israel exchanging missile attacks, banks failing, and now President Trump getting shot, this year has been wild. And given the possibility of another “October surprise,” can you afford to be caught flat-footed if something crazy happens in the next few months? Aside from being safe havens and hedges against inflation, gold and silver can be just an all around hedge against uncertainty. They can help diversify portfolios that may be unbalanced or in need of diversification. And gold and silver can provide peace of mind when things get topsy-turvy, which could very well end up being the case this fall. When it comes to buying gold and silver, many people prefer the benefits conferred by physical gold and silver coins or bars. Whether it’s through a gold IRA or silver IRA, or through a direct purchase of precious metals delivered to your door, owning physical gold and silver provides a tangible asset that will remain in existence through just about anything short of nuclear war. Some people prefer to hold their gold and silver at home, making cash purchases of gold and silver a popular choice. They believe that a bird in the hand is worth two in the bush, and that if you don’t have the ability to physically touch your gold and silver, you don’t really own it. Others want to protect their tax-advantaged retirement savings in 401(k) and similar accounts, and trust gold IRAs and silver IRAs to do that. These precious metals IRAs offer the same tax advantages as any other IRA account, but hold physical gold and silver coins and bars that are stored securely in a bullion depository. Whichever way you choose to buy gold, Goldco can help. With over $2.5 billion in precious metals placements and thousands of satisfied customers, Goldco has worked hard to establish itself as one of the best and most trusted gold companies in the country. If you’re worried
How Will the Election Impact Gold and Silver?
While this year’s Presidential election was always going to be highly charged, the events of the past two weeks have really shaken things up. First came the assassination attempt against President Trump, then came the sudden announcement by President Biden that he was dropping out of the race, after having strenuously denied that he was going to drop out. Now we’re faced with Vice President Kamala Harris facing off against President Trump, with the Democratic VP pick likely not to be announced until the Democratic convention. To say that things have been turned upside down in the past two weeks is an understatement. Harris has received a bounce in the polls, no doubt due to happiness that Biden is finally out of the picture. But will that honeymoon last? And more importantly from our perspective, how will the outcome of the election impact the prices of gold and silver? Key Takeaways What If Trump Wins? Since a lot of prediction markets still expect Trump to win the election, let’s take a look first at what might happen to gold and silver if Trump gets elected. Many people speculate that a Trump win would be good for the economy, as he would institute pro-growth policies, lower taxes, etc. And if the economy gets stronger, people are less likely to want to buy gold. Gold sees its strongest demand when people are uncertain about the future, fearful of the future, and expecting recession or some other economic malaise. So you normally might expect the gold price then to rise less under a Republican than under a Democrat. However if you look back at gold’s price performance, it rose 53% under President Trump. So far under Biden, gold is only up 30%. Silver’s performance is similar, having risen 51% under Trump but only 13% thus far under Biden. While past performance is no guarantee of future performance, there’s certainly reason to hope that under another Trump presidency both gold and silver might see better gains than they saw under Biden. What If Harris Wins? It’s a common belief that precious metals are in greater demand under Democratic administrations than under Republican ones. And the statistics seem to back that up. The World Gold Council recently published its analysis of the election, and showed that demand for gold bars and coins has doubled under Democrats, US Mint gold coin sales are stronger with a Democrat, and demand for physical gold is stronger under Democrats. Since many gold buyers skew conservative, and since Democratic policies are harmful to the economy, that could explain why gold demand is stronger under Democratic administrations. So in that sense we might expect to see gold demand to pick up even more if Kamala wins. But if demand is stronger under Democrats, and stronger demand often translates to higher prices, what explains gold’s significantly better performance under Trump than under Biden? Certainly COVID played a role, as both gold demand and gold prices increased significantly in 2020. But COVID doesn’t explain everything. If you compare the pre-COVID part of Trump’s term from January 2017 to January 2020, through the first three years of their terms the gold price increased 28% for Trump but only 9% for Biden. So obviously there was something there that helped boost gold under Trump, even though the economy was strong and stock markets were soaring, conditions that would normally be seen as conducive to lower gains for gold. And even with high inflation and a faltering economy, gold didn’t fare as well under Biden, although it did hit multiple all-time highs. So should we expect muted performance if Kamala wins and for gold to take off if Trump wins? What Is Likely to Happen In all likelihood gold is going to do what it’s going to do regardless of who becomes President. And there’s a good chance that both gold and silver are going to increase in price regardless of who becomes President. The US economy is facing significant headwinds, with continued elevated inflation and a weakening labor market. Markets are now starting to price in a near-certain Federal Reserve rate cut in September. Rate cuts and easy monetary policy are generally considered good for gold and silver, and beneficial to pushing up their prices. The last two series of major rate cuts began just before the dotcom bubble collapse and the 2008 financial crisis. If the pattern holds, and the next rate cut is the first in a series, it could mean that the US economy is on the verge of recession. And once the recession begins, that could boost demand for gold and silver and send prices soaring. Whoever the next President is won’t be able to stop the next recession. That cake is baked in already, just like every recession before it. It’s the result of overly loose monetary policy, malinvestment of resources, and a subsequent credit-induced boom phase that will eventually give way to bust. Just like 2008 and the dotcom bubble before it, the next recession will be a crisis that we’ll have to ride out. The difference between Trump and Harris could be between how they react to the crisis, and the type of pressure they put on the Fed to intervene. You would certainly expect Harris, as a Democrat, to push for more monetary intervention than a Republican. But Trump is no ordinary Republican, and if he were to approve an approach to the next recession that mirrored that of 2020, it could end up being just as big as Harris’ potential moves. In any case, the next recession appears to finally be on the horizon, something we’ve been expecting for a while. And the Fed, as a one trick pony, will respond to the recession with some sort of easing, whether it’s rate cuts, quantitative easing, a combination of the two, or perhaps even something no one really expects. How You Can Prepare With Gold and Silver So how can you protect yourself? Starting thinking today about what’s
Learn How War May Affect The Price Of Gold and Precious Metals
After the horrors of World War II, Europe went to great lengths to ensure that such a conflict never again ravaged the continent. Despite the constant threat from the Soviet Union during the Cold War, European countries continued working together to ensure that they remained united. And once the Cold War ended, everyone thought that the possibility of major power war was over. With the US as the world’s hegemon and the Soviet Union consigned to the dustbin of history, many people thought that war was largely a thing of the past. Sure, minor conflicts might erupt in less developed countries, but the threat of war was thought to be something that First World nations had overcome. Now we know better, of course. Decades of war on terror and now more recent conflict in Europe and the Middle East have reminded us that war is a threat that can resurface at any time. War has a significant effect on the lives of those unfortunate enough to be caught up in conflict zones. But it has significant effects on the lives of people outside conflict zones too. Whether it’s through disruptions to trade, disruption of travel, or other factors, the lives of everyone is affected by war. And the longer a war lasts and the deeper the conflict reaches, the more people are affected. We’re seeing today how war and the threat of war is impacting the price of gold. Gold is already a popular safe haven asset and thousands of people have already sought to protect their assets with gold due to fears of looming recession and rising inflation. But the threat of war can result in even greater demand for gold, as people seek certainty during uncertain times. Here are three ways that war can affect the price of gold Key Takeaways 1. Fear of Conflict When people start to fear for their financial well-being, they often flee to what they know or to what is familiar. In many cases this means heading for the safety of gold. Many people may not realize the many advantages of gold, but they have an innate sense that owning gold can help them. Gold can help to diversify your portfolio, assisting you in protecting your wealth against the damage that can be done when financial markets plummet. It can act as a hedge against inflation, as it maintains its value over the long term. And it can gain value during periods when other assets are losing value. When people start to fear that their assets will lose value, gold is very often the first asset they will seek out. And the more fear there is of war breaking out or of war continuing, the more the gold price could rise as more and more people seek to buy it. 2. Depth of Conflict The depth and severity of war are also factors that affect the price of gold. Civil wars in Africa, terrorist incidents in the Middle East, or border clashes in Asia don’t really impact the gold price. In some ways this is because they happen so regularly that they’ve become ho hum. But they also don’t normally threaten to draw major powers into conflict. The prospects for those types of wars and clashes spilling over and affecting the world economy are generally pretty slim. But when war breaks out between major powers, even proxy wars, and when the conflict could potentially risk nuclear war, the consequences of a deeper conflict could be severe. The fighting in Ukraine that began in 2022 reminded most people that nuclear war is still a threat. And the longer the war goes on, the more damaging it could be and the greater the likelihood that a minor miscalculation could result in major consequences. So the more severe a war is and the greater number of major powers involved, the greater the effect should be on gold. And the longer the war lasts, the more people may decide to buy gold to protect themselves. 3. Disruption of Trade Trade between nations is always one of the first casualties of war. And if a country at war is a major producer of necessary goods or raw materials, the effects of war could impact the whole world. When the conflict in Ukraine broke out, it disrupted trade as many Ukrainian exports couldn’t be produced anymore, while other goods like grain ended up flooding European countries and earning the ire of European farmers. Meanwhile Russian products ended up becoming increasingly sanctioned. The Houthi attacks on commercial shipping in the Red Sea have perhaps been a classic example of how war disrupts trade, as an increasing amount of commercial shipping has been routed around the Cape of Good Hope rather than through the Suez Canal. These types of trade disruptions can result in price increases for both commodities and finished goods. Hardly an item we buy today hasn’t been affected in some way by these trade disruptions, though we may not realize it. Over time we’ll see just how damaging the impact of these disruptions can get, particularly if these conflicts intensify. But the longer they drag on, the more damage will be done. Current Crises Affecting Gold The war in Ukraine has probably been the most important war impacting the gold price today. Gold prices increased significantly as soon as Russia attacked Ukraine, and they’re still high today. While we’ve become used to the war by this point, new flare-ups could push the gold price higher. That would especially be true if Ukraine takes a significant bit of Russian territory, or if Western weapons deliveries spur a stronger Russian military response. Like it or not, we’re in the middle of a great power war here, even if US and NATO boots aren’t actually on the ground in Ukraine. It’s only a proxy war for now for the West, but that doesn’t mean that it couldn’t flare up into an all-out Russia vs. NATO conflict. It’s hard to get accurate information about what’s
How Gold Can Help Protect You Against the War on Cash
Anyone who has been following trends in money and banking over the past several years has seen the increasing push for electronic, digital, and online payments. At all levels, from government to banks to private businesses, cash is increasingly being seen as a liability rather than an asset. These concerted moves towards digital payments, and the continued decline in the use of cash, has spurred fears of a war on cash. Cash’s great benefit is that it is an anonymous form of payment. Money changes hands, goods are exchanged, and neither party needs to know who the other person is, what he does, or anything else. But governments hate that, and so they’re pushing electronic payments in order to de-anonymize as many financial transactions as possible. Cash allows people to trade with each other without scrutiny from third parties. Governments like to disparage cash use as enabling tax evasion, money laundering, or other criminal activity. But for people who live in countries with draconian regulations or excessive taxation, cash allows them to keep the government out of their business, and allows economies to function in the face of excessive government interference. And that’s why many governments would like to eliminate cash. In a world without cash, and in which every transaction is recorded electronically, governments will have a record of every transaction that takes place, allowing them to tax whatever they want to, whenever they want to, or prohibit sales whenever they want to. Not being able to escape that electronic database means that individuals and businesses can be taxed at ever higher levels, or can be subject to asset seizures or spending bans, with no recourse since cash no longer exists. Key Takeaways COVID Helped Cash Decline Fears of cash being a potential carrier of the COVID-19 virus led to many businesses banning the use of cash, and to fears among the general population that cash might be infected. Never mind that cash has been exposed to virus carriers of the flu, common cold, and other viruses for decades. And never mind that cash has been exposed to illegal drugs, feces, and other contaminants every day. All of a sudden cash became a potential vector for COVID, and its use plummeted. Combined with the drop in face-to-face business as a result of nationwide lockdowns and the rise in online ordering, and more and more Americans became comfortable with a cashless society. That may end up being the future, if current trends persist. As late as 2017, cash made up 31% of all financial transactions. But last year that number was nearly cut in half, with cash only making up 16% of all financial transactions. Cash’s declining use has been slow and steady, and within another decade cash use may be far less than it is today. Digitalization of Finance One glimpse of the future that faces us may be found in Sweden, which has probably advanced further along the road to a cashless society than any other Western nation. Cash purchases make up such a small portion of economic transactions in Sweden today that many banks don’t even have cash on hand anymore. And getting cash from an ATM? Forget about it, because many businesses don’t even accept cash anymore. While many businesses today gripe about the cost of swipe fees and merchant agreements with credit card processors, the alternative in taking cash payments requires storage of cash, transfer to banks at the end of the business day, and the risk of theft or robbery. Digital payments render all of that moot, making it an attractive option for businesses looking to cut costs and reduce overhead. The downside to consumers, however, is that every transaction is now recorded, and can be positively linked back to a specific person. If the government decides years down the road to come after everyone who purchased XYZ good or service years in the past, that task is made infinitely easier through records of electronic payments. As central banker Agustin Carstens famously stated a few years ago, a “key difference with the CBDC [central bank digital currency] is the central bank will have absolute control on the rules and regulations that will determine the use of that expression of central bank liability, and also we will have the technology to enforce that.” Tangibles Win the Day For those who worry about the war on cash and the threat to freedom that it entails, investing in tangible assets has become increasingly important. In a world without physical cash, where all transactions are electronic, and in which all money is digital, there are no checks or balances on the government’s ability to create money ad infinitum. Any problem the government comes across, the solution may very well be to create more digital money. We’re probably 90% of the way there already, but once the process is complete, there will be no limit to the government’s ability to create money out of thin air. That, in turn, could mean even greater devaluation of the dollar. If you thought the dollar’s value and purchasing power was low already, just wait until cash disappears. One way to help protect yourself against that coming loss of purchasing power is by owning tangible assets that hold their value in the face of inflation. That includes assets such as gold and silver. Many people over the centuries have helped protect their wealth with gold and silver, while others have had to learn the hard way that the paper assets or electronic assets they held can very quickly lose their value. Learn From History In every hyperinflationary crisis in history, having tangible assets has been incredibly beneficial in helping people weather the crisis. Those who prided themselves on bank account balances or pension promises sometimes watched in horror as the value of their savings deteriorated substantially. With the future increasingly becoming digital, and with the federal government demonstrating that it’s willing to suffer high inflation and massive increases in debt in order to achieve its goals, those
US Dollar Collapse: Can Gold and Silver Help?
The history of money is the history of failed currencies. From the Roman denarius to the German Goldmark to the Zimbabwean dollar, currencies across the world have collapsed and failed. Just because a currency is the preferred currency for world trade or the world’s reserve currency does not mean that it is immune from collapse either. And that’s just what could happen to the US dollar. The US dollar has served as the world’s reserve currency since the end of World War II and the adoption of the Bretton Woods system. Even when that system collapsed in 1971 with President Nixon’s closure of the gold window, the dollar remained the world’s reserve currency. But with developments in the world economy since the fall of the Berlin Wall and the end of the Cold War, the dollar is facing new threats to its prominent status. China’s economy continues to grow, and the Chinese government is trying to position the yuan as a rival to the dollar. The European Union created the euro with a mind to compete against the dollar and rival it in international trade. And since the post-1971 monetary order is the first time in history that the entire world has been on a fiat paper currency system, there’s every possibility that gold or a gold-backed currency could reassert itself in the future after a dollar collapse. US investors have taken for granted the continued dominance of the US dollar and its status as the world’s reserve currency. It has meant that US investors haven’t had to deal with issues of currency risk that plague investors in other countries. But it has also made US investors complacent. In the event of a future dollar collapse, millions of investors could find themselves unprepared, unless they take steps to hedge against that possibility. Key Takeaways What Could Cause the Dollar to Collapse? Throughout history, currencies have come and gone, with their demise largely being self-inflicted, the result of the desire of monetary authorities to inflate the money supply to enrich themselves at the expense of others. During the Roman Empire and other periods of precious metal money, the demise of currencies was the result of purposeful debasement. The Roman denarius, for instance, saw its silver content decrease over time, going from 95% silver and 5% alloyed metal during the Roman Republic to only 5% silver by the end of the Roman Empire. Other currencies in history have suffered similar debasement, with modern convertible currencies often seeing governments printing more paper currency units than they had gold backing to redeem. It was that kind of debasement that dethroned the British pound sterling from its position as the world’s reserve currency after World War I. Today, currency debasement takes the form of creating money out of thin air, something that is easy to do with the ease of creating paper money and electronic bank deposits. We’re all familiar with the case of Weimar Germany and its hyperinflationary period, in which it took wheelbarrows full of paper money to buy a loaf of bread. But today the process to inflate currencies doesn’t even take paper. It can all be done electronically, dramatically raising the risks of hyperinflation and a dollar collapse. The likeliest cause for a US dollar collapse would be if the Federal Reserve were to allow monetary inflation to spiral out of control. And that could be likelier than many people realize. Will the US Dollar Collapse? The past few years have seen some incredible moves in monetary policy, starting with the Fed more than doubling the size of its balance sheet from 2020 to 2022. That move alone made the quantitative easing in response to the 2008 financial crisis seem like a drop in the bucket. Much of that was due to the massive amounts of fiscal stimulus undertaken in 2020, spending which the federal government hadn’t planned on or budgeted for, and which had to be quickly monetized by the Fed in order to absorb such a large issuance of bonds that markets were not prepared to take on. That debt monetization, however, risked the Fed’s vaunted independence, making the Fed complicit in enabling all of that debt-fueled spending. And if future administrations push the Fed further in that direction, it could risk sending the money supply spiraling out of control, leading to rising inflation and potentially even hyperinflation if the situation gets really bad. If the dollar ends up being held hostage to out of control federal spending, it could mean significant further devaluation, and eventually a potential collapse of the dollar’s status as the world’s reserve currency and the rise of some other currency as the dominant currency in international trade. The near vertical moves in the money supply in the recent past were quite worrying, and resulted in inflation that was the highest we had seen in 40 years. But while the Fed has managed to get that under control and bring the money supply down somewhat, that too seems to be coming to an end. The money supply has been moving very slowly upward over the past year, and the Fed’s recent decision to cut interest rates could result in an eventual expansion of monetary easing that could send the money supply up even further. A lot is riding on the results of November’s election as well. If Democrats take control of both the White House and Congress, they could unleash even more trillions of dollars of debt-fueled spending, hastening the dollar’s descent towards oblivion. How to Safeguard Your Finances If the Dollar Collapses In the case of dollar collapse, the value of anything that depends on the dollar for its value or that is denominated solely in dollars will be at risk of collapse too. Bonds denominated in dollars could become worthless, as bondholders will be paid back in increasingly worthless dollars. Stocks, too, risk becoming worthless, as even if prices rise, investors who sell their shares see the dollars they receive become worthless as the dollar collapses. If you
Precious Metals in a Roth IRA – How It Works
When you think of buying precious metals – gold and silver – you may think of buying gold and silver coins and bars. And you may think of buying them from a coin store or from an online vendor. But did you know that you can buy precious metals with an IRA? Even those who are aware of the fact that you can buy gold and silver with IRA assets tend to think of Traditional IRAs. But did you know that you can also purchase precious metals with a Roth IRA? Buying gold and silver with a Roth IRA isn’t much different than buying precious metals through a Traditional gold IRA or silver IRA, you’re just using post-tax dollars rather than pre-tax dollars. And a Roth precious metals IRA can be an important tool in your arsenal when it comes to saving for retirement. Key Takeaways What Is a Roth IRA? If you’re not already familiar with a Roth IRA, a Roth IRA is an IRA that is funded using post-tax dollars. Gains made within a Roth IRA accrue tax-free, and no taxes are paid when you take a qualified distribution. Roth IRA vs. Traditional IRA The primary difference between a Roth IRA and a Traditional IRA is in tax treatment of investment funds. A Roth IRA uses post-tax dollars to invest, while a Traditional IRA uses pre-tax dollars. Gains made in both a Roth IRA and a Traditional IRA are tax-free. But while you pay taxes on distributions from a Traditional IRA, you don’t pay taxes when you take a qualified distribution from a Roth IRA. There are a few other important differences between a Roth IRA and a Traditional IRA. With a Traditional IRA, for instance, you are required to take required minimum distributions (RMDs) at age 73, whereas there are no RMD requirements for a Roth IRA. Contributions to Traditional IRA accounts can also be tax-deductible, up to a certain income limit. Contributions to a Roth IRA are not tax-deductible. But you can only contribute to a Roth IRA if your income is below a certain threshold, whereas there are no income limits for contributions to a Traditional IRA. Maximum annual contributions to IRA accounts are $7,000 in 2024, or $8,000 for those over age 50. And there are additional quirks to Roth IRAs such as the 5-year rule with regard to distributions of earnings that you need to know. If you want to learn more about Roth IRAs, you can read more about them at the IRS website or consult with your tax advisor. Conventional vs. Alternative Assets Investors in the US have socked away trillions of dollars in IRA accounts. And it’s safe to say that the majority of those assets are likely invested in conventional financial assets like stocks, bonds, mutual funds, or various other index funds or exchange-traded funds. For investors looking for alternatives, however, some IRA accounts offer additional options. Among these are precious metals like gold, silver, platinum, and palladium. Precious Metals IRA A precious metals IRA is an IRA account that invests in precious metals. Precious metals IRAs are an example of a self-directed IRA, a type of IRA that opens up a whole new array of investment options to investors. Because a self-directed IRA puts you in control of your investments, you can choose from a wide range of investment options, including precious metals. And one of the most popular precious metals to buy is gold. Gold IRA A gold IRA is a type of precious metals IRA that invests in physical gold coins or gold bars. As the owner of a gold IRA, you choose which coins or bars you own with your gold IRA. And when you want to take a distribution you can either take it in cash or you can choose an in kind distribution and take physical possession of the gold coins or bars in your IRA. Advantages of a Gold IRA A gold IRA has numerous advantages. Here are three of them to keep in mind. 1. Wealth Protection Gold has a long and well deserved reputation for protecting wealth through times of financial turmoil and economic uncertainty. Numerous paper currencies have come and gone, but gold has withstood the test of time. It’s no wonder, then, that gold is one of the first assets to start rising in price when the economy starts to take a turn for the worse. Investors who are looking to protect their assets rush to gold, sending its price skyrocketing. We’ve seen examples of this in the past, as when the gold price rose at an annualized rate of over 30% throughout the 1970s. Or in the aftermath of the 2008 financial crisis, gold nearly tripled in price, setting all-time highs. With recession potentially on the horizon in the near future, more and more investors are turning to gold today to help protect their wealth. The gold price is once again setting all-time highs, providing great benefit to those who had the foresight to safeguard their savings with gold. 2. Asset Growth Gold doesn’t just help protect your assets during times of turmoil, it can also help you grow your assets even when markets are behaving normally. Gold’s performance has actually surpassed that of stock markets in the 21st century. That’s pretty solid long-term performance that many investors would love to see in their portfolios. And with gold hitting all-time highs and potentially poised for significant future price growth during a recession, gold could deliver even more gains in the future. 3. Diversify Your Portfolio Finally, gold plays a useful role in diversifying a financial portfolio. Investment isn’t supposed to be like gambling, where you’re waiting for a hot tip so you can strike it rich. It’s supposed to be a long-term method of growing and maintaining your wealth. How much you want to diversify your portfolio is up to you, but many experts recommend investing across a diversity of asset types, classes, and regions. A self-directed precious metals IRA can help you
Goldco Awarded ‘Best Customer Service’ in Money Magazine’s 2024 Best Gold IRA Company Reviews
Los Angeles, CA, July 17, 2024 – Money.com (Money Magazine) has once again recognized Goldco for its outstanding customer service, distinguishing the company as the top choice in a field of eight leading gold IRA companies. This marks the second year in a row that Goldco has received this prestigious honor. In an article published on Money.com, the editors highlighted Goldco as the leading choice among eight top-rated gold IRA companies. These companies were selected for their comprehensive investor resources, unbiased educational content, responsive customer support, and straightforward account setup processes, catering to both novice and sophisticated investors. Money.com attributes Goldco’s ‘Best Customer Service’ distinction to its “A+ rating from the Better Business Bureau (BBB), an AAA rating from the Business Consumer Alliance (BCA), and an impressive number of glowing reviews on the BBB and TrustPilot websites.” This recognition follows closely on the heels of Goldco reaching a significant milestone, having garnered over 6,000 five-star reviews from satisfied customers. “Customer service is the cornerstone of our business at Goldco,” said CEO Trevor Gerszt. “Our dedication to personalized, responsive, and knowledgeable support sets us apart and ensures our customers feel confident and valued every step of the way.” To read the Money magazine article honoring Goldco for “Best Customer Service” gold IRA company, go to https://money.com/best-gold-ira-companies/. About Money.com Money was founded in 1972 as a print magazine that helped everyday people live richer lives by learning personal finance strategies that improved their bottom line. They continue to build upon that legacy, providing up-to-date news, educational resources, and tools that will help you create meaningful investments and lasting returns.
Mike Lindell Partners with Goldco to Help Americans Protect Their Retirement Savings
Los Angeles, CA, August 13, 2024 – Mike Lindell, CEO of MyPillow and a prominent conservative entrepreneur, has partnered with Goldco to empower Americans with the knowledge and tools needed to safeguard their retirement savings through precious metals. Lindell’s endorsement of Goldco is critical as the U.S. faces rising inflation, increasing national debt, higher taxes, and growing geopolitical instability. These economic factors have historically threatened the financial security of many Americans, especially those without diversification into physical gold and silver. “I’ll tell you what, your money’s safe with physical gold and silver,” says Lindell. “This is like the biggest insurance policy you can ever do for yourself, and that’s why I partnered with the best gold company out there – Goldco.” Mike Lindell’s endorsement highlights the layer of protection that gold offers from potential government overreach as the national debt continues to spiral out of control. Rising inflation is a constant concern for many people nearing retirement and gold serves as a time-tested hedge against the erosion of purchasing power. This is why Lindell did his due diligence and selected Goldco as his preferred gold partner. Goldco has been proudly named to the prestigious Inc. 5000 list of fastest-growing private companies in America for the eighth consecutive year. Money.com (Money Magazine) also recently recognized Goldco for its exceptional customer service, naming it the top choice among eight leading gold IRA companies. The company was honored as the Gold Stevie Award Winner for Fastest Growing Company in the 2024 American Business Awards. With a strong focus on customer education and service, Goldco simplifies the process of diversifying retirement portfolios with gold and silver. Their simple approach ensures that customers can secure their financial future with confidence in just a few easy steps. Renowned for its exceptional customer service, Goldco recently achieved the impressive milestone of receiving over 6,000 five-star reviews from satisfied customers. If you are interested in learning more about the benefits of precious metals ownership, visit mikelikesgold.com.
Goldco Earns Spot at No. 317 on the 2024 Inc. 5000 List for the 8th Consecutive Year
LOS ANGELES, August 14, 2024 – Inc. revealed today that Golco ranks No. 317 on the 2024 Inc. 5000, its annual list of the fastest-growing private companies in America. The prestigious ranking provides a data-driven look at the most successful companies within the economy’s most dynamic segment—its independent, entrepreneurial businesses. Microsoft, Meta, Chobani, Under Armour, Timberland, Oracle, Patagonia, and many other household-name brands gained their first national exposure as honorees on the Inc. 5000. “Being named to the Inc. 5000 list for the eighth consecutive year is a tremendous honor for Goldco, highlighting the dedication and hard work of our entire team,” stated Goldco CEO Trevor Gerszt. “This recognition, alongside such innovative companies, reinforces our commitment to delivering exceptional service and value as we help our customers secure their financial futures.” The Inc. 5000 class of 2024 represents companies that have driven rapid revenue growth while navigating inflationary pressure, the rising costs of capital, and seemingly intractable hiring challenges. Among this year’s top 500 companies, the average median three-year revenue growth rate is 1,637 percent. In all, this year’s Inc. 5000 companies have added 874,458 jobs to the economy over the past three years. For complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, location, and other criteria, go to www.inc.com/inc5000. The Inc. 5000 ranking follows another significant achievement for Goldco, as Money.com (Money Magazine) recently recognized the company for its outstanding customer service, naming it the top choice among eight leading gold IRA companies. Additionally, Goldco was honored as the Gold Stevie Award Winner for Fastest Growing Company in the 2024 American Business Awards.
Fed Telegraphing Rate Cuts Ahead of Time: What Will Happen?
While markets largely expected a first Federal Reserve rate cut at the September Federal Open Market Committee (FOMC) meeting, Fed Chairman Jerome Powell made it all but explicit last week that the FOMC will recommend a rate cut in September. Speaking at the Kansas City Fed’s annual Jackson Hole symposium, Powell stated: “The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.” In other words, a September rate cut is all but certain, the only question is how much the Fed will cut rates. But in forecasting his actions so far in advance (nearly one month), Powell is taking some big risks. Will Rate Cuts Do Anything? On the one hand, Powell’s comments are in keeping with the thinking of his immediate predecessors, who sought to assuage markets and keep them in the loop with regard to what the Fed was doing. Fed Chairmen know that their words and actions move markets, so the more prepared markets are for those actions, the smoother should be the result once the Fed acts, at least in theory. But on the other hand, by telegraphing his intentions so far in advance, there is a great risk that markets will already price in the Fed’s actions by the time mid-September rolls around, so that the actual rate cut won’t do much to move markets. It might then seem like the Fed’s rate cut is actually a dud, and could lead to growing pressure to cut rates further. Stock markets certainly reacted happily to Powell’s comments, with markets having gone on a tear this week. But how about bond markets? Yields on 6-month T-Bills have fallen about 20 basis points over the course of the month, while most other short-term T-Bills have fallen by around 15 basis points. If the Fed decides on a 25 basis point cut next month, that means that bond markets have already priced in most of that rate cut already, so the impact on bond markets come September may very well be minimal, unless the Fed decides to shake things up and make a 50 basis point cut. But this telegraphing of intentions could end up backfiring. What happens if next month’s inflation report shows that inflation jumps back up to 3.3%? That would make it more difficult to cut rates, and might cause the Fed to postpone a cut until the next meeting in November. But how would markets react? Since markets are already starting to price in the effects of a September rate cut, a failure to do so could see a spike in interest rates if a rate cut doesn’t materialize the way markets expect it to. We saw similar behavior last year, as bond yields started to drop in anticipation of a Fed rate cut this spring. But once the likelihood of that rate cut evaporated, bond yields rose back to their previous levels. Powell’s Dangerous Gamble Powell and Fed policymakers are playing with fire when they start attempting to game markets by forecasting their moves. There is still a lot that can happen over the next month, and while there is a greater likelihood that the Fed will cut rates than that it will not, it’s still too soon to say with certainty what the Fed will, could, or should do. The risk the Fed runs is that it may box itself in and have to do something different as economic conditions change. If that happens, then the Fed risks its credibility, and anything Powell says from here on out will have to be taken with a mighty big grain of salt. Let’s hope for the sake of the economy that Powell hasn’t talked himself into a corner, and that his attempt to keep markets informed of Fed actions doesn’t end up backfiring on him. Protecting Yourself Against Rate Cuts With Gold If you remember the decade after the 2008 crisis, it was marked by historically low interest rates, held near zero for longer than had ever been done before. And there was even discussion of negative interest rates, which did in fact occur in Europe and Japan. For the past several years American savers have benefited from normalized interest rates, with returns on T-Bills, high yield savings accounts, and money market accounts actually outpacing official inflation rates for once. But once the Fed starts cutting rates, those less risky investments are going to start looking less enticing. And Americans who want to stay ahead of the curve are going to have to start thinking about how they’re going to react when, and ideally before, the Fed starts cutting interest rates. One way that many Americans have decided to start safeguarding themselves is by buying gold. Gold has long served as a safe haven and store of value, and it’s one of the first save havens that people turn towards when times get tough. Gold has set numerous all-time highs recently as safe haven demand has continued to strengthen, buoyed by fears of recession. And with Fed rate cuts in 2001 and 2007 having come at the start of recessions, there’s a good chance that the Fed’s next rate cut could also presage the next recession. If you want to put gold to work for you in helping protect your hard-earned money, now is the time to start thinking about how to do it. Whether you’re looking at a direct cash purchase of gold coins to store at home, or rolling over 401(k) assets into a gold IRA, there are numerous ways to benefit from owning gold. For over a decade Goldco has been committed to helping Americans from all walks of life benefit from owning gold. Whether you’re a first time gold buyer or you’ve been putting away gold for years, Goldco has gold coins and gold bars that can fit your needs. If you’re looking ahead to when the Fed
