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The vast majority of people in the gold and precious metals world are honest and ethical. But there are crooks in every conceivable human endeavor. Unfortunately, the precious metals market is mostly unregulated, so it’s a good idea to become familiar with the industry and recognize possible gold IRA scams.
...Gold IRAs are becoming increasingly popular among conservative investors. Mounting federal debt and the rise of the euro and Chinese renminbi as serious competitors to the dollar as potential global reserve currencies have investors hedging against the dollar and looking to protect their retirement portfolios against inflation. Gold prices rose 24% during the calendar year 2020, and are trending upwards as of this writing in early 2021.
...Section 408 of the Internal Revenue Code prohibits IRA owners from taking direct possession of assets owned within an IRA. Instead, you must have a third-party hold title to or physically control the assets on your behalf. Usually third parties are called custodians.
...As investments, gold and silver have a lot in common: They are historically effective hedges against recession and times of economic collapse. They can help protect your portfolio against inflation and hyperinflation. And they are both physical, hard, tangible assets which – unlike paper securities such as stocks and bonds – can never be reduced to zero.
...When most people think of gold investing, they think of the actual physical possession of gold bars, coins, jewelry and the like. But there are many other ways you can hedge your portfolio with exposure to gold and precious metals. You can hold ‘paper gold,’ as well. Three of the most common vehicles for investing include…
...Occasionally, we come across television, radio, and other assets promoting the sale of gold, silver and other precious metals for IRAs and other retirement accounts. These ads suggest that you can store these IRA-owned metals at your home.
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