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What is The Gold Standard? | Is It Still Used In the U.S.?

April 26, 2022 by Eric Leave a Comment

What is the gold standard

What is the gold standard? How did it come to exist? Is it still used today? Does it have any impact on the US Dollar? Welcome to yet another interesting post in which we shall take a look at this system that has been responsible for shaping the global monetary system. If this sounds interesting to you, then read on to find out what we have in store for you.


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Introduction

The gold standard is a system in which a predetermined amount of gold determines a country’s currency value. When paper money is generated and distributed to the public, the denominations are based on a gold weight appropriate for the bill. One ounce of gold might be equivalent to the lowest value note, such as a $1 bill, whereas 5 ounces could be equivalent to a $5 bill.

The government issuing the currency must keep an amount of gold in its possession that is equal to the value of the money in circulation. This is the only way to assure that a country’s currency retains its value under this standard; it is also what caused the gold standard’s demise. Learn why gold is no longer used to support currencies in the United States and around the world.


The Gold Standard’s Inception

Because gold is rare, difficult to obtain, malleable, and does not corrode, it has been the currency of choice throughout history. Around 600 B.C.E., it was first used as minted money in Lydia, which is today part of Turkey.

While gold was produced into coins and used for trading, it was not until the 19th century that the precious metal became a standard. Although Britain utilized gold as a standard as early as 1816, gold did not become a worldwide standard for evaluating currencies until the 1870s. After multiple attempts to employ alternative exchange mechanisms failed, the United States established the gold standard in 1879.

The Gold Standard Act of 1900 made gold the only metal that could be used to redeem paper currency in the United States. Because the act guaranteed that the government would redeem any amount of paper money for its face value in gold, transactions no longer required the use of heavy gold bullion or coins, as paper currency had a guaranteed value related to something actual.


The End of the Gold Standardcons

Political alliances shifted after World War I, international debts rose, and government finances suffered. The gold standard was not stopped throughout the war, but it was in limbo, displaying its inability to withstand both good and terrible times. This led to a loss of faith in the gold standard, exacerbating the economy’s problems. It became increasingly clear that the world’s global economy required a more flexible foundation.

At the same time, there was a strong desire among nations to return to the halcyon days of the gold standard. The British pound sterling and the US dollar became the worldwide reserve currencies as the gold supply continued to slip behind the growth of the global economy. Smaller countries began to hold these currencies in preference to gold. As a result, gold became increasingly concentrated in the hands of a few large nations.

Post-War Problems

The 1929 stock market crisis was just one of the world’s postwar problems. The pound and the French franc were out of sync with other currencies; Germany was still suffocated by war debts and repatriations; commodities prices were plummeting, and banks were overextended. Many countries attempted to maintain their gold reserves by boosting interest rates to attract investors to hold their deposits instead of converting them to gold. The global economy has only become worse as a result of these rising interest rates. The gold standard in England was suspended in 1931, leaving only the United States and France with significant gold holdings.

The US government then revalued gold from $20.67 per ounce to $35 per ounce in 1934, raising the amount of paper money required to purchase one ounce to help the country’s economy. As other countries were able to convert their existing gold stockpiles into additional US dollars, the dollar’s value plummeted. Because of the greater gold price, more gold was converted into US dollars, essentially giving the US a monopoly on the gold market. Gold output surged to the point where, by 1939, there was enough in the world to replace all of the world’s currencies.

**Also read: Gold in War | What is it good for?


The US Dollar vs. Gold

The top Western governments met as World War II came to an end to construct the Bretton Woods Agreement, which would serve as the underpinning for global currency markets until 1971. All national currencies were evaluated in reference to the US dollar, which became the dominant reserve currency, under the Bretton Woods regime. The dollar was then exchanged for gold at a set rate of $35 per ounce. The gold standard continued to operate in the global financial system, albeit in a more indirect fashion.

As a result of the agreement, gold and the US dollar have developed an unusual connection over time. In the long run, a falling dollar usually indicates higher gold prices. This is not always true in the near term, and the relationship might be shaky at best, as the one-year daily chart below shows. Notice how the correlation indicator changes from a significant negative correlation to a positive correlation and back again in the graph below. However, because the connection is still skewed toward the inverse (negative in the correlation research), gold tends to fall when the dollar rises.

The United States owned 75% of the world’s monetary gold at the conclusion of WWII, and the dollar was the only currency still backed directly by gold. As the world rebuilt itself after WWII, however, the United States’ gold reserves steadily declined as money poured into war-torn countries and the country’s own strong need for imports. The gold standard was suffocated by the high inflationary environment of the late 1960s, which sucked the final breath out of it.


The Current Situation

The gold standard entered its current chapter as a result of presidential initiatives. Following FDR’s decision to abandon gold, a stockpile grew at Fort Knox. After decades of international trading, this stockpile had shrunk to nearly nothing in 1971. President Richard Nixon removed the dollar’s gold peg in August 1971, essentially ending the Bretton Woods Agreement and introducing a totally fiat monetary system, with paper currency backed solely by the government’s word.

In 1985, the United States Treasury began selling gold coins to the general public for the first time in more than 50 years. The United States Mint is responsible for a considerable portion of the gold available to collectors and investors. Gold trade between the United States and other countries grew, bringing the gold standard – or lack thereof – into the twenty-first century.

In the United States today, there are two main groups: those who rely on and wish to keep the present, fiat monetary system, and those who fight for a return to the gold standard, citing fears that the dollar’s strength is eroding. It remains to be seen whether the gold standard is reinstated for the country or the world at large.


Frequently Asked Questions on “The Gold Standard”

1. What Benefits Does the Gold Standard Provide?

Because governments and banks cannot alter the money supply, the gold standard prevents inflation (e.g., overissuing money). The gold standard also helps to keep prices and exchange rates stable.

2. What Are the Gold Standard’s Disadvantages?

The supply of gold under the gold standard cannot keep up with demand, and it is not flexible in difficult economic times. Gold mining is also expensive and has serious environmental consequences.

3. What is the backing for the US dollar?

The US dollar is backed by the US government’s full faith and credit.

4. Will the United States return to the gold standard?

The United States is unlikely to return to the gold standard.

5. Why Did the United States Leave the Gold Standard?

To combat inflation and prevent foreign countries from overburdening the system by redeeming their dollars for gold, the United States abandoned the gold standard in 1971.

6. What Countries Are Currently Using the Gold Standard?

Today, no government follows the gold standard, despite the fact that several countries still hold vast gold holdings.


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That’s all for this post on what the gold standard is about. I hope you learned something about what this system entails, and you can now share a thing or two with your peers. Be sure to check out the recommended resources as well, to gain more knowledge on various types of investments. If you have any questions or comments, then you can share them in the comments section and I will get back to you ASAP!

I wish you well,

Eric, Investor and Team Member at Gold Retired!

Filed Under: Gold, Retirement

Best Place to Buy Silver Coins Online | Legit & Approved!

April 25, 2022 by Eric 2 Comments

best place to buy silver online

What is the best place to buy silver coins online? This is one question that many people who are trying to get started with investing in silver ask by default. In today’s post I will take you through some of the top places that I think are worth checking out, but as always, do not forget to do some background research before settling on any dealer. Read on to find out more: 


P.S. Gold Retired

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Introduction 

Precious metals are a popular investment choice for individuals who are looking for ways to allocate some money into assets that retain their value over a long-term horizon. Silver is one of the precious metals that generally maintain their value even in times when the stock market is facing major fluctuations. 

Silver also performs well when inflation is hitting hard and when there are political uncertainties. When paper assets are underperforming due to external forces of the market, precious metals seem to be becoming more valuable. 

For investors who prefer a hands-off approach to investing, there is an approach in which you can purchase the physical silver,  and store it in a safe depository. You can do this through a SILVER IRA, or you can contact your financial advisor for legal advice on other ways in which you can possibly hold your physical silver.

Investing in silver and other precious metals is not for everyone. It is generally for those who are seeking long-term investments, and for those who are worried about the rates of inflation, as well as the future of paper currency. Where then, can you purchase silver coins if you are this kind of investor?

***Silver IRA | Basics You Should Know Before You Get Started


Best place to buy silver coins online 

GoldCoWhat is Goldco

This company was founded in 2006 as a precious metal IRA service provider. Precious metal IRAs usually operate in the same manner as traditional IRAs, with the only difference being that they allow investors to hold precious metals instead of paper assets (e.g. stocks, ETFs, and mutual funds). 

The IRS regulations require those who purchase silver coins and invest in them through such a company to hold them within the secure and insured depository until they are 59 ½  years. Upon reaching this age, one can begin taking penalty-free withdrawals. Note that the price of silver will still fluctuate even when your assets are held within your precious metal IRA (silver IRA). 

If you think that this option can work for you, then you can start by opening a silver IRA, then you can contact GoldCo to purchase the coins. You can also contact their representatives, and inquire about how you can get started with investing in silver coins, more so if you are new to the industry. 

Note that the minimum purchase order you can make with this company is $25,000. There will also be some storage fees and account maintenance fees if your silver is held within a silver IRA. 

Goldco Reviews | Any Complaints, Red Flags, or Flaws Found?


American Precious Metal Exchange (APMEX)

This is one of the most popular precious metal online dealers in the entire world. APMEX can pass on savings to its customers owing to the sheer volume of business that it does daily. This company is a good option for those who not only want to purchase silver, but also those who want to sell their silver to them. They have a huge selection of coins (including those of other precious metals such as gold). You can also purchase old banknotes. foreign coins, as well as “elite coins” from them. They also have a section for rare coins and collectibles sourced from all over the world. 


Silver Gold Bull

This company takes pride in its capability to effectively provide a suite of services for its customers. In addition to allowing them to purchase and sell through their company’s website, Silver Gold Bull also offers storage services. Customers who turn to this company also benefit from its automated spot alert feature, through which they can keep track of the price of their silver assets so that they can know when a target price has been hit for them to either buy or sell. 

Also read: How to Invest in a Silver IRA | Good Idea for You?


Scottsdale Mint

This company previously went by the name Scottsdale Silver. Currently, it focuses on the sales of gold, silver, and collectibles to its customers, and also allows those who have precious metals that they’d love to sell, to get a chance to sell their items.

Scottsdale Mint sells its precious metals in the form of coins, bullion, bars, as well as rounds, and adds a certain premium to its products due to their artistic minting. You can get your silver assets shipped to you for free, but you are required to make a minimum purchase of $500. Other companies in this industry offer free shipping when one purchases products worth $99, so you may need to look for other options if you do not intend to spend $500 on silver coins. The main thing that sets apart Scottsdale Mint is that it has a very creative minting process that gives rise to some alluring coins. 


JM Bullion

JM Bullion is yet another company that offers you the opportunity to purchase silver coins through its online platform. They also stock a wide variety of gold and palladium products in bullion form, that you can order and have delivered to your doorstep. This company offers free shipping on all purchases over $199. All the products are inspected to ensure that they are of the right quality before they are shipped. Customers can pay for their silver coins through any of the payment channels which include: Bitcoin, MasterCard, PayPal, bank wires, paper checks, and PayPal Credit. 

JM Bullion takes pride in the fact that it is accredited at state and federal levels. Some common comments from its customers are that it has reliable customer support (via phone and a 24-hour live chat). 

Here are some more informative posts: 

Is There Such a Thing as a Silver IRA? According To The IRS?

What is The Best Silver to Buy for Investment? Top-5 Choices

Gold and Silver Investment Strategies | Top Choices For 2022


Frequently Asked Questions on the best place to buy silver coins onlinefaq

1. Which is the best place to buy silver coins online?

Depends on why you need the silver. If you want to purchase silver coins through a silver IRA structure, then you can check out what GoldCo has to offer. If you simply want to purchase silver coins to hold in the safe in your home, then any of the other options listed above may be good for you. You must, however, do some research about these companies to establish whether they have what it takes to deliver the products you need, in the best quality or form. 

2. Which types of silver coins are the best to purchase?

Again, this depends on your investment objectives. For those who want to invest for retirement through a silver IRA, then the coins that they pick must meet the IRS fineness standards. Some common examples of IRS-approved silver coins include:

  • American Silver Eagle 
  • Austrian Silver Philharmonic,
  • Australian Silver Kangaroo
  • Canadian Silver Maple Leaf 

Other investors can invest in any type of silver coin, provided that they have established that those coins will be worth more in the future.

3. Where do I store my silver after purchasing it?What is depository storage?

If you buy silver through a silver IRA, you are required by the IRS to store it in IRS-approved depository storage that offers insured storage. If you do not own a silver IRA, then you can store the silver coins in any type of secure storage, including a safe at your home. Ensure that the coins are stored in airtight and dry containers so that they do not end up tarnishing. 

4. How do I choose the right place to buy silver from?

I would recommend that you use a trusted and well-established company when purchasing your silver. Consumer trust sites such as Trustpilot and Better Business Bureau are good places to also check and verify the legitimacy of various companies. You should also check the pricing, shipping fees, and other expected fees, to have an idea of the amount of money you will part with before you finally own the silver.


Interesting Reads For You:

==> See my #1 Recommended Gold & Silver IRA Solution

==> See Top-5 Recommended Cryptocurrency IRA Solutions


Thanks for making it to the end of this article on the best places to buy silver coins online. I hope that you found it helpful and informative and that you now know what to do as you get started on your journey of sourcing silver coins on online platforms. Let me know if you have any questions pertaining to today’s post drop them in the comments section and I will get back to you asap!

I wish you well,

Eric, Investor and Team Member at Gold Retired!

Filed Under: Gold, Retirement

What is The Best Silver to Buy for Investment? Top-5 Choices

April 21, 2022 by Eric Leave a Comment

What is The Best Silver to Buy for Investment?

What is the best silver to buy for investment? If you are reading this post today, then you must have an idea of the necessity of the inclusion of precious metals in one’s investment portfolio. The hard-hitting inflation rates have necessitated investors who had previously not thought about owning precious metals to do so, for the purposes of diversification. This post will help you figure out the best silver you can purchase, to minimize the risk of losing your wealth. 


P.S. Gold Retired

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Introduction

Silver is gradually becoming an asset to watch with some investors speculating that its price could more than double in the next two years or so. It is expected that we could see the price of this asset rise to $50 or even more, which could be quite an impressive gain for those who have some of their money tied to this precious metal. Not all types of silver, though, can be held with the hopes of such gains.

Let’s take a look at the best types of silver worth considering if you’re out to make some money instead of losing it by holding nothing but paper assets. 

 1. Silver American Eagle

This silver coin is popular for being the only coin whose purity and fineness are guaranteed by the U.S government. That alone makes it a coin worth holding since the quality will never be an issue whether you’re buying it or selling it. In the precious metal industry, the one thing you cannot go around when it comes to the ownership of physical assets is purity. The Silver Eagle ticks this box, and is a readily accepted and instantly recognizable coin on a global scope. 

New, uncirculated Silver Eagles will typically cost anything between $1.80 and $2.50 above the spot price of silver, while the used Silver American Eagles go for about $1 above the spot price of silver. 

Silver American Eagles are limited in supply, which makes their value appreciate with age. If you want to purchase the 1986 Silver Eagles, for instance, you have to be ready to pay $7 or so above the spot price of silver.

>>How to Invest in a Silver IRA | Quick Guide For Newbies!

>>Is There Such a Thing as a Silver IRA? According To The IRS?


2. Canadian Maple Leaf

The Canadian Maple Leaf silver coin is perhaps the second most popular silver coin of its kind, and also one of the most popular precious metal coins in the world. The company behind its production, the Royal Canadian Mint,  has been producing it since 1988 and has been sure to maintain the highest purity standards as far as silver content is concerned. A single Canadian Maple Leaf is 99.99% fine, and a 1 oz size has a legal tender value of CAD $5, with analysts holding to the conviction that the true market value is higher. 

The design of this coin features radial lines that have their origin at the center of the coin, and that are meticulously machines within the microns, to facilitate the consistent die production as well as coin striking. The width and pitch of the radial lines produce a unique light-diffraction pattern which makes the Canadian Maple Leaf a spectacle to behold, and probably the best in the silver industry. 

The newer silver coins are presented in a MintShield, which is a transparent proprietary surface protectant that does a great job at preventing the formation of white spots on the surface of the silver bullion. 


3. Austrian Silver Philharmonics  

The Austrian Silver Philharmonics are popular perhaps mainly due to their beauty. Interestingly, it is the only silver coin of its caliber that is denominated in Euros, with its legal tender value being €1.5. Here is what you can expect on both sides of the coin:

  • Obverse – instruments from the Austrian Philharmonic Orchestra 
  • Reverse- Golden Hall of Vienna

The presentation of the instruments and the Golden Hall of Vienna on both silvers of the Austrian Silver Philharmonics is done so perfectly, that a significant number of Austrian Economics fans have an undying love for these precious metal coins.

These coins mostly trade for $2 to $3 above the spot price of silver in the market, but the 2008 coins are already fetching a premium of about $2.30 above the spot price for large orders of about 500 coins. If you want to purchase a single 2008 coin, which you may only access from APMEX by the way, you will pay about $3.50 above the spot price of silver. You can expect some price breaks as you purchase these coins in larger quantities of say 20, 100, or 500 coins. The 2009 Philharmonics start out at roughly $2.30 above the spot price, though you can have them for about $1.79 above the spot price if you make a large order. 

An interesting read for you >>What Does the Bible Say About Retirement? | Gold & Silver IRAs?


4. Morgan Silver Dollars

Morgan Silver Dollars are legal-tender coins that are also issued by the government, and that are not a new asset to avid silver investors. They were initially minted from 1878 to 1974, and then in 1921, and have since then not been minted. These 0.86-ounce coins comprise 90% silver and 10% copper, hence their silver weight is about 0.773 troy ounces. Generally, when it comes to silver, investors are only usually willing to purchase coins that have a 0.999 silver purity, but this coin is still highly recognizable and stands out as a rare exception to this rule. 

Read more about silver IRAs here. 


5. 1kg Silver Bar Gold Retired

1kg silver bars are popular amongst small and large silver investors who are out to strike a suitable balance of value for money and flexibility with their investments. Most of the first-time and smaller investors purchase the kilobars in singles and doubles, while the larger investors often purchase them amongst other types of silver. The 1kg bars manufactured by Metalor based in Switzerland, PAMP based in Switzerland, and Umicore based in Belgium are 99.99% pure. 

Large investors who believe that the future for this precious metal is promising are purchasing large quantities of 1kg silver bars worth $10,000 – $50,000+. Those who also own gold e.g through gold IRAs are using these bars to hedge and diversify their portfolios. They have also become increasingly popular amongst long-term investors who are willing to hold on to assets whose value grows over a long-term investment horizon.

Silver IRA | Basics You Should Know Before You Get Started

How to Invest in a Silver IRA | Good Idea for You?

What Does IRA-Approved Silver Mean? | Easy Beginner’s Guide


Frequently Asked Questions on “Best Silver to buy for investment?”FAQ

1. How can I invest in silver for retirement?

There are many ways in which you can invest in silver for your retirement years, but a more structured approach is to use a silver IRA. Silver IRAs are unique Self-directed IRAs (SDIRA) that allow investors to hold silver as their main asset. With an SDIRA, you can typically hold any type of asset in addition to the main asset allowed/supported by the custodian, but you need to confirm with the custodian which assets you can invest alongside silver.

2. How much silver should I buy for my portfolio?

The question of how much silver one should purchase is one that is open to debate. There is actually no single answer that applies to every investor. This is because every investor has unique goals and different risk tolerance. The one thing I can however say is that it is not a good idea to put all your eggs in one basket. Anything between 5% and 20% would be a suitable allocation to precious metals, but that is again, all up to you to establish your investments goals and needs and to decide how much of your money will be held in silver. 

3. Is investing in silver a good idea?

Again, this depends on what you are out to achieve by investing in silver. If you intend to purchase silver coins or bars for the purchase of long-term growth and portfolio diversification, then you stand a chance to do that with silver. Analysts speculate that the price of silver will gradually rise in the near future, as well as in the long-term horizon, hence those who will have allocated their funds to this asset can expect reasonable gains. As is the case with any type of asset, nothing is guaranteed, and you have to be willing to take your chance, after having done some background research of course. 

4. Can I buy different types of silver through my silver IRA or am I limited to only one type of silver?

You are allowed to purchase different types of silver for your precious metal portfolio. The only thing you have to ensure is that the silver you purchase meets the IRS standards for IRA silver. You should also not exceed your annual contribution limits. You can make it a point to liaise with your custodian and precious metal dealer as to which silver assets are allowed for use in a silver IRA, but you should also do your research to ensure that you are well-versed with investing in this industry. 


Also Read:

==> See my #1 Recommended Gold & Silver IRA Solution

==> See Top-5 Recommended Cryptocurrency IRA Solutions


That will be all for today’s post on what the best silver to buy for investment is. I hope that you found the article informative. If you have any questions with regards to today’s post, you can drop it in the comments section and I will get back to you ASAP.  You can also share this post with anyone who you know would benefit from this type of content. 

I wish you well, 

Eric, Investor and Team Member at Gold Retired!

Filed Under: Gold, Retirement

What Are The Differences Between Gold and Bitcoin? Facts!

April 20, 2022 by Eric Leave a Comment

What are the differences between Gold and Bitcoin?

What are the differences between Gold and Bitcoin? Are there any similarities between these two assets? What do I need to know before adding either asset to my retirement investment portfolio? If you have been asking yourself such questions, then you are in luck because, in this article, we shall cover content that will help you understand what you need to, before deciding on which of the two assets you will invest in. If that sounds interesting to you, then read on to find out more.


P.S.Gold Retired

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Introduction

Many market observers have drawn parallels between gold and bitcoin. Both of these have proven to be beneficial to investors, and both have been used as speculative investments at times and safe-haven assets at others. While some analysts have compared the two, there are significant differences between bitcoin and gold.

These range from the simple tenure of investment to the very nature of these assets themselves: gold is tangible, whereas bitcoin is a digital asset. Investors considering trading either of these can benefit greatly from comparing and contrasting the two.


The Fundamentals of GoldGold Retired

For over 2,000 years, gold has been used as a form of currency. Every time miners extract gold from the ground, the supply of gold—that is, what we can access—increases. Gold finds its use in the manufacture of jewelry after it has been mined in this manner. Furthermore, investors can purchase precious metals in a variety of forms. They can purchase bullion or gain exposure to its price movements through a variety of financial instruments such as gold exchange-traded funds and gold futures.

Gold has for quite some time been getting a lot of attention as a safe-haven asset. In late 2011, the price of this precious metal reached an all-time high of more than $1,800, as debt problems arose on a global scope.

Augusta Precious Metals | Review on a No-Nonsense IRA Dealer


The Fundamentals of BitcoinGold Retired

Bitcoin is a type of digital currency that is mined in the same manner as gold is, but the process is entirely electronic. Bitcoin miners, in essence, are tasked with verifying transactions and combining them into blocks, which form the blockchain of the digital currency.

When the Bitcoin miners successfully complete a block, new bitcoins are released. The new tokens are generated in 10-minute intervals according to the bitcoin protocol. The digital currency units can then be used to make transactions. They can also use the units to make investments.

How Can I Buy Bitcoin With an IRA? Safe & Legit Approaches?

Can I Convert my 401k Savings to Bitcoin? | Is It Possible?


Important distinctionschoose

For a long time, gold has been perceived as one of the best assets in different economies and markets in which it has been used as a means of exchange and wealth storage. Bitcoin was launched as the first mainstream crypto back in 2009, but it barely gained widespread acceptance until a couple of years later. Other key differences discussed below will be of help as you decide which one to include in your portfolio.

LiquidityGold Retired

The liquidity of Bitcoin is a major concern for investors looking to it as a safe haven. Cryptocurrencies are typically very liquid assets, but this is not always the case. It is sometimes more liquid than other assets, and sometimes it isn’t. For example, if you had several hundred Bitcoin, you might have difficulty liquidating them if you needed to get out of cryptocurrency quickly—exchanges such as Coinbase only allow for $50,000 in cryptocurrency liquidation per day.

If the price of Bitcoin exceeds the daily limit set by your exchange, you will only be able to withdraw in smaller increments. If you don’t have a large number of Bitcoins, it could be a much more liquid asset for you. Furthermore, if the market swings wildly and many investors begin selling their Bitcoin, the price will plummet dramatically as a result.

Regulation

The gold industry happens to have an established system for trading and weighing, and the tracking processes are mostly flawless. It is extremely difficult to steal or forge, and it is also highly regulated. Many countries prohibit crossing borders with gold unless you have regulatory permission.

When it comes to investing in gold, you should only purchase it from registered and approved dealers and brokers; one caveat is that you should only buy physical gold if you can safely store it. Investors who purchase gold through gold  IRAs are actually required to store their gold in an IRS-approved depository.

Owing to its encrypted and decentralized blockchain system, Bitcoin is also quite difficult to steal and forge. With several exceptions, it is legal to use this crypto across national borders. However, the regulatory infrastructure that could exist to ensure user safety is not yet in place; additionally, the anonymity of cryptocurrency makes it difficult to regulate.

VolatilityGold Retired

Bitcoin has historically been influenced by the media, investor sentiment, regulatory actions, and hype. News from the crypto industry may, however, cause investors to panic and make miscalculated decisions, sending Bitcoin’s price either rapidly upward or downward. Because of reasons similar to the ones highlighted above, gold does not have this volatility, making it a potentially safer asset.

Several alternative cryptocurrencies have been launched in recent years with the goal of providing greater stability than Bitcoin. These coins are referred to as “stablecoins” because their values are tied to fiat currency or another stable asset. Tether, for example, is linked to the value of the US dollar.

Utility

Gold has historically been used in a variety of applications, including currency, luxury items, and specialized applications in dentistry, electronics, and other fields. This multi-functional utility has given gold the ability to retain its value when the value of other assets falls.

Bitcoin’s utility is limited. It is currently only used as a speculative investment and a digital currency. However, there is a new financial technology called decentralized finance that uses cryptocurrency for financial transactions.

Bitcoin can be used for lending, borrowing, and possibly more in this emerging technology. It has the potential to be involved in nearly as many applications as gold, but, in the same vein, it has the potential to become both useless and valuable.

As you can see, the question of whether Bitcoin is a better investment than gold comes down to your investment objectives, whether you enjoy speculating, your risk tolerance, and how much capital you can afford to lose if the market turns. A financial advisor can assist you in setting investment goals and determining whether Bitcoin is a good investment for you.


Final VerdictGold Retired

Gold and bitcoin are two investments that have received a lot of attention as safe-haven assets. There are some significant differences between them, such as gold being a physical commodity and bitcoin being entirely electronic.

However, there are some parallels between the two. They are both speculative investments in the sense that their prices are not based on more fundamental factors such as revenue, earnings, or interest payments.

Investors can benefit greatly from conducting thorough due diligence before purchasing or speculating on gold or bitcoin. Furthermore, they should remember that risk is inherent in investing, so they should not invest any money they cannot afford to lose.

Diversification

Overall, however, the two assets play an important role in portfolio diversification. Diversification of a portfolio can help to reduce risk and potential loss. Most investors incorporate this strategy in some way into their investment strategy; many argue that Bitcoin and gold can help.

Bitcoin is classified as a non-correlated asset, which means it is not directly linked to the stock market. As a result, a small allocation to Bitcoin in a traditional account has the potential to improve returns while not increasing overall volatility significantly. Gold can also protect your finances by diversifying them. It can also help you hedge against inflation or a financial crisis because it moves in the opposite direction of the dollar. This option would be better suited to investors seeking additional security.

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Frequently Asked Questions on “What are the differences between gold and bitcoin?”FAQ

1. Is Bitcoin more valuable than gold?

Gold is a relatively rare metal. Bitcoin is uncommon in comparison to other cryptocurrencies, and gold is uncommon in comparison to other metals. They are both uncommon in their respective fields.

2. Is investing in Bitcoin the same as investing in gold?

Bitcoin, like gold, has become an alternative investment for some investors. It has a wide range of applications and can be a worthwhile investment if used correctly.

3. Is Bitcoin a Better Buy Than Gold?

Which is better depends on your risk tolerance, investment strategy, the amount of capital available, and the amount you can afford to lose. Bitcoin is significantly more volatile than gold, making it a riskier investment.

4. Can I invest in Bitcoin and Gold Using an IRA?

Yes, you can. You, however, have to open a type of IRA known as a self-directed IRA ( SDIRA). An SDIRA  has a host of advantages over regular IRAs, including the fact that investors can use them to invest in a wider variety of assets, including precious metals, cryptocurrencies, and real estate.


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That will be all for this article in which we have looked at what the differences between gold and bitcoin are. I hope you found it helpful and that you now know which of the two assets is worthy of your time, money, and resources. If you still have questions pertaining to today’s post, do not hesitate to let me know. All you need to do is drop them in the comments section and I will get back to you ASAP.

I wish you well,

Investor and Team Member at Gold Retired!

Filed Under: Crypto, Gold, Retirement

Can Foreigners Buy Property in The United States? Legally?

April 19, 2022 by Eric Leave a Comment

Can foreigners buy property in the United States?

Can foreigners buy property in the United States? What are the steps that they should follow if that is allowed? Is it easy to get started? If you have been thinking about how you will put some of your hard-earned money into property in the US, then this article will take you through what you need to know and give you the answers to the questions above. If that sounds interesting to you, then sit tight till the end to discover more.


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Introduction

In a nutshell, foreigners can acquire property in the United States with comparatively few restrictions. Purchasing a home as a foreigner or non-resident in the United States, on the other hand, may bring a few distinct hurdles to purchasing a home as a US citizen. The first obstacle may be obtaining finance for the purchase since lenders are generally hesitant to lend to foreign buyers. Second, some property types may not be as appropriate for foreign buyers as they are for domestic ones.

Finally, if you own property in the United States as a foreign or non-resident, you should be aware of the potential tax ramifications. This article will teach you everything you need to know about buying a dream house or an investment property in the United States.


What kind of property can a foreigner purchase in the United States?

You might be asking if foreigners can buy a home in the United States, or even if foreigners can buy investment property in the United States. The good news is that foreigners buying property in the United States have no legal obstacles. As a full-time resident of the United States, a Green Card holder, a non-resident investor, or as a vacation home, you can purchase real estate.

Foreigners can purchase single-family homes, condominium units, and commercial real estate. The only common roadblock individuals can face is if they want to join a housing cooperative.
When you purchase a house through a housing cooperative — sometimes referred to as a co-op — you are purchasing a share in the cooperative that owns the condo building, rather than the property itself.

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There are no legal limits on foreigners purchasing property in the United States. The biggest challenge that many foreigners may face is money. If you’re a non-resident looking to buy an investment property in the United States, it’s probably best if you can pay cash because getting a local mortgage can be difficult if you don’t have any local credit history.

As a foreigner or non-resident, getting a local mortgage isn’t impossible, but you’ll likely pay higher interest and be required to put down a large down payment. If you are a permanent or long-term resident of the United States, or if you are a refugee or have been given asylum status, you may be eligible for a Federal Housing Administration (FHA) housing loan.

When compared to private lenders, the FHA may typically give better terms and rates to qualified buyers. Co-ops may be less expensive than other types of housing, but they’re usually only meant to be used as primary residences and aren’t suitable as investment properties.


When buying a home in America, what paperwork will you need?

When you buy a home in the United States, you’ll need to present paperwork to support your purchase, and you’ll also need documents to support your loan application if you’re receiving a mortgage or other type of home finance. Although each scenario is unique, here are some of the most frequent documents you’ll need to provide:

1. Proof of identity

Your passport, Green Card, visa, and other identification, such as your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), can all be used as  (ITIN) proof of identity.

2. Proof of affordability

In order to assess the loan’s affordability, a lender will need to see proof of any outstanding loans or debts.

3. Proof of address and residency status

You’ll normally need to show where you live with a driver’s license or other official documentation, and you may also need to show your legal residency status if you plan to live on the property.

4. Proof of income

In order to secure a mortgage, you’ll need to show that you can afford to make the payments. Pay stubs and tax returns are examples of this.

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How to purchase a home in the United States as a foreigner: a step-by-step guide

Secure funding

The first step in buying a property is determining how much you can afford and creating a budget. This could entail getting a home loan in the United States or in your native country, refinancing a property you already own overseas to free up cash, or using your savings.

If you are applying for a mortgage in the United States but are not a resident, be aware that the procedure can take time and that the options and terms offered to you may not be as good as those available to residents. Remember to account for closing expenses and any applicable taxes, as well as the continuing expenditures of maintaining your property as a home or an investment.

Locate a real estate agent and begin your home search

The next logical step will be to begin looking for your ideal home. You can do some research on property websites, but using a trusted real estate agent to guide your search will provide you with the finest service and support.

The fees of hiring a realtor are frequently covered by the property’s seller, and a good agent can guide you through the process of making and completing an offer, as well as narrowing down your search to the most suitable properties.

Real estate brokers often operate in certain locations, so you’ll need to discover someone who specializes in the area where you want to buy. Getting referrals from relatives and friends in the area can help you find a fantastic agent.

Agree on a price

Once you’ve discovered the perfect home, you’ll need to work with your agent to draft an offer and get the sellers to agree to the sale price and terms. At this point, it’s typical to make an earnest money deposit, which is a modest portion of the sale price, to demonstrate your intentions. If you go through with the sale, the deposit will be applied to your closing expenses or downpayment, but if you agree to the sale and then back out, you may lose the money.

Your agent will guide you through this process, but it’s a good idea to include an appraisal or inspection contingency in your offer.

These clauses will allow you more flexibility if your home inspection or appraisal reveals problems, and they may result in a refund of your deposit if you are forced to quit the sale due to major problems revealed by these pre-closing tests.

Carry out your due diligence checks

You’ll need to conduct reasonable due diligence checks once you’ve secured the property in principle. Some of them may be required by your mortgage lender, but even if you’re buying with cash, it’s a good idea to inspect the house extensively before making an offer. A house inspection and appraisal are examples of checks; discuss which checks are appropriate for the sort of property you’re buying with your agent.

Close your account and pay your expenses

You’re almost done. If you’re getting a loan, your lender will let you know the charges and payment plan a few days before the closing date. During a closing meeting, you’ll need to pay all applicable fees, taxes, and your down payment. Congratulations on becoming a homeowner once all of this is completed.

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Frequently Asked Questions on “Can foreigners buy property in the United States?”faq

1. What are the closing costs in the United States?

Most buyers are also liable for other charges such as loan origination fees, appraisal fees, title search, and insurance, legal recording fees, and so on, in addition to the down payment.

2. As a foreigner, am I able to obtain a mortgage in the United States?

Yes. Non-US citizens, including non-immigrant visa holders and non-resident foreign nationals, can get a mortgage in the United States with or without a credit history in the country.

3. If I am a non-resident buyer, do I have to fly to the United States for the closing?

No, it isn’t required. You’ll need a Power of Attorney if you don’t want to or can’t attend your closing. This crucial document authorizes a third party to represent and sign for the buyer at the closing.

4. Is it possible to obtain a green card or residency in the United States if I purchase real estate in the country?

You cannot obtain a green card or any other immigration benefits by purchasing a home in the United States. Non-resident buyers, on the other hand, are free to acquire property in any place in the United States.


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That will be all for today’s post in which we have addressed the question “Can foreigners buy property in the United States?”. I hope you found it educational and that you now know whether you have what it takes to purchase property in the U.S. If you have any questions pertaining to what we have just discussed, you can let me know by dropping them in the comments section so that I can get back to you ASAP.

I wish you well,

Eric, Investor and Team Member at Gold Retired!

Filed Under: Real Estate, Retirement

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