Lawyer-Written Information About Your Gold IRA
The interest in gold investment, and especially investing in gold IRAs (individual retirement accounts), is increasing exponentially, and rightfully so.
Savvy investors can see the train wreck that is coming for dollar-based investments, and retirement account owners have already experienced first hand how seemingly “secure” stock-based retirement accounts can be devastated.
Yes, there is definitely a migration occurring in the direction of gold, and IRA owners are rolling their retirement accounts into gold-based IRAs in ever increasing numbers.
Since you arrived at this website, it’s probably safe to assume that you are considering investing in gold, and perhaps opening a Gold IRA. Maybe you already have an IRA and are considering doing a gold IRA rollover.
At GoldIRAPrimer.Com, we’ve assembled all the information you need to make informed decisions regarding your gold investments, from learning the gold IRA rules to setting up a gold IRA to doing a gold IRA rollover and choosing a gold IRA custodian.
All About Gold
To get you started, here’s a very instructive (and entertaining) video all about gold and why you should consider investing in gold. The video is just a little over 4 minutes in length, so it’s well worth your time to watch.
Unlike much of the random information you may find elsewhere on the internet, the articles on this website are written exclusively by an attorney who works in the fields of taxation and estate planning.
So, before deciding what is best for you and your family’s future security, take advantage of the educational resources located on this website to learn about gold investments. Then, you can make an informed decision as to whether investing in gold is the right move for you.
What’s Motivating the Move to Gold IRAs?
Well, the short answer is to look at the “National Debt Counter” at the top of the sidebar on the right of this page. That pretty much says it all, doesn’t it? The national debt has been increasing by roughly $2.25 billion every day since September, 2012!
It doesn’t matter what your political persuasion is, or which party is responsible for the increasing national debt. The reality is that the debt is at historic highs, and grows larger every single day, with no relief in sight.
You don’t have to be a Nobel Prize winning economist to understand that the Federal Reserve can’t keep printing money for Congress to spend at that alarming rate, without some serious consequences down the road – and not too far down the road at that! Gold is the antidote to money printing. Like Mr. Einhorn says, gold is the one kind of money Bernanke can’t print more of.
The only people who don’t seem to have the mental capacity to grasp this rather obvious fact either work for the federal government in Washington or for the Federal Reserve. It is apparent to the rest of us that the value of the paper dollar must decrease (significantly) as more and more of them are produced by the Federal Reserve without commensurate growth in the US economy.
I am not a Harvard educated economist like Mr. Bernanke, and maybe it is a bit presumptuous of me to question a man of his standing, but I can’t resist.
Mr. Bernanke maintains that the government can print as many U. S. dollars as it wishes, “at essentially no cost.” What? Is he serious? I don’t know about you, but I regard getting 0% interest for years as a cost, but that’s not the worst of it.
How about these for “costs” of dollar printing:
- Significant loss of the dollar’s purchasing power (see graph below)
- U. S. bonds downgraded by ratings agencies for the first time in history
- A real risk that the dollar will lose its status as the global reserve currency (a big deal)
- Practically guaranteeing hyper-inflation in the near future.
There’s more, but you get the point. There is a very significant cost to all this dollar printing, and we’re going to have to pay that price before long. So, with respect, I suggest that Mr. Bernanke re-think that “no-cost” statement.
To put things in perspective, the graphic below about the deteriorating value of the dollar is very instructive. It’s interesting to note that most of the dollar’s decline shown in the graph occurred before Mr. Bernanke started printing dollars with his quantitative easing (QE) program. Imagine what the future of the dollar will look like now that the government printing presses are working double overtime!
There is a startling fact that many investors have overlooked: currencies fail!
Sure, we have all grown up believing that could never happen to the almighty dollar. I certainly never thought that was a real possibility – until the last few years. By the way, I never thought General Motors would go bankrupt either, but consider this.
When you look at the currencies of governments throughout history, they all eventually fail. Think about that for a second . . .
Based upon the historical record, is it reasonable to believe that the dollar will escape the fate of all the currencies that preceded it? Maybe you should have another look at the dollar graphic above and consider that national debt clock in the upper right of this page before you decide.
What’s a Prudent Investor To Do?
We don’t want to jump on the latest investment craze just because everyone else is. We also don’t want to be the last investor to wake up to the fact that dollar-based investments are in trouble.
What we do want to do is to make an objective assessment of the options available to us, and then decide what course of action is most likely to protect our wealth and our families’ security in the years to come.
I don’t know about you, but that “dollar chart” above is frightening to me, especially in light of all the events that have occurred in the last few years and the “QE to infinity plan” of money printing Mr. Bernanke has set us on.
Maybe it’s not prudent to put all of our investments into gold, silver and other precious metals, but after looking at the history of paper currencies versus gold over the last few thousand years, I am going with gold for a significant portion of my investment portfolio!
There is another interesting (and comforting) fact about gold. Unlike all the failed currencies in the history of the world, gold has never been worth zero! When a currency fails, or even when it looses most of its purchasing power, gold retains and usually increases its purchasing power.
The Gold Backed IRA
One good way to invest in gold is to open a gold IRA. Since a significant portion of most folks assets are held in their retirement accounts, a gold IRA provides a good way to get some of those assets out of dollar based assets and into something more secure, like gold or silver.
You will find articles on this website that will assist you in learning about individual retirement accounts generally, and about gold IRAs in particular. You’ll also find reviews of many of the prominent gold IRA companies.