Diamond Jewellery Market COVID 19 Impacted In-Depth Analysis including key players Harry Winston, Cartier, Van Cleef & Arpels, Buccellati, Tiffany & Co., Graff, Piaget, Bvlgari, Mikimoto, Chopard Cole of Duty
Author: Gold News Club
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Carat vs Karat- What Is The Difference?
Carat and Karat are two frequently used terms in the jewelry industry yet they mean two completely different things. Carat is a unit of weight used for gemstones, often confused with Karats used in Gold. The purpose of this blogpost is to help you better understand the difference between Carat and Karat. Especially when […]
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Finding Safety in Uncertainty
The unfortunate truth is, we are still facing many of the same challenges we faced back in March. While some things may have improved, it’s important that we don’t get locked into complacency. The COVID-19 crisis is ongoing here in the United States, and people are still suffering.
The number of new cases of coronavirus remains elevated.
On July 10th, the number of new reported cases of COVID-19 for a 24-hour period reached a new record high of 66,645 cases. One week later on July 17th, the record was broken and the number of new reported cases of COVID-19 for a preceding 24-hour period reached a new high of 71,225 cases.
Doctors and medical experts are reportedly more worried than before about being able to handle the higher caseloads in many states. While cases remain elevated, government mandates and closure orders will, too.
Aside from those stricken with the virus, millions continue to feel the strains on their finances. Our nation’s economy is still rattled by the effects of the pandemic.
The number of new unemployment claims has remained over 1 million for at least 17 weeks.
The total unemployed number of Americans remains above 15 million. While this is an improvement from previous record numbers, it is still a far cry from the record low unemployment numbers back in February. Many economists predict more layoffs and furloughs may be coming soon.
Some industries are harder hit than others, with the travel industry being right at the top. Both American Airlines and United Airlines have recently outlined plans that may lead to job cuts if certain positive changes do not come to pass. Even Southwest Airlines, the sweetheart of the skies, remarked that job cuts could be on the table.
On top of this, the provision in the Paycheck Protection Program that requires employers to maintain a certain ratio of employees is set to expire at the end of the August. This could lead to a new round of layoffs from employers who received assistance but are still struggling.
Now is the time to be safe with your finances.
Hopefully, you had a nest egg in place for tough times. Whether you did or not, hopefully you pulled back, and modified your spending habits to adjust. Unfortunately, I hear from many that have done neither and are now more worried than ever, and often for good reason. There is still much uncertainty over the course of our economic recovery.
In recent earnings disclosures, major banks like JPMorgan Chase and Bank of America announced they have set aside billions of dollars in cash in preparation for loan defaults, in particular corporate defaults. Multiple members of the Federal Reserve have publicly commented on their own fears about recovery. Lael Brainard, a member of the Federal Reserve’s Board of Governors, said, “A thick fog of uncertainty still surrounds us, and downside risks predominate.”
When navigating a “thick fog,” moving too quickly can be dangerous and lead to mistakes or even cause an accident or crash. Acting safely is key. It is in times like these where gold can shine as a fog light. Gold is traditionally seen as a safe haven in times of uncertainty, and it is no wonder banks like Citibank are forecasting gold to reach new record prices.
Ask yourself, if major institutions see a bright future for gold and are considering future downsides in corporate performance, why shouldn’t you?
The post Finding Safety in Uncertainty appeared first on U.S. Money Reserve.
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Are Self-Directed IRAs a Good Idea?
Are you paying down debt? Smart. Want to spend more quality time with your family? That’s also a great idea. And saving for retirement? Another one! How about saving for retirement through a Self-Directed IRA? Learn why that’s an ideal option to add to your list of retirement strategies.
Self-Directed IRAs Offer Flexibility
A Self-Directed IRA is a member of the IRA family. These accounts provide tax benefits for people who are putting away money for retirement.
Among the most common types of IRAs are traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs. These IRAs—typically managed by brokerage firms, banks, and insurance companies—limit account holders to approved stocks, bonds, mutual funds, ETFs, and CDs.
A Self-Directed IRA, in the form of a traditional or Roth IRA, enables someone to go beyond those asset categories and choose alternative assets such as precious metals, real estate, promissory notes, and tax lien certificates.
Given that level of flexibility, someone can set up what’s known as a Self-Directed Precious Metals IRA. With a Self-Directed Precious Metals IRA, a custodian like U.S. Money Reserve buys and holds gold and silver on the account holder’s behalf. The account holder picks the precious metals that the custodian purchases.
A Self-Directed Precious Metals IRA can help you achieve portfolio diversification and help protect you from economic and inflationary fluctuations.
It’s worth noting that a Self-Directed IRA is not the same as a self-managed IRA. A self-managed IRA gives an account holder some flexibility in choosing which asset types to buy within certain boundaries. With a Self-Directed IRA, on the other hand, the account holder wields full control over how and where the money is spent, as long as IRS rules are followed.
Keep in mind that the IRS prohibits certified coins and certain precious metals (but not gold, silver, platinum, or palladium) from being included in a Self-Directed IRA.
Self-Directed IRAs Offer Freedom
Self-Directed IRAs not only give you access to alternative assets, but they also give you the freedom to take advantage of your interests and knowledge. For instance, you can capitalize on your know-how about gold and silver, your love of U.S. history (many gold and silver coins have fascinating backgrounds), or your longtime passion for coins.
“Knowledge gained through work experience, industry involvement, or even hobbies can often be translated into viable [asset acquisitions],” John Bowens, a retail sales manager for Equity Trust Company in Westlake, Ohio, told U.S. News & World Report.
Self-Directed IRAs Offer Tax Advantages
Just as other IRAs do, a Self-Directed IRA provides tax breaks when you’re saving for retirement. These breaks can be tax-deferred gains (within a traditional IRA framework) or tax-free gains (within a Roth IRA framework).
For 2020, the annual contribution limit for IRAs is $6,000. The limit goes up to $7,000 if you’re at least 50 years old.
All in all, a Self-Directed IRA “can be a phenomenal asset,” as Joseph Polakovic, owner and CEO of Castle West Financial in San Diego, told U.S. News & World Report. Can you put it to use for your benefit?
Learn more about the freedom and flexibility you can gain with a Self-Directed IRA. Call U.S. Money Reserve for a one-on-one discussion about your retirement goals.
The post Are Self-Directed IRAs a Good Idea? appeared first on U.S. Money Reserve.
The pandemic has brought tremendous change to the world, including to the supply and demand equation for the dollar and precious metals. As savvy investors know, supply and demand can be a significant factor in price. Watch the video to see what’s changed for the dollar and gold and silver and how it’s impacting prices for them now and, possibly, in the months to come. Watch now.
If you have questions about what’s discussed in the video, give us a call to speak with one of the precious metals advisors at Scottsdale Bullion & Coin. Simply call 888-812-9892. We’re happy to answer any questions you may have during these difficult times.
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“Great Depression levels of unemployment have hit some of the country’s biggest cities. The coronavirus pandemic has pushed the jobless rate in New York, Los Angeles and other major urban areas to near or above 20%, nearly twice the national rate. The unemployment rate is a barometer of financial hardship for American families, since losing a job typically leads to a significant drop in household income.”
USAGOLD note: As Ronald Reagan used to say, “A recession is when your neighbor loses his job. A depression is when you lose yours.”
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Gold and silver prices explode
Gold and silver prices have exploded. Gold’s up $390 since its March low, silver up $10.60. Silver’s gain is 87% versus gold’s 26%. This is what was supposed to happen being that the GSR (gold silver price ratio) topped 100. Silver has still more catching up to do.
The renewed interest in the metals undoubtedly comes from recognition that all this massive money printing and distribution cannot end well. Many former employees are now making more money not working than they were when working.
Consider these numbers: The federal budget deficit was $2.7 trillion in the first nine months of fiscal year 2020, $2.0 trillion more than the deficit recorded during the same period last year. For March 2020, fedgov’s budget deficit was $117 billion, which was a $30 billion decrease from the $147 billion deficit recorded in March 2019.
Another stimulus program is in the works. The House passed the CARES Act, which called for $3 trillion in additional spending. The Senate did not act on it, and Senate Majority Leader McConnell has said that $1 trillion is closer to what he is thinking. They will probably meet in the middle but with it being closer to $3 trillion than $1 trillion.
Further, we have cities and states continuing to shut down restaurants, gyms, bars, hair salons, nail salons, and other sources of tax revenues. Those states and cities will be doing without tax revenues, and we can expect them to ask the Fed and the Treasury for assistance.
As noted, this is not going to end well. Gold and silver prices are moving in the right direction.