How to grow your IRA by investing in gold ?
A Short History Of Gold And Silver
Did you know that gold and silver are one of the oldest forms of currency in the world?These two metals have been traded around the world for thousands of years.
Printed money doesn’t even come close to the value of gold and silver. In many ways, people still consider it as the de facto standard for currency.
In 1971, President Nixon severed the U.S. dollar’s ties with the gold system.
The U.S. Treasury was running out of gold as more and more people were exchanging their U.S. dollars back to gold. People were starting to lose confidence in the U.S. dollar and more and more people were emptying the gold reserve.
In an act of desperation, President Nixon severed the gold standard thus enabling the U.S. to continually print money — they were effectively creating their own debt and generating as much debt as they wanted in the form of currency.
In the past, gold has always been known as a symbol of the rich and the elite, silver is also precious but in more functional ways. Gold, we see it as jewelry and silver as silverware.
Gold and silver is a sign of money and power. They are soft enough to be molded into different forms and it form gives beauty that entrances people.
The Advantages Of Investing In Gold And Silver :
Preserve your wealth
Anyone can trade gold for any other currency if anything happens to a country’s currency
Jewels made of gold or silver can also be easily traded
You can find other buyers for your form of currency because gold and silver is a universal currency.
5 Questions To Ask Yourself Before Making Any Investment
Am I looking for quick cash or am I in this for the long haul?
Are the metals I’m buying genuine? (Real, authentic)
Are you buying at a ‘low’ or at a ‘high’.
Are you buying paper metals or real bullion?
Have I diversified my portfolios enough? Don’t put all your investments in one basket.
The Psychology For Any Precious Metal Trader
A trader’s mindset is very important. Psychology is infinitely more important than how much you have to invest.
A trader with little money but strong psychology is infinitely better than a trader with a weak mind and lots of money. Why is that? Because a person with the proper mindset can double, triple or quadruple their money while a person with a poor psychology can lose it all overnight.
The key is to be detached with your money. It is better to trade with money that you can spare rather than money you depend on (life or death money).
Can you hold a trade? What happens when the price takes a plunge? Do understand that gold and silver trading is like buying a house. No matter what the price of a house will always go up but it is a matter of how long can you hold.
Above all, remember not to rely on gold and silver trading as your only source of income. Most people, when they put all their eggs in one basket make bad decisions because it represents all or most of their wealth. When you have income coming in from diverse locations or even other commodities you are trading with, you will make better decisions.
Why You Should Invest In Gold And Silver Now
Start diversifying your assets! Do not trust in your local currency which fluctuates with events.
Protect your wealth. Gold and silver are always in demand and are limited in supply so you can always find buyers.
Always scout around for desperate buyers who are trying to liquidate their gold and silver for currency. They are your best people to target when you are buying gold. You can even offer ‘low-ball’ offers and see who will take the bait.
Like attracts like — so the more wealth you store away, the more you are likely to attract. Besides, keeping it as precious metals is a form of saving. You are not tempted to spend your money and remember that a penny saved is a penny earned.
There you have it. Be sure to invest wisely.
Just so I won’t leave you empty-handed I thought I’d share with you a good and reliable website that I trust, my parents have been using it for years now to grow their Ira, it’s called RA wealth partners.
(I might earn a small commission by sharing this link)
Please do share and if you like the content, it is my very first time posting so I apologize for my inexperience in the matter.