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If you follow the news, you may have heard this announcement. China is opening up its gold markets to foreign investors.
This could prove to be a very exciting period for gold. Visit convert IRA to gold before reading this.
gold is undervalued
China did this in order to improve the fortunes its currency and to affect global gold price. Coincidentally though, gold prices are extremely low. So low in fact that its selling prices are at a five-percent discount to the gold production cost. In turn, low gold prices force many mines to close. This happens when the costs of extracting the metal are more than the spot price. They are then no longer financially viable. The price of gold will rise once again as a result of the slowing of production.
Russia and China, both of which have been hoarding huge amounts of gold over the past few years, are not alone. The reason is that they believe gold’s intrinsic value can be used as a security against the global economic instability. Not only China and Russia, but many financial experts worldwide recommend investors turn to the security of gold. Converting an IRA with a traditional backing to a gold-backed IRA would be one of the best options. A gold IRA can back your IRA with physical Gold. Instead of being backed by US dollars, your IRA will be leveraged with gold as a secure option. The transfer is an IRA into IRA transfer and is not taxed.
Why Invest in Silver?
* Because gold, unlike cash, is a hard-to-place asset.
* Because the U.S.dollar is losing a small percentage of the world’s currency supply.
* Because pundits are claiming that the dollar’s days in the top currency of the world are coming to an abrupt halt. The dollar is now at a 15-year low when compared against other world currencies. This is due to more countries wanting to do business in other currencies. This is bad news, for the dollar’s long-term.
* Because gold has outperformed Dow stocks by more 400% over the last ten years.
* Because of its timeless appeal as a precious metal, gold has stood the test.