This week in gold, we saw the effects newly released U.S. economic data had on gold prices, heard about how new IRA rollover rules may affect gold investors, and learned of a financial test that 40% of Americans are failing. Each of these stories reiterates the importance of owning gold and other precious metals as a hedge against governmental decisions out of your control and for your own personal financial security.
Last week, U.S. jobs data was released that showed non-farm jobs had increased by 192,000 in the month of March, just barely missing the expected mark of 200,000. This on top of concerns that the Fed would raise interest rates early caused gold to make a 1.2% gain to close out the week. However on Monday, gold held steady at $1,302 an ounce due to the target jobs number only being missed by 8,000, which would not likely affect the government stimulus.
On Tuesday, we analyzed a new IRA rollover rule recently set by the United States Tax Court. The rule states that taxpayers may only do one tax-free indirect IRA rollover per year, regardless of how many IRAs he or she has. The IRS hopes to use this rule to prevent investors from taking money out of their IRAs and being free to use it as they please for 60 days – a “tax-free loan.” However, most investors need not worry as most individuals do not hold more than one IRA.
Palladium prices are on the rise, having experienced a 7% hike so far this year. Palladium is used in catalytic converters that clean up emissions from combustion engines. Growing clean air concerns have driven up demand for these engines, therefore upping the demand for palladium. Additionally, the ongoing South African mine strikes have investors concerned about supply.
We learned of the “$2,000 test” which asked a representative sample of Americans a single financial question. The study by researchers at Princeton University and the University of Chicago business school found that 40% of Americans are failing this test today. Are you? Read about the $2,000 test online to see the question and your options for securing your retirement account with a Gold IRA Rollover.
Don’t let the government walk all over the value of your money, be sure to follow all IRS rules regarding transfers and rollovers, consider a Palladium IRA, and ensure you will pass the $2,000 test for years to come. Call American Bullion at 1-800-326-9598 to speak with a precious metals specialist today.