Update: As predicted, the “Fiscal Responsibility Act” that suspends the debt ceiling until 2025 has passed the House. It will pass the Senate on Friday and be signed by Joe Biden.
As predicted, gold and silver prices rose on the news. Many economists are expecting the debt ceiling deal to affect the economy adversely in the coming weeks despite avoiding default, which in turn will affect the prices of gold and silver. Currently, they are below their highest levels but that status will likely change soon. Many people are reaching out to Genesis Gold Group for their retirement accounts and Our Gold Guy to have gold and silver shipped to their homes.
Original Article: “Buy low, sell high,” they often say when it comes to investments. But the rule doesn’t always apply when it comes to retirement accounts because Americans generally do not move their long-term savings in and out of markets based on short-term activity. Retirement is for the long-haul so making too many moves and accruing charges makes little sense when investments are designed for years or decades.
One strategy that clearly does apply to retirement accounts is “buying the dip” when there are reasons to transfer or rollover, such as the current economic situation. As more Americans have decided to move their retirement accounts to self-directed IRA’s backed by physical precious metals, it has come down to a matter of timing. The best way to make the switch as beneficial as possible is to move accounts that are currently invested in various markets into investments that are now low but expected to rise. Physical precious metals are currently positioned in what many economists believe to be a low point.
The debt ceiling deal represents such a catalyst when Americans should consider making a move very soon. Economists have been talking about this “sweet spot” for over a month, but they were basing their predictions on the assumption that either the debt ceiling would be raised or that the U.S. government would default. Neither happened. Instead, the debt ceiling was essentially eliminated until January, 2025.
This poses a tremendous problem for many markets, but few are recognizing the threat yet. By kicking the debt ceiling debate down the road, Joe Biden and Kevin McCarthy have set the stage for another “blank check” incident. With no ceiling, all it will take is a triggering event for the money printers to start cranking out U.S. Dollars, devaluing it while causing precious metals to go through the roof.
It’s important to note two things. First, we are not financial advisors and offer insights for information purposes only. Second, The Liberty Daily has precious metals sponsors that benefit us when our readers purchase from them.
It would have been simpler to read the financial tea leaves if the debt ceiling had been raised or if default was allowed. Temporarily eliminating the debt ceiling means we are in a dip for gold and silver today that could reverse itself very quickly in the near future. It all depends on whether a major event such as another pandemic or war breaks out between now and when the debt ceiling conversation gets started again in a year-and-a-half.
If the last three years are any indicator, the odds of a triggering event are high. If current sentiment is to be believed, moving retirement accounts to a self-directed IRA backed by physical precious metals may make sense for some Americans.
We work with Our Gold Guy and Genesis because they love America and are properly positioned to help concerned citizens through these tumultuous times. Contact either or both to find out if your current situation calls for a transfer or rollover of retirement accounts.
(Note: The information provided by The Liberty Daily or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.)