Milei Triumphs in Argentina's Presidential Race
Argentina has embraced its newly elected president, Javier Milei, who achieved a majority in the popular vote, surpassing his opponent Sergio Massa. Milei, an anarcho-capitalist, aims to dismantle the political "caste" he accuses of failing the nation, boldly asserting earlier this year that the state "destroys wealth."
At the age of 53, libertarian economist Javier Milei has claimed victory over the left-leaning finance minister Sergio Massa to become Argentina's president. In a recent interview with Tucker Carlson, Milei, an advocate of free-market capitalism, attributed Argentina's economic challenges to its century of socialist policies. The election on Sunday evening was a decisive run-off, following a tightly contested initial vote where Massa had a narrow lead.
Massa conceded defeat to Milei on Sunday before the final vote tally was announced. "The results are not what we expected, and I have contacted Javier Milei to congratulate him and wish him luck," Massa stated to the media.
Milei has gained support from bitcoiners and crypto enthusiasts, as the Argentine politician has been a vocal advocate for bitcoin (BTC), stating that it "represents the return of money to its original creator, the private sector."
Furthermore, Milei supports the concept of "dollarization" and advocates for the abolition of the country's central bank, proposing to dollarize the nation as a remedy for its economic troubles. As the leader of Latin America's third-largest economy, Milei faces significant challenges, especially with Argentina's inflation rate soaring to 121% in October.
Following Milei's electoral success, "Argentina" and "Milei" have become hot topics on social media platform X, attracting millions of posts. At the same time, major news outlets like the Guardian and the Washington Post have been quick to label Milei as "far right" and draw parallels between him and former U.S. President Donald Trump.
What are your thoughts on Milei's win? Share your opinions about this subject in the comments section below.
Frequently Asked Questions
What precious metals can be allowed in an IRA?
The most common precious metallic used in IRA accounts, is gold. Also available as investments are bars and bullion gold coins.
Precious metals can be considered safe investments as they don't lose their value over time. They are also a great way of diversifying your investment portfolio.
Precious metallics include platinum, silver and palladium. These three metals all have similar properties. Each one has its own uses.
For instance, platinum can be used in jewelry manufacturing. You can create catalysts with palladium. To produce coins, silver can be used.
Think about how much you can afford to purchase your gold, before you make a decision on the precious metal. It may be more cost-effective to purchase gold at lower prices per ounce.
You should also think about whether you want to keep your investment private. If you do, you should choose palladium.
Palladium has a higher value than gold. It's also more rare than gold. It is likely you will need to pay more.
Their storage fees are another important factor to consider when choosing between sterling and gold. Gold is stored by weight. For larger quantities of gold, you will be charged a higher storage fee.
Silver can be stored by volume. So you'll pay less for storing smaller amounts of silver.
If you decide to store your precious metals in an IRA, follow all IRS rules regarding gold and silver. This includes keeping track and reporting transactions to the IRS.
Are silver and gold IRAs a good idea for you?
This could be a great way to simultaneously invest in gold and silver. However, there are many other options available as well. You can contact us at any time with questions about these types investments. We are always here to help!
What are the pros & cons of a Gold IRA?
If you want to diversify your holdings but aren't able to access traditional banks services, a gold IRA is a great option. It allows you to invest in precious metals such as gold, silver, and platinum without paying taxes on any gains until they're withdrawn from the account.
However, if you withdraw money before the due date, you will be subject to ordinary income tax. However, these funds are kept outside the country and cannot be seized by creditors if you default.
A gold IRA is a great option if you want to own gold but not worry about taxes.
How to Open a Precious Metal IRA
It is best to open an IRA with precious metals through a Roth Individual Retirement Account.
This type of account is superior to other types of IRAs in that you don't pay any taxes on the interest earned from your investments, until you withdraw them.
It is attractive for people who want to save money, but need a tax break.
You are not limited to investing in gold or silver. If it meets the IRS guidelines, you can invest in any asset that interests you.
Most people associate “precious” metal with gold or silver, but there are many different types of precious metals.
These include palladium, platinum, rhodium,osmium,iridium, andruthenium.
You can invest in precious and base metals in many different ways. Two of the most popular ways to invest in precious metals are buying bullion coin and bar coins, and also purchasing shares in mining corporations.
Bullion Coins & Bars
One of the best ways to invest in precious metals is by buying bullion bars and coins. Bullion refers to physical ounces (or grams) of gold and/or silver.
Bullion bars and bullion coins are actual pieces of the metal.
Although you may not be able to see any change immediately after purchasing bullion bars and coins at a shop, you will soon notice some positive effects.
You'll be able to see a piece tangible of history. Each coin and bar has its own unique story behind it.
It is often worth less than its nominal price if you examine the face value. When it was first introduced in 1986, the American Eagle Silver Coin cost only $1.00 per troy ounce. Today, however the American Eagle's silver coin is worth closer to $40.00 an ounce.
Bullion's price has risen dramatically since its inception, so many investors would rather invest in bullion coins than futures.
Another option for people who are interested in buying precious metals is to invest in shares of mining corporations. You're investing in the company’s ability to produce precious metals.
You will get dividends based off the company's profits in return. These dividends will then be paid out to shareholders.
Additionally, you will be able to take advantage of the company's potential growth. The share prices of the company should rise as more people buy the product.
Because these stocks fluctuate in price, it's important to diversify your portfolio. This allows you to spread your risk among multiple companies.
However, it's also important to remember that mining companies aren't immune to financial loss, just like any stock market investment.
Your ownership stake could become worthless if the price of gold falls significantly.
The bottom line
Precious metals, such as silver and gold, can be a refuge during economic uncertainty.
Gold and silver can fluctuate in price. If you are interested in long-term investing in precious metals, open a precious Metals IRA account at a reputable firm.
You can enjoy tax benefits while still owning tangible assets.
How can I choose an IRA?
Understanding your account type is the first step to finding the best IRA. This includes whether you are looking for a traditional IRA or Roth IRA. You also want to know how much money you have available to invest.
The next step is determining which provider fits your situation best. Some providers offer both accounts while others are specialized in one.
Last, consider the fees associated to each option. Fees may vary from one provider to another and could include annual maintenance fees as well. Some providers charge a monthly fee depending on how many shares you have. Others will only charge once a quarter.
What is the interest rate on a gold IRA?
It all depends upon how much money you invest. If you have $100,000 to spare, then yes. You can't if you have less than $100,000
The amount you invest in an IRA affects its ability to earn interest.
If you are putting in more than $100,000 annually for retirement savings, you should open a regular brokerage account.
There you will earn more interest, but also be exposed to higher risk investments. You don't want your entire portfolio to go bankrupt if the stock markets crash.
However, if you only put in $100,000 per annum, you'll probably be better off with an IRA. At least until there is a rebound in the market.
- Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
- Gold IRA, Add Some Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How to Determine if a Gold IRA is Right for You
Individual Retirement Account (IRA) is the most popular type. IRAs can also be purchased through banks, mutual funds, financial planners, and other institutions. Individuals can contribute as much as $5,000 per year without any tax consequences. This amount can be deposited into any IRA, regardless your age. There are limits to how much money you may put into certain IRAs. For example, you cannot contribute to a Roth IRA unless you're at least 59 1/2 years old. Under 50-year-olds must wait until they reach 70 1/2 years of age before you can make contributions. Some employees may be eligible to match contributions from their employer.
There are two types primarily of IRAs. Traditional IRAs can be used to invest in stocks or bonds, as well other investments. Roth IRAs are only available for after-tax dollars. Roth IRA contributions don't get taxed as soon as they are made. However, withdrawals from a Roth IRA will be taxed again. Some people combine both of these accounts. Each type has its advantages and disadvantages. Before you decide which type of IRA is right for you, what are the pros and cons? Three things to bear in mind before you decide which type of IRA is best for you:
Traditional IRA Pros
- Contribution options vary by company
- Employer match possible
- More than $5,000 in savings per person
- Tax-deferred growth up to withdrawal
- There may be restrictions based upon income level
- Maximum contribution limit for married couples is $5500 annually ($6,500 jointly).
- The minimum investment is 1000
- After age 70 1/2 you are required to begin mandatory distributions
- An IRA can only be opened by someone who is at least five years older than you.
- Cannot transfer assets from IRAs
Roth IRA Pros
- Contributions are tax-free
- Earnings increase tax-free
- No minimum distribution required
- Only stocks, bonds, mutual funds are available as investment options.
- No maximum contribution limit
- Transfer assets between IRAs is possible without restrictions
- An IRA can only be opened by those 55 and older
If you are thinking about opening an IRA, it is important to be aware that not all companies offer exactly the same IRAs. Some companies provide the choice of a Roth IRA as well as a traditional IRA. Others allow you to combine them. It's also worth noting that different types of IRAs have different requirements. For example, a Roth IRA has no minimum investment requirement, whereas a traditional IRA requires a minimum investment of just $1,000.
The bottom line
When choosing an IRA, the critical factor is whether you want to pay taxes now or later. If you're planning to retire in the next ten-years, a traditional IRA may be the best option. Otherwise, a Roth IRA could be a better fit for you. Either way, it's always a good idea to consult a professional about your retirement plans. A professional can help you determine the best option for your situation and keep track of what's going on in the market.
By: Jamie Redman
Title: Libertarian and Free Market Proponent Javier Milei Wins Argentine Presidency
Sourced From: news.bitcoin.com/libertarian-and-free-market-proponent-javier-milei-wins-argentine-presidency/
Published Date: Mon, 20 Nov 2023 01:03:00 +0000