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How to Invest Gold In Your Pension Plan - Part 2
Today’s AM fix was USD 1,281.00, EUR 956.90 and GBP 807.03 per ounce.
Yesterday’s AM fix was USD 1,283.75, EUR 957.81 and GBP 801.54 per ounce.
Gold fell $3.90 or 0.3% yesterday, closing at $1,283.50/oz. Silver slipped $0.09 or 0.42% closing at $21.36. Platinum inched down $9.51 or 0.7% to $1,428.99/oz, while palladium fell $4.47 or 0.6% to $751.50/oz.
Gold dipped again in London on fears that a stronger U.S. economy will entice the U.S. Fed to taper its stimulus program and on positive economic data from China. Silver bullion slid to its lowest in four weeks, while gold is hovering at three week lows. In South Africa, the National Union of Mineworkers at Northam Platinum Ltd. continue their strike that started on November 4th.
Gold in British Pounds, 10 Year - (Bloomberg)
SIPPs or Self-Invested Personal Pensions were launched by the UK government in 2006 in order to enable UK citizens to gain more control over their pension investment portfolio. The UK government also launched the Small Self-Administered Scheme known as a SSAS, an occupational pension scheme which is designed for up to 12 members.
From the perspective of the gold bullion industry this was welcome news, as the newly launched SIPP and SSAS permitted individuals or groups to invest in a range of approved types of gold bullion as part of their pension provision. To protect SIPPs and SSASs from inferior product, all gold must come in the form of ‘good delivery bars’ as per the London Bullion Market Association who maintains a list of approved bar manufactures such as the Perth Mint of Western Australia.
Gold bullion and pensions are a powerful combination. Pensions are extremely tax efficient investment structures that have been ignored by the general public for too long despite being very easy to set up. Gold is a form of financial insurance and essential diversification that empowers investors to hedge and therefore reduce the long term risks involved in all investment strategies.
Contributions into SIPPs and SSASs qualify for income tax relief up to the highest rate. Important to note that once invested in your SIPP or SSAS, all investments grow capital gains tax free and there is no further liability to income tax.
In times gone by it was common to stay in the one job with the same company for one’s entire working career. Today’s working environment is dramatically different and it is not uncommon for professionals to have more than one pension scheme which reflects their career to date; having worked in a variety of different positions with different companies, all who have different pension schemes.
The SIPP affords you the opportunity to consolidate your pension schemes into one scheme. As we have long advocated here at GoldCore, when taking advice on your financial affairs, particularly your pension, seek the advice of a fee based financial advisor.
Click here for our guide to Putting Gold In Your Pension Plan in the UK.
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When gold is 500 again, what will ya'll be sayng?
I just bought Dec Gold futures in India at $1471 an ounce that's a 15.5% premium. I wonder why?!?
Here's a link to MCX's live prices. http://www.mcxindia.com/SitePages/realtimedata.aspx (go to pg 3). Check out the ridiculous premiums for yourself.
I just bought Dov Gold futures in India at $1471 an ounce that's a 15.5% premium. I wonder why?!?
Here's a link to MCX's live prices. http://www.mcxindia.com/SitePages/realtimedata.aspx (go to pg 3). Check out the ridiculous premiums for yourself.
"What are we doing living in the perverse fantasy world of Godisanhftbot where things are only priced at 1/10 of their price in the real world?"
Gold is only a productive asset when you give it as a piece of jewelry to your girl/boy friend/spouse. Otherwise it is only a hedge against inflation , currency debasement, total economic collapse or a means of trading. Advantageous to have some for all of the above , but like everything else, don't overdo it
"How to shrink you pension plan to near zero by investing in gold"
Note to editor, try that
"How to shrink your pensino plan to zero by supposedly investing in gold when you are actually investing in paper promises that merely pretend to be gold."
Yes, real gold bars would be good as a weapon to beat off the mobs coming to steal it, and crush your skull before they leave.
Yea? And where do those "good delivery bars" reside? Could you really ever get your hands on an ounce of gold? Another paper scam touted as physical ownership.
In the US, even if you did have physical stored at some type of depository, the owners could just go BK and your asset could become a part of hte bankruptcy estate and liquidated.
Hmmm ... while owning nonproductive assets, such as gold, may be worthwhile for preserving wealth in inflationary times ... it is still not a productive asset. And, all one has to do is is look at what happens to gold when a liquidity crisis hits to understand that gold price is financed, just like the stock and bond markets.
Looking that the long term trend line, it looks to me as if when the next crisis hits (IMHO 2015 ... for somewhat esoteric reasons mentioned earlier) gold will fall in price to somewhere between $650 and $850/oz. At which point, there once again will most likely be better and more productove assets to purchase with one's cash.
So, how is that $2000/oz gold working out for you?
RT, I am sick to death of this specious and blinkered "gold is not a productive asset" argument already, particularly in the face of a long-term declining economy. Are security and lack of counterparty risk not in some sense "productive"? Are equities which are in a QE-induced bubble market "productive" in any but the most narrow and short-term sense? Are bonds and government securities which are not only earning LESS interest than the real rate of currency depreciation, but are inevitably going to plunge due to governmental and systemic bankruptcy (cough, Detroit, cough) to be considered "productive"?
Really, why don't you just throw out the "you can't eat it" argument against gold, so we can immediately dismiss your mindless, conventionalist drivel for what it truly is.
Is that why China and Russia are betting their entire nation on precious metals? Because the dollar is being treated so respectfully by the central planners. Sure increasing unemployment is a fantastic way to battle inflation as you stabilize the over leveraged fiat ponzi. Realistically how long can we pretend? What is the end game? Full unemployment and all the money in the hands of the few? To invest in "productive assets" of course. Not going to happen. The political landscape will not support it.
$300/oz gold is working out just fine. How are your dollars from the year 2000 working out for you?
I really don't care what is happening in the UK, but in the US you have to have your gold held by some type of company as an IRA or 401K.
Anyone who leaves their PMs with a company it does not control is a sheep waiting to be fleeced. Those companies could rehypocate the gold, steal it outright or go bankrupt.
Stupid proposition all way around.