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Gold $1342.5 14.5
Silver $16.58 0.16
Talk to a representative: 855-242-4121

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As I write this, gold was selling for $1,295 an ounce, just $5 below my short-term prediction. Earlier, it hit a high of $1,299.90/ounce! I’d like to explain why we are here and what’s likely to happen next.
Gold is always in demand, especially by folks like me who are very skeptical of paper assets such as currencies and stock certificates. What’s adding fuel to the fire right now is the weakness of the U.S. dollar, especially relative to the Japanese yen. The weakness stems from...

Several Factors:

• American economic growth is anemic. Even though there are more jobs being created, wages and productivity remain stagnant. During times of slow or negative growth in the U.S., foreigners don’t want to own our dollars – they exchange them for the currencies of hotter economies, where they can earn more interest.
• The Federal Reserve’s recent meeting not only failed to raise interest rates, it included a rather dismal outlook for growth in the remainder of the year. In other words, the chances of more interest rate hikes are decreasing, which robs the dollar of its strength.
Gold is denominated in dollars, and Asians, especially with the Chinese, Indians and Japanese, love gold. As the dollar weakens and their currencies strengthen, dollar-priced gold becomes cheaper for them to buy, because they get more dollars per unit of their currency. That adds up to extra demand for the yellow metal.
• Hedge funds can sniff out where there’s money to be made, and they have been loading up on gold futures and options. That’s another source of demand for physical gold.
In terms of where we go next, right now we are in a very sensitive technical position, meaning that $1,300 an ounce has provided some resistance to higher pricing in the past. It’s a tug of war out there right now, with gold bugs pushing prices higher and gold bears trying to keep a lid on things. My money, literally, is with the gold bugs. I can see gold prices gyrating $25 either way for a while before prices resume their upward travel. But that’s OK, we’ve made over 21 percent so far this year, and we are gold bugs, not gold pigs.
Remember, I always say that gold should be a long-term investment in your retirement portfolio. An Augusta Precious Metals Gold IRA is the perfect vehicle for your gold purchases, since you get a tax deduction on contributions and don’t have to pay taxes until you withdraw from the IRA. Contact us today and we’ll set you right up. But don’t wait too long, because gold prices can break through the $1,300 level with little notice.

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Michael Dallo, CPA, JD, LL.M. is a tax attorney and certified public accountant (CPA) of Dallo Law Group, a Professional Corporation. For over 10 years, Michael has zealously represented hundreds of clients in resolving tax disputes with the Internal Revenue Service and California taxing agencies, as well as developing sound tax positions and arguments to minimize their federal and state tax liability.


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