Posted By Isaac Nuriani
Physical gold recently hit its highest price in six weeks just as gold mines announced better-than-expected earnings. On July 28th, gold was selling at $1,275.60 an ounce. That was a 1.82 percent gain for the month and a 9.43 percent return year-to-date. Just a day earlier, Barrick Gold shares climbed 2.5 percent to $16.66, beating consensus earnings estimates. Anita Soni, a Credit Suisse analyst, forecast a 35-percent upside for Barrick shares.
Now, before your eyes bug out of their sockets with desire, remember the stock market is unpredictable. In the end, when you own goldmine stock, all you hold are paper shares. Our point is that we usually can’t expect gold shares to head higher without the physical metal leading the parade.
Of course, all the recent shenanigans in Washington, while they might be bad for draining the swamp, are great for gold. The Republicans botched the repeal of Obamacare yet again, the Boy Scouts knifed President Trump in the back, and Reince Priebus was dumped from the White House staff. We aren’t completely surprised about that. After all, it was Mr. Priebus who advised Trump to drop out of the presidential race when the Access Hollywood fake news hit.
In any event, political controversy is good for gold, which is why you should do some precious metals investing in a gold IRA from Augusta Precious Metals. You get a tax break on contributions and don’t pay taxes until you withdraw money later. How can you beat that? We say, don’t be fooled by paper profits. Own the real thing: genuine gold and silver bullion. Get the peace of mind precious metals have conferred upon investors for millennia.
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