Gold $1295 16.2
Silver $17.34 0.23
Talk to a representative: 855-242-4121

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Gold $1295 16.2
Silver $17.34 0.23
Talk to a representative: 855-242-4121


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Trump Gold Rally Has Legs

 

On Wednesday, February 8, 2017, gold reached a six-week high of $1,237.60 an ounce. That capped off a run in which gold prices increased in the past five out of six weeks. When gold reached its high on February 8, it was at its highest level since Nov. 10, 2016, and it had gained 7.5 percent in a year.

As we pointed out last week, timing the gold market is very difficult, but imagine you had regularly bought eligible gold coins in your physical gold IRA throughout the year. You’d be reaping the pleasures of being invested in an asset trusted by many that has been gaining steam with the economy under the leadership of President Trump.

We’ve previously mentioned some of the underlying causes for this increase in gold prices, but a recent article in USA Today succinctly captured the current situation. The first issue of note is the fact that Trump has the world guessing about his economic and foreign policies. That’s part of the Trump plan to shake things up, but also coincides with Trump-like populist movements all over Europe. European bankers continue to stimulate their economies in some of the same ways, which means inflationary pressures will continue to build.

In this country, Trump plans to dump Dodd-Frank regulations to the extent he can, which means less regulation of Wall Street and the Big Banks. Does that mean we could return to the financial environment of 1998 to 2007, in which mortgage quality plummeted and eventually brought down the whole house of cards? Well, why not? Combine that with a big tax break, large infrastructure spending, import tariffs and a military buildup, and we can see a “YUGE” increase in the national debt. The result is likely to be rising inflation, a key driver of higher gold prices.

The tariff issue deserves more discussion, too. Trump got elected to fix bad trade agreements and prevent other countries from taking advantage of our open borders, both physical and financial. Higher tariffs are meant to protect U.S. manufacturers and create more jobs here. Unfortunately, prices on imported goods will go up, which means you’ll have to spend more when you shop at Target and Walmart. That, my friends, is inflation. Any wonder why gold is gaining momentum once again?
You need to protect yourself in this uncertain economic world, and one of the best ways in my opinion is to open an Augusta™ Gold IRA or silver IRA. If you already opened an Augusta™ Gold IRA or an Augusta™ Home Delivery™ Gold IRA (or silver IRA) in a previous year, remember you have until April 15 this year to complete your tax-deductible contributions for 2016. So don’t delay! Open an Augusta precious metals gold IRA today and never again be afraid of inflation.

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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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