Understanding the economy is often confusing for most people as there are many key factors to understand. The first step would be to understand the current monetary system and where it is headed. The current monetary system is known as a fiat system which means that there is no direct backing by gold or silver as there was before 1970.
Why all fiat monetary systems end:
It is important to remember that all fiat monetary systems throughout history never last more than 30 to 40 years. The current one is going on to around 46 years now which means it is due to end and change to a system that is backed again by hard assets such as gold and silver. If you currently own an IRA then it can be quite risky to hold it in dollars which can be devalued overnight or be reduced significantly in purchasing power due to hyperinflation. One option is to transfer into a precious metals or gold IRA as this will offer the additional protection from inflation. Gold has never gone to zero in value however currencies such as the dollar can go to zero through the process of hyperinflation. A gold IRA can be a smart way to protect your future retirement account from hyperinflation and also potentially make significant gains.
Gold has outperformed the stock market in the last 15 years and many analysts believe that this will continue for the foreseeable future. Many billionaires today are openly admitting to increasing their investments in gold so this is a key sign that they believe gold will rise significantly in the next few years. There are many great companies that offer a precious metals backed IRA but you do need to do your research to find the best ones. Be sure to check their Better Business Bureau rating as well as any complaints received in the last few years. Do not risk your IRA with companies that do not have a good record with the BBB. Also keep in mind that the current monetary system will most likely shift to a hard assets backed system and thus a precious metals backed IRA is ideal to protect yourself from any devaluation of the currencies which can lower the purchasing power of your IRA if held in dollars. There are many options available to invest in precious metals and if you already own an IRA then it can be a smart option to rollover into a gold IRA.
The post Top Reasons To Consider A Precious Metals Gold IRA In This Economy appeared first on Big Financial BLOG.
source http://blog.bigfinancial.co.uk/top-reasons-to-consider-a-precious-metals-gold-ira-in-this-economy/
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