Economy
What Type of Precious Metals Can You Hold in a Gold IRA Account?
Gold has been used as a form of currency for centuries. It is an incredibly valuable metal and is often seen as a sign of wealth and prosperity.
In recent years, it has also become popular to hold gold in a retirement account – known as a Gold IRA Account. There are many different types of precious metals that can be held in a Gold IRA, but in this article, we will focus on four of the most popular: gold, silver, platinum, and palladium.
Each of these metals has unique properties that make it beneficial to hold in a retirement account. Let’s take a closer look at each one!
Gold
Gold has always been seen as a valuable metal, and for good reason. It is rare, durable, and has a long history of being used as currency. Gold is also non-corrosive, meaning it doesn’t rust or tarnish over time. This makes it a great choice for investors who want to hold onto their investment for the long term.
Gold can be bought in a variety of forms, including coins, bars, and rounds. Gold is the most popular precious metal to hold in a gold IRA company and is incredibly valuable. It is often seen as a sign of wealth and prosperity. Gold is also known for its durability, which makes it an ideal metal to hold in a retirement account. Gold is often used as a hedge against inflation. Ever since the U.S. government stopped minting gold coins, the price of gold has been on the rise.
Silver
Silver has a bit of a different history than gold. It has been used as currency, jewellery, and other decorative items for centuries. Silver is also a valuable metal, but it is not quite as rare as gold. This makes it a more affordable option for investors who want to hold precious metals in their retirement account. Silver can also be bought in coins, bars, and rounds.
In addition, silver is known for its industrial applications. It is used in a variety of industries, including electronics, solar energy, and water filtration. This makes it a good option for investors who are looking for exposure to different sectors. Silver is another popular precious metal to hold in a part of gold IRA – silver IRA, as it keeps its value during economic downturns. Keep in mind, however, that silver is more volatile than gold, so it may not be the best choice if you’re looking for stability in your retirement savings.
Platinum
Platinum is a very valuable precious metal and is often used in jewellery and other high-end products. Its history is a bit different from gold and silver, as it was only discovered in the 18th century. Platinum is rarer than gold, but not quite as rare as silver. This makes it a good option for investors who want to hold a precious metal that is less common than gold.
Platinum is kept in the same forms as gold and silver – coins, bars, and rounds. Platinum is also known for its industrial uses, as well as its value as a precious metal. It is often used as a hedge against inflation and economic downturns. Give it a try and protect your retirement savings from inflation and economic downturns by holding platinum in a platinum IRA.
Palladium
What is interesting about palladium is that it is not as well known as the other precious metals. Palladium is a white metal that is often used in jewellery and other high-end products. It is also used in a variety of industrial applications. Palladium is rarer than gold, silver, and platinum, making it a good choice for investors who want to hold a less common metal. Palladium can be bought in the same forms as gold and silver – coins, bars, and rounds.
When it comes to precious metals, palladium is often seen as a good option for investors who are looking for growth potential. This is because palladium is not as well known or understood as other metals, so it has more room to grow in value. Palladium is still a very valuable precious metal. It is also known for its industrial uses, as well as its value as a precious metal. Palladium is often used as a hedge against inflation and economic downturns.
There are a number of different precious metals that can be held in a Gold IRA account. These metals include gold, silver, platinum, and palladium. Each metal has its own unique history and characteristics. When it comes to investing in precious metals, it is important to understand the benefits and risks associated with each option.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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