Central bank demand for gold hit its highest point since 1950 last year, with central banks buying a record amount of the precious metal, according to the World Gold Council — and a number of consumers are also obtaining gold assets from precious metals distributors such as U.S. Money Reserve to incorporate into their savings plans.
Interest in gold has remained considerable in 2023. Fueled by continued central bank activity, demand in the first quarter, encompassing exchange-based and direct gold transactions, was up 1% year over year.
In April 2023, global prices for one troy ounce of gold climbed to the second-highest level on record: $2,041.30 per ounce. By the evening of June 15, 2023, gold was hovering at about $1,961 per ounce; some analysts have predicted further price increases will occur this year. Financial services firm UBS, for instance, anticipates gold will reach $2,100 per ounce by the end of 2023.
Philip N. Diehl, president of U.S. Money Reserve and former Director of the U.S. Mint, noted in September 2022 that higher mining prices and a smaller number of large gold deposits being discovered in recent decades have led to a decline in both the extractability and availability of gold — factors which could drive prices for the precious metal higher.
Because gold has generally performed well, especially in times of economic and other challenges, some consumers view it as a way to offset more volatile assets in their portfolios that may be affected by factors such as inflation, according to the Bureau of Labor Statistics.
As one of the largest precious metals distributors in the United States, U.S. Money Reserve assists portfolio owners with turning a portion of their wealth into physical gold, silver, platinum, and palladium, as well as adding physical precious metals to their retirement portfolios in the form of precious metals IRAs.
Opening an IRA backed by physical gold or other precious metals doesn’t necessarily require adding new funds. Existing retirement funds can be transferred directly, rolled over, or withdrawn through an indirect rollover and deposited into a new IRA account, where they are then used to purchase physical precious metals from reputable distributors like U.S. Money Reserve.
Per IRS requirements, physical precious metals held within an IRA must be held by a third-party depository and cannot be stored privately. Consumers can enjoy peace of mind knowing that they have added a highly portable, durable, and liquid form of wealth to their retirement portfolio, and that those same precious metals may be taken as in-kind distributions during retirement.
For more information on establishing a precious metal-backed IRA and how to purchase gold, silver, platinum, and palladium assets easily and securely for your portfolio, visit U.S. Money Reserve’s website or call 1-888-708-0458.