Precious Metals Prices Dropped Under False Pretenses of a Good Economy

6:09 AM

September 8, 2016 -- Well, gold and silver gave back some of Tuesday’s gains in trading yesterday.

As is often the case these days, what drives the markets is guesswork about when, or if, the FOMC is going to hike rates. Yesterday, Fed officials spoke in glowing terms about the U.S. economy, as if the bad economic news of the past few days had never been published.

And that jawboning inspired some selling in precious metals and lifted the U.S. dollar.

Investors who have bullion in a so-called home-storage IRA or are considering it should think twice according to an article published in yesterday’s Wall Street Journal.

IRAs where investors buy physical coins, rounds, and bars and place them into proper vault storage are authorized to do so under IRS rules.. Recently, however, some firms began promoting a home-storage option for IRA-owned metals. The author suggests it is only a matter of time before the IRS disqualifies accounts that employ the home-storage scheme, leaving investors open to huge taxes and penalties.

Live prices at show gold currently trading at $1,344.95 per ounce on the global market, and silver is coming in at $19.84.

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