Milei Triumphs in Argentina's Presidential Race
Argentina has embraced the election of Javier Milei as its newly elected president, as he emerged victorious with a majority in the popular vote, surpassing his opponent Sergio Massa. Milei, an anarcho-capitalist, aims to dismantle the political "caste" which he believes has failed the nation, boldly asserting that the state "destroys wealth."
At the age of 53, libertarian economist Javier Milei secured a win over the left-leaning finance minister Sergio Massa to become Argentina's president. During a recent interview with Tucker Carlson, Milei, a proponent of free-market capitalism, attributed Argentina's economic challenges to a century of socialist policies. The election, held on Sunday evening, was a decisive run-off following a closely contested initial vote where Massa held a narrow lead.
Before the final vote count was announced, Massa conceded defeat to Milei on Sunday. "The results are not what we expected, and I have contacted Javier Milei to congratulate him and wish him luck," stated Massa to the media.
Milei has gained support from bitcoiners and crypto enthusiasts due to his vocal advocacy for bitcoin (BTC), stating that it "represents the return of money to its original creator, the private sector."
Furthermore, Milei supports the concept of "dollarization" and advocates for the abolition of Argentina's central bank, proposing to adopt the US dollar as the nation's currency to address its economic troubles. As the leader of Latin America's third-largest economy, Milei faces significant challenges, particularly with Argentina's inflation rate soaring to 121% in October.
Following Milei's electoral success, "Argentina" and "Milei" have become trending topics on social media platforms, attracting millions of posts. Meanwhile, major news outlets such as the Guardian and the Washington Post have been quick to label Milei as "far right" and draw parallels between him and former US President Donald Trump.
What are your thoughts on Milei's victory? Share your opinions and insights on this subject in the comments section below.
Frequently Asked Questions
What precious metals can you invest in for retirement?
The best precious metal investments are gold and silver. They're both easy to buy and sell and have been around forever. These are great options to diversify your portfolio.
Gold: Gold is one of man's oldest forms of currency. It is very stable and secure. It is a good way for wealth preservation during uncertain times.
Silver: Silver is a popular investment choice. It's a great option for those who want stability. Unlike gold, silver tends to go up instead of down.
Platinium: Platinum is another form of precious metal that's becoming increasingly popular. Like gold and silver, it's very durable and resistant to corrosion. It is, however, more expensive than its competitors.
Rhodium. Rhodium is used as a catalyst. It is also used in jewelry-making. It is relatively affordable when compared to other types.
Palladium (or Palladium): Palladium can be compared to platinum, but is much more common. It's also more accessible. For these reasons, it's become a favorite among investors looking to add precious metals to their portfolios.
What is a gold IRA account?
Physical gold bullion coin can be purchased at any time. To invest in gold, you don't need to wait for retirement.
An IRA allows you to keep your gold forever. Your gold assets will not be subjected tax upon your death.
Your heirs will inherit your gold, and not pay capital gains taxes. You don't need to include your gold in your final estate report, as it isn't part of the estate.
To open a gold IRA, you will first need to create an individual retirement account (IRA). Once you've completed this step, an IRA administrator will be appointed to your account. This company acts as an intermediary between you and IRS.
Your gold IRA custodian can handle all paperwork and submit necessary forms to IRS. This includes filing annual reporting.
Once you've established your gold IRA, you'll be able to purchase gold bullion coins. Minimum deposit required is $1,000 The minimum deposit is $1,000. However, you will receive a higher percentage of interest if your deposit is greater.
When you withdraw your gold from your IRA, you'll pay taxes on it. If you're withdrawing the entire balance, you'll owe income taxes plus a 10 percent penalty.
A small percentage may mean that you don't have to pay taxes. There are some exceptions, though. You'll owe federal income tax and a 20% penalty if you take out more than 30% of your total IRA assets.
You should avoid taking out more than 50% of your total IRA assets yearly. A violation of this rule can lead to severe financial consequences.
What is the best way to hold physical gold?
Gold is money. Not just paper currency. Gold is an asset people have used for thousands years as a place to store value and protect their wealth from economic uncertainty and inflation. Gold is a part of a diversified portfolio that investors can use to protect their wealth from financial uncertainty.
Many Americans are now more inclined to invest in precious metals like gold and silver than stocks or bonds. It's not guaranteed that you'll make any money investing gold, but there are several reasons it might be worthwhile to add gold to retirement funds.
One reason is that gold historically performs better than other assets during financial panics. Between August 2011 to early 2013, gold prices rose close to 100 percent while the S&P 500 fell 21 per cent. During turbulent market conditions gold was one of few assets that outperformed stock prices.
Gold is one of the few assets that has virtually no counterparty risks. Your shares will still be yours even if your stock portfolio drops. However, if you have gold, your value will rise even if the company that you invested in defaults on its loans.
Finally, gold offers liquidity. This allows you to sell your gold whenever you want, unlike many other investments. You can buy gold in small amounts because it is so liquid. This allows for you to benefit from the short-term fluctuations of the gold market.
Should You Buy or Sell Gold?
Gold was a safe investment option for those who were in financial turmoil. Many people today are moving away from stocks and bonds to look at precious metals, such as gold, as a way to diversify their investments.
Although gold prices have shown an upward trend in recent years, they are still relatively low when compared to other commodities like oil and silver.
This could be changing, according to some experts. Experts believe that gold prices could skyrocket in the face of another global financial crisis.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
These are some things you should consider when considering gold investing.
- First, consider whether or not you need the money you're saving for retirement. It is possible to save for retirement while still investing your gold savings. That said, gold does provide an additional layer of protection when you reach retirement age.
- Second, make sure you understand what you're getting yourself into before you start buying gold.There are several different types of gold IRA accounts available. Each offer varying degrees of security and flexibility.
- Finally, remember that gold doesn't offer the same level of safety as a bank account. Losing your gold coins could result in you never being able to retrieve them.
Don't buy gold unless you have done your research. If you already have gold, make sure you protect it.
How Do You Make a Withdrawal from a Precious Metal IRA?
First, decide if it is possible to withdraw funds from an IRA. Next, ensure you have enough cash on hand to pay any penalties or fees that could be associated with withdrawing funds.
Consider opening a taxable brokerage instead of an IRA if it is possible to pay a penalty if your withdrawal is made before the deadline. If you choose this option, you'll also need to consider taxes owed on the amount withdrawn.
Next, determine how much money you plan to withdraw from your IRA. This calculation will depend on many factors including your age at the time of withdrawal, how long the account has been in your possession, and whether you plan to continue contributing towards your retirement plan.
Once you have an idea of the amount of your total savings you wish to convert into cash you will need to decide what type of IRA you want. Traditional IRAs permit you to withdraw your funds tax-free once you turn 59 1/2. Roth IRAs have income taxes upfront, but you can access the earnings later on without paying additional taxes.
Once you have completed these calculations, you need to open your brokerage account. A majority of brokers offer free signup bonuses, as well as other promotions, to get people to open accounts. You can save money by opening an account with a debit card instead of a credit card to avoid paying unnecessary fees.
When it's time to make withdrawals from your precious-metal IRA, you'll need a place to keep your coins safe. Some storage facilities will take bullion bars while others require you only to purchase individual coins. Either way, you'll need to weigh the pros and cons of each before choosing one.
Bullion bars, for example, require less space as you're not dealing with individual coins. But you will have to count each coin separately. However, you can easily track the value of individual coins by storing them in separate containers.
Some people like to keep their coins in vaults. Others prefer to place them in safe deposit boxes. No matter what method you use, it is important to keep your bullion safe so that you can reap its benefits for many more years.
What is the benefit of a gold IRA?
A gold IRA has many benefits. It is an investment vehicle that can diversify your portfolio. You control how much money goes into each account and when it's withdrawn.
Another option is to rollover funds from another retirement account into a IRA with gold. This will allow you to transition easily if it is your decision to retire early.
The best part? You don’t need to have any special skills to invest into gold IRAs. They are readily available at most banks and brokerages. You don't have to worry about penalties or fees when withdrawing money.
However, there are still some drawbacks. Gold is known for being volatile in the past. It's important to understand the reasons you're considering investing in gold. Are you looking for safety or growth? Do you want to use it as an insurance strategy or for long-term growth? Only then will you be able make informed decisions.
You might want to buy more gold if you intend to keep your gold IRA for a long time. One ounce doesn't suffice to cover all your needs. Depending on the purpose of your gold, you might need more than one ounce.
You don't need to have a lot of gold if you are selling it. You can even get by with less than one ounce. But, those funds will not allow you to buy anything.
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)