WEBVTT 00:00:00.000 --> 00:00:02.839 All right. Welcome back to the deep dive. We're 00:00:02.839 --> 00:00:05.719 diving into something, uh, you know, pretty interesting 00:00:05.719 --> 00:00:07.639 today. I think we'll be talking about silver 00:00:07.639 --> 00:00:10.320 IRAs. Okay. So if you're out there and you're 00:00:10.320 --> 00:00:13.039 thinking about, okay, you know, I've got my, 00:00:13.039 --> 00:00:16.760 you know, 401k, maybe you've got a Roth IRA, 00:00:17.100 --> 00:00:19.359 you know, some of the usual retirement vehicles, 00:00:20.280 --> 00:00:23.359 you might be thinking, Hey, what else, what else 00:00:23.359 --> 00:00:25.300 is out there? Right. And, you know, we've been 00:00:25.300 --> 00:00:27.359 digging into this article. It's called top reasons 00:00:27.359 --> 00:00:32.189 to invest in silver IRA. benefits, written by 00:00:32.189 --> 00:00:34.130 Doug Young. Yeah, Doug Young. And we're going 00:00:34.130 --> 00:00:38.070 to be looking at what are the real advantages? 00:00:38.250 --> 00:00:40.469 Are there any downsides? Are there considerations 00:00:40.469 --> 00:00:45.329 to a silver IRA? Sure. And just to get started, 00:00:45.630 --> 00:00:47.189 one of the things that I find interesting about 00:00:47.189 --> 00:00:49.909 this whole concept is just the idea that you 00:00:49.909 --> 00:00:52.369 can actually hold the asset. You know, it's something 00:00:52.369 --> 00:00:54.649 you can actually physically have. It's funny, 00:00:54.789 --> 00:00:57.469 you know, because I think about this a lot because 00:00:57.469 --> 00:01:00.009 we're so, you know, we're in this digital world. 00:01:00.109 --> 00:01:03.210 We see numbers on a screen, but, you know, to 00:01:03.210 --> 00:01:06.349 actually be able to hold something, you know, 00:01:06.349 --> 00:01:10.269 like a silver coin or a silver bar, you know, 00:01:10.370 --> 00:01:12.269 it does give you a different feeling of security. 00:01:13.209 --> 00:01:15.349 Yeah, I mean, it's kind of like that bedrock, 00:01:15.349 --> 00:01:18.829 you know, feeling. Right. You know, one of the 00:01:18.829 --> 00:01:20.450 things that the article talks about that I think 00:01:20.450 --> 00:01:25.590 is really important is that, you know, with a 00:01:25.590 --> 00:01:28.709 stock, for example, you know, a company can go 00:01:28.709 --> 00:01:32.709 under and that stock can be worthless. Worthless, 00:01:33.069 --> 00:01:36.329 gone, poof, happens all the time. But with silver, 00:01:36.510 --> 00:01:37.930 it's like there's always going to be a value 00:01:37.930 --> 00:01:39.829 to that silver because there's always a demand 00:01:39.829 --> 00:01:42.450 for it. Right. It has that intrinsic value just 00:01:42.450 --> 00:01:44.109 because of what it is. Right. And they were talking 00:01:44.109 --> 00:01:46.609 about you know, all the different uses, you know, 00:01:46.730 --> 00:01:49.390 in dust freely, you know, in jewelry, you know, 00:01:49.390 --> 00:01:51.650 even in the medical field, you know, silver is 00:01:51.650 --> 00:01:53.689 used. Electronics. I mean, it's in everything. 00:01:53.769 --> 00:01:55.590 Yeah. So there's just this, you know, constant 00:01:55.590 --> 00:01:59.329 underlying demand for it that gives it a baseline. 00:01:59.489 --> 00:02:01.310 And it's a real thing. You know, it's not just, 00:02:01.310 --> 00:02:03.670 you know, numbers on a computer. Yeah. It's a 00:02:03.670 --> 00:02:06.010 physical thing that has real world applications 00:02:06.010 --> 00:02:10.129 that you can hold. OK. So another big topic that 00:02:10.129 --> 00:02:13.490 we need to dig into here. Doug Young talks about 00:02:13.490 --> 00:02:18.439 this a lot. It's this whole idea of silver as 00:02:18.439 --> 00:02:21.039 a hedge against inflation. Inflation hedge. As 00:02:21.039 --> 00:02:22.939 a silent wealth killer. Silent wealth killer. 00:02:23.099 --> 00:02:25.819 Exactly. Can you explain that a little bit? What 00:02:25.819 --> 00:02:28.780 is it about silver that makes it a good hedge 00:02:28.780 --> 00:02:31.919 against inflation? Well inflation is essentially, 00:02:31.919 --> 00:02:35.080 you know the the decreasing value of your dollars 00:02:35.080 --> 00:02:38.419 over time Okay, you know a dollar today is not 00:02:38.419 --> 00:02:40.280 worth the same thing as a dollar was 20 years 00:02:40.280 --> 00:02:43.659 ago And so what precious metals like silver? 00:02:44.560 --> 00:02:47.360 Have done is that they've historically moved 00:02:47.360 --> 00:02:49.560 in the opposite direction of paper money during 00:02:49.560 --> 00:02:52.680 inflationary periods Okay, when the value of 00:02:52.680 --> 00:02:56.830 your currency decreases something with intrinsic 00:02:56.830 --> 00:02:59.530 worth, like silver, becomes more valuable in 00:02:59.530 --> 00:03:01.330 comparison. They move kind of inverse to each 00:03:01.330 --> 00:03:04.050 other. I see, I see. You know, you see your currency 00:03:04.050 --> 00:03:06.930 going down, but silver's going up. OK. It's a 00:03:06.930 --> 00:03:09.189 good hedge. Yeah, against that. OK, so the article 00:03:09.189 --> 00:03:13.789 gives this great example. OK. And they say, OK, 00:03:14.389 --> 00:03:17.930 so let's say inflation is running at 3%. 3 % 00:03:17.930 --> 00:03:21.729 a year. 3 % a year. So your money that you have 00:03:21.729 --> 00:03:24.900 in cash. Right. is losing 3 % of its buying power 00:03:24.900 --> 00:03:27.620 every single year. Exactly. And that's a huge 00:03:27.620 --> 00:03:29.919 problem a lot of people don't realize. You know, 00:03:30.020 --> 00:03:32.939 inflation is sneaky. It's a silent killer. That's 00:03:32.939 --> 00:03:34.939 what they call it. A silent killer. But they 00:03:34.939 --> 00:03:38.080 said, OK, well, during that same period, let's 00:03:38.080 --> 00:03:41.580 say silver goes up by 5%. Oh, OK. So you're not 00:03:41.580 --> 00:03:45.180 only keeping pace with inflation, you're actually 00:03:45.180 --> 00:03:47.439 getting ahead. You're actually making money. 00:03:47.629 --> 00:03:50.050 So I mean it's a great way to protect your wealth 00:03:50.050 --> 00:03:52.110 Yeah, I mean that that sounds that sounds pretty 00:03:52.110 --> 00:03:54.430 good and it's not just about protecting wealth. 00:03:54.430 --> 00:03:56.289 I think that's an important point Yeah, it's 00:03:56.289 --> 00:03:58.129 about actually potentially growing your wealth. 00:03:58.210 --> 00:04:00.669 Okay, because we've seen times when precious 00:04:00.669 --> 00:04:03.270 metals have outpaced inflation Yeah, you know 00:04:03.270 --> 00:04:05.150 by a significant margin, you know think about 00:04:05.150 --> 00:04:08.969 the 1970s, you know, you had a really inflationary 00:04:08.969 --> 00:04:11.830 period. Yeah silver did very very well during 00:04:11.830 --> 00:04:14.930 that time. Okay, so Let's kind of shift gears 00:04:14.930 --> 00:04:17.899 a little bit and talk about you know, just a 00:04:17.899 --> 00:04:19.819 core principle of investing. Okay. You know, 00:04:19.899 --> 00:04:21.720 and that's diversification. Diversification. 00:04:21.879 --> 00:04:24.480 So how does a silver IRA fit into that whole 00:04:24.480 --> 00:04:27.600 concept of spreading your investments around 00:04:27.600 --> 00:04:30.319 to, you know, reduce risk? Well, diversification 00:04:30.319 --> 00:04:33.399 is kinda like, you know, imagine your portfolios 00:04:33.399 --> 00:04:36.240 like a table. and all the legs are made out of 00:04:36.240 --> 00:04:38.560 the same material. So let's say it's all stocks 00:04:38.560 --> 00:04:42.360 and bonds. If that material weakens, the whole 00:04:42.360 --> 00:04:45.360 table could collapse. So with diversification, 00:04:45.600 --> 00:04:47.480 you want to have different materials for your 00:04:47.480 --> 00:04:50.040 table legs. So you want to have stocks, you want 00:04:50.040 --> 00:04:52.439 to have bonds, you might want to have real estate, 00:04:53.000 --> 00:04:55.220 and you might want to have precious metals like 00:04:55.220 --> 00:04:58.680 silver. Because silver often moves inversely 00:04:58.680 --> 00:05:00.920 to the stock market. So it's kind of like that 00:05:00.920 --> 00:05:02.720 seesaw effect. Yeah, it's like a seesaw. And 00:05:02.720 --> 00:05:04.879 the market goes down. Silver goes up. Silver 00:05:04.879 --> 00:05:07.439 might go up. So it kind of provides that. It 00:05:07.439 --> 00:05:09.279 gives you that balance. That balance. To your 00:05:09.279 --> 00:05:12.439 portfolio. Yeah. And it helps to cushion against 00:05:12.439 --> 00:05:14.439 those big swings that you can see in the market. 00:05:14.620 --> 00:05:16.759 So especially for people who are heavily invested 00:05:16.759 --> 00:05:20.310 in stocks. Yeah. Or bonds. Or bonds. This could 00:05:20.310 --> 00:05:22.629 really be a good way to diversify and balance 00:05:22.629 --> 00:05:24.370 out that portfolio. You kind of give yourself 00:05:24.370 --> 00:05:26.370 that extra protection. Yeah, to kind of give 00:05:26.370 --> 00:05:29.269 yourself a little bit of a cushion against those 00:05:29.269 --> 00:05:33.050 market swings. OK, great. Let's talk about taxes, 00:05:33.829 --> 00:05:35.790 because everybody wants to know about the tax 00:05:35.790 --> 00:05:38.709 advantages. Oh, yeah. So the article talks about 00:05:38.709 --> 00:05:42.230 how silver IRAs offer similar tax advantages 00:05:42.230 --> 00:05:45.980 to traditional and Roth IRAs. Right. So can you 00:05:45.980 --> 00:05:48.639 walk us through what the differences are and 00:05:48.639 --> 00:05:51.779 what the benefits are of each? Sure. So with 00:05:51.779 --> 00:05:54.759 a traditional silver IRA, you contribute pre 00:05:54.759 --> 00:05:58.180 -tax dollars. OK. And the advantage there is 00:05:58.180 --> 00:06:01.079 that those contributions could be tax deductible, 00:06:01.100 --> 00:06:03.600 which would lower your taxable income. So that's 00:06:03.600 --> 00:06:06.259 a great benefit. But the trade -off is that when 00:06:06.259 --> 00:06:08.660 you withdraw the money in retirement, you'll 00:06:08.660 --> 00:06:11.800 be taxed on it as income. OK. So you're basically 00:06:12.089 --> 00:06:14.310 Kicking the can down the road. You're deferring 00:06:14.310 --> 00:06:17.870 your taxes deferring your taxes until later Okay, 00:06:18.069 --> 00:06:19.970 but it makes sense for people who think they'll 00:06:19.970 --> 00:06:22.269 be in a lower tax bracket in retirement Okay, 00:06:22.290 --> 00:06:24.250 so if you think you're gonna be making less money 00:06:24.250 --> 00:06:27.490 when you're retired Yeah, then it might make 00:06:27.490 --> 00:06:29.509 sense to go ahead and pay the taxes later the 00:06:29.509 --> 00:06:33.430 taxes later The article gives an example You 00:06:33.430 --> 00:06:36.550 know if you're contributing say seven thousand 00:06:36.550 --> 00:06:39.069 dollars a year seven thousand a year and that's 00:06:39.069 --> 00:06:41.790 tax deductible That could be some pretty significant 00:06:41.790 --> 00:06:44.209 tax savings. It could be, depending on your tax 00:06:44.209 --> 00:06:46.410 bracket, obviously. Right, right. But yeah, it's 00:06:46.410 --> 00:06:48.129 a significant amount of money that you could 00:06:48.129 --> 00:06:50.870 be saving. Yeah, and then you could reinvest 00:06:50.870 --> 00:06:53.910 that money or whatever. Exactly. OK. So then 00:06:53.910 --> 00:06:56.769 the flip side of that is the Roth Silver IRA. 00:06:57.050 --> 00:06:59.329 The Roth, yeah. And that's where the tax treatment's 00:06:59.329 --> 00:07:02.509 reversed. Exactly. So with the Roth, you contribute 00:07:02.509 --> 00:07:04.449 money that you've already paid taxes on. OK. 00:07:04.610 --> 00:07:07.839 It's post -tax income. The big advantage there 00:07:07.839 --> 00:07:10.839 is that your investments grow tax -free. And 00:07:10.839 --> 00:07:13.000 when you withdraw them in retirement, you don't 00:07:13.000 --> 00:07:16.500 pay any taxes. So it's all tax -free. So you 00:07:16.500 --> 00:07:18.680 know if you think you're going to be in a higher 00:07:18.680 --> 00:07:20.699 tax bracket in retirement. Yeah, if you think 00:07:20.699 --> 00:07:22.360 you're going to be making more money, then the 00:07:22.360 --> 00:07:24.519 Roth makes more sense. That makes more sense. 00:07:24.600 --> 00:07:27.040 Because you're paying the taxes now while you're 00:07:27.040 --> 00:07:29.379 in that lower bracket, and then you're getting 00:07:29.379 --> 00:07:31.939 all that growth tax -free. OK, so it's a decision 00:07:31.939 --> 00:07:34.199 you have to make. based on whether you think 00:07:34.199 --> 00:07:36.000 you're going to be making more money. More money 00:07:36.000 --> 00:07:38.279 later or more money now? Later or now. Yeah. 00:07:38.519 --> 00:07:43.019 OK, cool. Let's talk about the industrial applications. 00:07:43.180 --> 00:07:47.180 OK. Because silver is not just a pretty metal, 00:07:47.779 --> 00:07:50.240 you know. It's not just something to look at. 00:07:50.339 --> 00:07:52.519 It actually has. It's used in all sorts of things. 00:07:52.879 --> 00:07:55.439 Real industrial uses. Real world uses. So what 00:07:55.439 --> 00:07:57.560 are some of those? Well, I mean, you think about 00:07:57.560 --> 00:08:00.240 the electronics we use every day. Silver's in 00:08:00.240 --> 00:08:05.139 there, solar panels, medical devices. It's a 00:08:05.139 --> 00:08:07.439 critical component in so many different industries. 00:08:07.899 --> 00:08:10.639 And the technology is just, you know, advancing 00:08:10.639 --> 00:08:13.120 so rapidly. Yeah. And it seems like it's only 00:08:13.120 --> 00:08:15.899 going to use more silver, you know? Yeah, the 00:08:15.899 --> 00:08:17.839 demand's only going up. They talk about electric 00:08:17.839 --> 00:08:19.680 vehicles. They're electric vehicles. How much 00:08:19.680 --> 00:08:23.220 silver is going into, you know, these new types 00:08:23.220 --> 00:08:25.939 of... Way more than a regular car. Really? Oh, 00:08:25.939 --> 00:08:28.439 yeah. Electric vehicles use a ton of silver. 00:08:28.949 --> 00:08:31.850 Huh. I didn't realize that. Yeah, because of 00:08:31.850 --> 00:08:34.049 the batteries and all the electronics. So yeah, 00:08:34.190 --> 00:08:36.929 so I mean, if that's the case, then it seems 00:08:36.929 --> 00:08:40.970 like the demand is only going to increase. Exactly. 00:08:41.090 --> 00:08:43.610 And that's a good thing for investors. And that 00:08:43.610 --> 00:08:46.169 should drive the price up. It should. OK. So 00:08:46.169 --> 00:08:49.340 that's good news. Potentially. Potentially, yeah. 00:08:49.460 --> 00:08:51.100 We always have to say potentially right. Right, 00:08:51.139 --> 00:08:54.440 right, of course, of course. So the article also 00:08:54.440 --> 00:08:57.000 has a link to a video that talks about some of 00:08:57.000 --> 00:08:59.360 the new technological developments. Yeah, I saw 00:08:59.360 --> 00:09:01.620 that. That was a good video. Yeah, and how they're 00:09:01.620 --> 00:09:03.559 impacting silver prices. It really highlights 00:09:03.559 --> 00:09:06.620 the point that silver is not just, you know... 00:09:06.639 --> 00:09:09.840 a shiny thing to look at. It's actually being 00:09:09.840 --> 00:09:12.799 used in the real world. Yeah, it's got practical 00:09:12.799 --> 00:09:15.100 applications. Real, practical applications, and 00:09:15.100 --> 00:09:17.600 that's driving demand. Okay, so we've looked 00:09:17.600 --> 00:09:20.159 at the good stuff. The good stuff. The upside. 00:09:20.259 --> 00:09:22.799 The upsides. But you know, like with any investment, 00:09:22.940 --> 00:09:24.919 there's also potential downsides. Of course. 00:09:25.240 --> 00:09:27.639 There's always risks. So what are some of those 00:09:27.639 --> 00:09:29.500 considerations that people need to be thinking 00:09:29.500 --> 00:09:31.559 about? Well, I mean, the first one that the article 00:09:31.559 --> 00:09:34.519 mentions is volatility. Volatility. You know, 00:09:34.799 --> 00:09:38.059 silver prices can fluctuate quite a bit. And 00:09:38.059 --> 00:09:40.100 that can be a little scary for some people. It 00:09:40.100 --> 00:09:42.940 can be. It's not for the faint of heart. So what 00:09:42.940 --> 00:09:45.179 are some of the things that can cause those fluctuations? 00:09:45.620 --> 00:09:48.100 I mean, a lot of things. Market sentiment. You 00:09:48.100 --> 00:09:51.019 know, if people are feeling bullish or bearish 00:09:51.019 --> 00:09:55.379 on silver, industrial demand. If demand goes 00:09:55.379 --> 00:10:00.240 up, prices go up. Geopolitical events, wars and 00:10:00.240 --> 00:10:02.980 things like that, can affect silver prices. So 00:10:02.980 --> 00:10:05.620 there's a lot of different factors that can move 00:10:05.620 --> 00:10:07.399 the needle. So you're saying you shouldn't put 00:10:07.399 --> 00:10:09.600 all your eggs in the silver basket. Exactly. 00:10:09.779 --> 00:10:12.879 Don't put all your eggs in one basket. Diversify. 00:10:13.220 --> 00:10:16.220 Diversify. That's the key to investing. And the 00:10:16.220 --> 00:10:19.570 article mentions that beyond just the price of 00:10:19.570 --> 00:10:22.470 silver itself, there's also the bigger market 00:10:22.470 --> 00:10:26.009 volatility. Right, the economy as a whole. The 00:10:26.009 --> 00:10:28.090 economy as a whole. If we go into a recession, 00:10:28.570 --> 00:10:31.730 that's gonna affect silver prices. So even though 00:10:31.730 --> 00:10:35.590 it's a hedge against inflation, it's still subject 00:10:35.590 --> 00:10:38.009 to those... To the overall market forces. To 00:10:38.009 --> 00:10:42.120 the overall market conditions. Let's talk about 00:10:42.120 --> 00:10:43.820 something that might seem a little bit daunting 00:10:43.820 --> 00:10:46.700 to some people. Okay, and that's the IRS rules 00:10:46.700 --> 00:10:50.440 and regulations the IRS Everybody's favorite, 00:10:50.440 --> 00:10:54.779 you know and compliance. Yeah and Potential penalties 00:10:54.779 --> 00:10:56.539 right because you know, it's a retirement account, 00:10:56.620 --> 00:10:58.200 right? So there's certain rules that you have 00:10:58.200 --> 00:11:01.720 to follow. Yes Uncle Sam wants his cut. Yeah 00:11:01.720 --> 00:11:03.320 So what what are some of the things that people 00:11:03.320 --> 00:11:06.019 need to be aware of? Well, the biggest one is 00:11:06.019 --> 00:11:08.379 the type and purity of silver. Okay that you 00:11:08.379 --> 00:11:12.059 can hold in these accounts The IRS is very specific 00:11:12.059 --> 00:11:16.399 about that. So I can't just go to a pawn shop 00:11:16.399 --> 00:11:19.399 and buy some silver? You can't just go to a coin 00:11:19.399 --> 00:11:22.320 shop and buy any old silver coin. It has to meet 00:11:22.320 --> 00:11:24.580 certain standards. OK, so what are those standards? 00:11:24.700 --> 00:11:29.139 Well, typically it has to be 99 .9 % pure, which 00:11:29.139 --> 00:11:32.720 is often called fine silver. So you have to make 00:11:32.720 --> 00:11:35.000 sure that the silver you're buying meets those 00:11:35.000 --> 00:11:37.759 IRS requirements. And if it doesn't, what happens? 00:11:38.039 --> 00:11:40.500 Well, you could face penalties. You could have 00:11:40.500 --> 00:11:44.080 to pay taxes on early withdrawals. You could 00:11:44.080 --> 00:11:47.659 even have your entire IRA disqualified. Oh, wow. 00:11:47.980 --> 00:11:50.500 OK, so. It's important to work with a reputable 00:11:50.500 --> 00:11:53.620 custodian. A custodian. Yeah. A custodian. A 00:11:53.620 --> 00:11:56.379 custodian is basically a financial institution 00:11:56.379 --> 00:11:59.500 that specializes in holding these types of assets. 00:11:59.779 --> 00:12:01.799 And they'll make sure that you're in compliance 00:12:01.799 --> 00:12:04.990 with all the IRS rules. So they're kind of like 00:12:04.990 --> 00:12:07.269 the the middle man They're the middle man between 00:12:07.269 --> 00:12:09.610 you and the IRS between you and the IRS and they'll 00:12:09.610 --> 00:12:12.070 make sure that everything's done correctly Okay, 00:12:12.070 --> 00:12:15.769 that makes sense Another thing that the article 00:12:15.769 --> 00:12:18.950 mentions is the the cost of storage and insurance. 00:12:19.350 --> 00:12:22.230 Yeah Because you know, it's physical silver physical 00:12:22.230 --> 00:12:23.970 silver got to keep it somewhere It's got to go 00:12:23.970 --> 00:12:25.789 somewhere safe, right? You got to keep it in 00:12:25.789 --> 00:12:28.649 a vault, right? I ensure it So those are additional 00:12:28.649 --> 00:12:30.509 costs. Those are additional costs that you have 00:12:30.509 --> 00:12:32.409 to factor in. That you have to factor into your 00:12:32.409 --> 00:12:35.230 return. Exactly. So it's not just the cost of 00:12:35.230 --> 00:12:37.809 the silver itself. Yeah. It's the cost of storing 00:12:37.809 --> 00:12:40.789 it and insuring it. So that can eat into your 00:12:40.789 --> 00:12:43.450 profits. It can. It's a cost of doing business. 00:12:43.710 --> 00:12:45.769 OK. And then the last thing I think that we need 00:12:45.769 --> 00:12:49.409 to touch on is the liquidity. Liquidity. You 00:12:49.409 --> 00:12:51.370 know, the article talks about how selling physical 00:12:51.370 --> 00:12:54.330 silver. Yeah. Might not be as easy. It's not 00:12:54.330 --> 00:12:57.990 as easy as selling stocks. As selling Stocks 00:12:57.990 --> 00:13:00.529 or bonds? Yeah, because you have to find a buyer. 00:13:00.769 --> 00:13:02.750 Uh -huh. You have to make sure that the silver 00:13:02.750 --> 00:13:05.169 is authentic. Yeah. You have to make sure it's 00:13:05.169 --> 00:13:07.590 the right purity. Right. Right. It's a little 00:13:07.590 --> 00:13:09.730 bit more complicated. So it takes more time and 00:13:09.730 --> 00:13:12.470 effort. It can. It can take more time and effort. 00:13:12.909 --> 00:13:15.169 They did give a solution for that. They did. 00:13:15.470 --> 00:13:17.649 What was that? They said you should work with 00:13:17.649 --> 00:13:21.309 a company that has a buyback program. Okay, so 00:13:21.309 --> 00:13:23.899 that can help. to simplify things? It can. It 00:13:23.899 --> 00:13:25.440 can make it a lot easier. If you need to sell 00:13:25.440 --> 00:13:30.220 your silver. Exactly. OK, great. So the article 00:13:30.220 --> 00:13:32.580 has this really helpful section at the end where 00:13:32.580 --> 00:13:34.700 they answer some frequently asked questions. 00:13:34.860 --> 00:13:36.759 Yeah, I thought that was a good section. Yeah, 00:13:36.759 --> 00:13:38.440 so I think it would be good to kind of go through 00:13:38.440 --> 00:13:40.500 those and just, you know. Yeah, let's hit some 00:13:40.500 --> 00:13:41.679 of the highlights. Hit some of the highlights. 00:13:42.120 --> 00:13:45.539 So the first one is, how is the value of silver 00:13:45.539 --> 00:13:48.820 determined? Well, it's determined by supply and 00:13:48.820 --> 00:13:51.559 demand. OK. Just like anything else. Just like 00:13:51.559 --> 00:13:53.240 anything else. But there's a lot of factors that 00:13:53.240 --> 00:13:56.399 go into that. You know, industrial usage. Yeah. 00:13:56.679 --> 00:13:59.960 Investor sentiment. Yeah. Geopolitical events. 00:14:00.919 --> 00:14:03.960 You know, the trading activity on commodity exchanges. 00:14:04.240 --> 00:14:06.519 OK. All of those things can affect the price 00:14:06.519 --> 00:14:08.919 of silver. OK. And then another question that 00:14:08.919 --> 00:14:11.480 they answer is, can I transfer funds from an 00:14:11.480 --> 00:14:14.299 existing IRA into a silver IRA? Yes, you can. 00:14:14.360 --> 00:14:16.700 You can do what's called a rollover or a transfer. 00:14:16.879 --> 00:14:20.639 OK. And that allows you to move funds from your 00:14:20.639 --> 00:14:23.659 current retirement accounts into a silver IRA 00:14:23.659 --> 00:14:26.460 without triggering any taxes. OK, that's good. 00:14:26.620 --> 00:14:28.240 Yeah. You don't have to pay taxes just to move 00:14:28.240 --> 00:14:30.059 the money. Right. But it's important to work 00:14:30.059 --> 00:14:33.480 with a silver IRA company and a custodian to 00:14:33.480 --> 00:14:35.379 make sure that everything's done correctly. OK, 00:14:35.379 --> 00:14:37.419 so you need professional help. You need professional 00:14:37.419 --> 00:14:39.379 help. Don't try to do this yourself. OK, good 00:14:39.379 --> 00:14:42.779 advice. Then they talk about the specific types 00:14:42.779 --> 00:14:45.440 of silver bullion that are allowed. Yeah. What 00:14:45.440 --> 00:14:48.039 are those? So the IRS has these purity requirements. 00:14:48.720 --> 00:14:53.019 Yeah. Typically it has to be 99 .9 % pure. And 00:14:53.019 --> 00:14:55.919 some popular examples are American silver eagles, 00:14:56.519 --> 00:15:00.820 Canadian silver maple leafs, silver bars from 00:15:00.820 --> 00:15:04.259 accredited refiners. OK. So there are a lot of 00:15:04.259 --> 00:15:05.799 different options out there, but you just have 00:15:05.799 --> 00:15:08.860 to make sure that they meet the IRS standards. 00:15:08.860 --> 00:15:11.759 Right, right. OK. Then they have a question. 00:15:12.120 --> 00:15:14.940 Can I hold other precious metals besides silver 00:15:14.940 --> 00:15:19.000 in a silver IRA? You can, so the name silver 00:15:19.000 --> 00:15:21.940 IRA is kind of misleading because you can actually 00:15:21.940 --> 00:15:24.120 hold other precious metals as well. You can hold 00:15:24.120 --> 00:15:26.740 gold, you can hold platinum, you can hold palladium. 00:15:26.899 --> 00:15:28.679 Wow, okay, so you can have a mixed bag. You can 00:15:28.679 --> 00:15:30.779 have a diversified precious metals portfolio. 00:15:30.779 --> 00:15:33.700 Within that IRA. Within that IRA. Okay, that's 00:15:33.700 --> 00:15:37.580 good to know. Then they talk about early withdrawals. 00:15:37.700 --> 00:15:39.419 Early withdrawals, yeah. You know, are there 00:15:39.419 --> 00:15:42.360 penalties for taking money out? Yes, sir are 00:15:42.360 --> 00:15:44.639 before retirement age just like with a regular 00:15:44.639 --> 00:15:47.679 IRA Okay, if you take money out before you're 00:15:47.679 --> 00:15:50.600 59 and a half, you're gonna pay a 10 % penalty. 00:15:50.620 --> 00:15:52.769 Okay Plus you're gonna have to pay taxes on the 00:15:52.769 --> 00:15:55.009 money. So it's not a good idea to take money 00:15:55.009 --> 00:15:57.110 out early. But there are some exceptions, right? 00:15:57.129 --> 00:15:59.049 There are some exceptions, like for a first -time 00:15:59.049 --> 00:16:01.649 home purchase, or for certain medical expenses. 00:16:01.970 --> 00:16:04.389 So there are some reasons why you might be able 00:16:04.389 --> 00:16:07.629 to take money out early without penalty. Okay, 00:16:07.649 --> 00:16:09.629 so you need to know the rules. Know the rules. 00:16:09.789 --> 00:16:11.730 Yeah, okay, and then the last question that they 00:16:11.730 --> 00:16:14.629 answer is what's the difference between a silver 00:16:14.629 --> 00:16:18.320 IRA and a gold IRA? Well, the obvious difference 00:16:18.320 --> 00:16:23.179 is the metal. One holds gold, but they both offer 00:16:23.179 --> 00:16:27.200 similar tax benefits, and they both provide diversification, 00:16:27.279 --> 00:16:30.639 but the market dynamics are different. Silver 00:16:30.639 --> 00:16:33.820 and gold, they tend to move in the same direction, 00:16:33.940 --> 00:16:36.519 but they don't always move in the same way. So 00:16:36.519 --> 00:16:38.639 you know you have to decide which one is right 00:16:38.639 --> 00:16:42.000 for you based on your investment goals and your 00:16:42.000 --> 00:16:45.240 risk tolerance. OK, so to kind of sum it all 00:16:45.240 --> 00:16:48.809 up, What are the key takeaways from this article? 00:16:49.309 --> 00:16:52.190 So I think the main takeaway is that silver IRAs 00:16:52.190 --> 00:16:56.070 can be a great way to diversify your portfolio 00:16:56.070 --> 00:17:01.000 and hedge against inflation. They offer tax benefits 00:17:01.000 --> 00:17:04.039 and they give you exposure to a tangible asset 00:17:04.039 --> 00:17:07.500 that has real -world applications. But you have 00:17:07.500 --> 00:17:11.380 to be aware of the risks. The volatility, the 00:17:11.380 --> 00:17:13.960 IRS rules. The storage costs. Storage costs, 00:17:14.359 --> 00:17:18.059 liquidity issues. So it's not a slam dunk. It's 00:17:18.059 --> 00:17:20.160 something that you have to carefully consider 00:17:20.160 --> 00:17:23.640 and do your research on. And I think one thing 00:17:23.640 --> 00:17:25.950 to keep in mind is that Doug Young, who wrote 00:17:25.950 --> 00:17:29.690 this article. He's got over 20 years of experience. 00:17:29.710 --> 00:17:31.250 He's been around the block. In the financial 00:17:31.250 --> 00:17:34.710 market. He's not just some guy who just started 00:17:34.710 --> 00:17:37.309 investing yesterday. Right. He's got a lot of 00:17:37.309 --> 00:17:40.630 credibility. Yeah. So I think that lends some 00:17:40.630 --> 00:17:42.849 credibility to the information that he's providing. 00:17:42.970 --> 00:17:45.730 Absolutely. So as you're out there listening, 00:17:46.309 --> 00:17:48.710 thinking about your financial future. Thinking 00:17:48.710 --> 00:17:50.670 about all the different options that are available. 00:17:51.049 --> 00:17:54.019 Yeah. You know, we just want to leave you with 00:17:54.019 --> 00:17:57.180 this thought, you know, given all of the economic 00:17:57.180 --> 00:17:59.279 uncertainty. The uncertainty in the world right 00:17:59.279 --> 00:18:03.160 now. And, you know, the rapid changes in technology. 00:18:03.259 --> 00:18:06.940 Right. You know, how might the long -term value 00:18:06.940 --> 00:18:09.660 of something like silver? Something tangible. 00:18:09.900 --> 00:18:12.660 A tangible asset. Right. How might that fit into 00:18:12.660 --> 00:18:15.240 your financial plan? It's a question worth asking. 00:18:15.420 --> 00:18:17.019 It's a question worth asking. It's something 00:18:17.019 --> 00:18:18.859 to think about. And that's what we do here on 00:18:18.859 --> 00:18:21.180 The Deep Dive. Yeah. We get you thinking. Get 00:18:21.180 --> 00:18:23.259 you thinking. So thanks for joining us and we'll 00:18:23.259 --> 00:18:24.779 see you next time. See ya. Bye.