Imagine if there were only one type of food at the grocery store, maybe rice. Wouldn’t you get sick of it after a while? Thankfully, there are many investment-grade assets, including US Money Reserve gold.
Some may see a parallel between the old gold certificates and the modern gold IRAs. Are these similar? What is the difference?
“What Are Gold Certificates?”
The reality is that all value is based on real, tangible assets. Some don’t realize that one of the issues for the 1776 American Revolution was over freedom to control one’s own currency. Americans were using many forms of money to complete their financial transactions.
The United States Constitution states that money is gold or silver. During the Civil War, this gold and silver became scarce.
There are two types of gold certificates: 1. Official and 2. Private. The official gold certificate resembled a United States dollar and was issued between 1863 and 1933. The gold certificates were issues for both allocated and un-allocated gold.
Each official gold certificate allowed its bearer to receive a gold coin at the government rate of $20.67 per troy ounce. Thus, this gold certificate was supposed to resemble a gold coin. It allowed the government to increase the money supply during war time, without having to mint more gold coins.
“Self-Directed Gold IRA”
A private gold certificate means that you own gold bars in a storage facility. Therefore, in many ways it is similar to the gold IRA, which also means you own gold. The difference is that the gold IRA is meant specifically for retirement purposes.
At the new US Money Reserve website, you can visit the “IRA Program” tab to learn more. You can choose to “Transfer” or “Rollover” from an old to new Self-Directed IRA.
History has a way of repeating itself and the modern gold IRAs replicate the gold certificates, in many respects.