Chainlink (LINK) Soars by 7% in a Single Day
Chainlink (LINK) experienced significant gains over the weekend, with the cryptocurrency rising by as much as 7% in a single day.
During today's session, LINK/USD reached a high of $11.59, bouncing back from a low of $10.80 recorded the previous day.
The recent surge brings the price of Chainlink closer to its 18-month high of $11.78, which was achieved earlier in the week.
The relative strength index (RSI) for Chainlink continues to trend upwards, currently sitting at 81.68. However, there is a potential resistance level at 83.00 that could lead to a price reversal if bulls fail to break through.
Cardano (ADA) Makes Impressive Gains, Approaching Multi-Month High
Cardano (ADA) also experienced a notable surge on Saturday, as it climbed towards a recent nine-week high.
After hitting a low of $0.284 on Friday, ADA/USD rallied to a peak of $0.2973 during today's session.
This upward movement brings Cardano closer to its highest level since mid-August, when the price reached over $0.30.
The 14-day RSI for Cardano is currently above 77.00, indicating a potential entry point for bears in the market. As a result, some bulls have started securing their gains, causing ADA to trade slightly below today's peak.
Will Cardano Reach $0.30 in November?
As Cardano continues its upward trajectory, there is speculation about whether it will reach $0.30 during the month of November. Share your thoughts and predictions in the comments section below.
Frequently Asked Questions
Should You Invest Gold in Retirement?
The answer depends on how much money you have saved and whether gold was an investment option available when you started saving. If you are unsure of which option to invest in, consider both.
Gold offers potential returns and is therefore a safe investment. Retirement investors will find gold a worthy investment.
Gold is more volatile than most other investments. Because of this, gold's value can fluctuate over time.
This doesn't mean that you should not invest in gold. It is important to consider the fluctuations when planning your portfolio.
Another benefit to gold? It's a tangible asset. Gold can be stored more easily than stocks and bonds. It is also easily portable.
You can always access gold as long your place it safe. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. As gold prices rise in tandem with other commodities it can be a good hedge against rising cost.
It's also a good idea to have a portion your savings invested in something which isn't losing value. Gold usually rises when stocks fall.
Investing in gold has another advantage: you can sell it anytime you want. Like stocks, you can sell your position anytime you need cash. You don't even need to wait for your retirement.
If you do decide to invest in gold, make sure to diversify your holdings. Do not put all your eggs in one basket.
You shouldn't buy too little at once. Start by purchasing a few ounces. Continue adding more as necessary.
Don't expect to be rich overnight. Rather, it's to build up enough wealth so you won't need to rely on Social Security benefits.
Although gold might not be the right investment for everyone it could make a great addition in any retirement plan.
What are the advantages of a gold IRA
It is best to put your retirement money in an Individual Retirement Account (IRA). It's tax-deferred until you withdraw it. You are in complete control of how much you take out each fiscal year. There are many types of IRAs. Some are better suited for people who want to save for college expenses. Others are intended for investors seeking higher returns. Roth IRAs let individuals contribute after age 591/2 and pay tax on any earnings at retirement. These earnings don't get taxed if they withdraw funds. This type of account might be a good choice if your goal is to retire early.
The gold IRA allows you to invest in different asset classes, which is similar to other IRAs. Unlike a regular IRA, you don't have to worry about paying taxes on your gains while you wait to access them. People who prefer to save their money and invest it instead of spending it are well-suited for gold IRAs.
You can also enjoy automatic withdrawals, which is another benefit of owning your gold through an IRA. It means that you don’t have to remember to make deposits every month. Direct debits could be set up to ensure you don't miss a single payment.
Gold is one of today's most safest investments. Because it's not tied to any particular country, its value tends to remain steady. Even in economic turmoil, gold prices tends to remain relatively stable. This makes it a great investment option to protect your savings from inflation.
What is the best way to hold physical gold?
Not just paper money or coins, gold is money. It is an asset that people have used over thousands of years as money, and a way to protect wealth from inflation and economic uncertainties. Investors use gold today as part of their diversified portfolio, because it tends to perform better in times of financial turmoil.
Many Americans now invest in precious metals. Even though owning gold is not a guarantee of making money, there are many reasons why you might want to add gold to your retirement savings portfolio.
One reason is that gold historically performs better than other assets during financial panics. The S&P 500 dropped 21 percent in the same time period, while gold prices rose by nearly 100 percent between August 2011-early 2013. Gold was one asset that outperformed stocks in turbulent market conditions.
Another benefit to investing in gold? It has virtually zero counterparty exposure. If your stock portfolio goes down, you still own your shares. But if you own gold, its value will increase even if the company you invested in defaults on its debt.
Finally, gold is liquid. This allows you to sell your gold whenever you want, unlike many other investments. Because gold is so liquid compared to other investments, buying it in small amounts makes sense. This allows one to take advantage short-term fluctuations within the gold price.
Who has the gold in a IRA gold?
The IRS considers an individual who owns gold as holding “a form of money” subject to taxation.
To take advantage of this tax-free status, you must own at least $10,000 worth of gold and have been storing it for at least five years.
Gold can be used to protect against inflation and price volatility. However, it is not a good idea to own gold if you don't intend to use it.
If you plan on selling the gold someday, you'll need to report its value, which could affect how much capital gains taxes you owe when you cash in your investments.
You should consult a financial planner or accountant to see what options are available to you.
How do I open a Precious Metal IRA
First, you must decide if your Individual Retirement Account (IRA) is what you want. Once you have decided to open an Individual Retirement Account (IRA), you will need to complete Form 806. Then you must fill out Form 5204 to determine what type of IRA you are eligible for. This form should be filled within 60 calendar days of opening the account. Once you have completed this form, it is possible to begin investing. You might also be able to contribute directly from the paycheck through payroll deduction.
You must complete Form 8903 if you choose a Roth IRA. The process for an ordinary IRA will not be affected.
To be eligible for a precious metals IRA, you will need to meet certain requirements. You must be at least 18 years of age and have earned income to qualify for a precious metals IRA. You cannot earn more than $110,000 annually ($220,000 if married filing jointly) in any one tax year. Additionally, you must make regular contributions. These rules will apply regardless of whether your contributions are made through an employer or directly out of your paychecks.
You can use a precious-metals IRA to purchase gold, silver and palladium. However, you can't purchase physical bullion. This means you won’t be able to trade stocks and bonds.
However, investing in precious metals via an IRA has two serious drawbacks. First, they don't have the same liquidity as stocks or bonds. This makes it harder to sell them when needed. They don't yield dividends like bonds and stocks. So, you'll lose money over time rather than gain it.
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- 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)
- Yahoo Finance provides information about Barrick Gold Corporation's (GOLD) stock price, news, quote, and history.
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement account
Gold Roth IRA guidelines
The best way to invest for retirement is by starting early. It is best to start saving for retirement as soon you can (typically at age 50). It is essential to save enough money each year in order to maintain a steady growth rate.
You also want to take advantage of tax-free opportunities such as a traditional 401(k), SEP IRA, or SIMPLE IRA. These savings vehicles enable you to make contributions while not paying any taxes on the earnings, until they are withdrawn. This makes them a great choice for people who don’t have access employer matching funds.
Save regularly and continue to save over time. You may not be eligible for any tax benefits if your contribution is less than the maximum allowed.
By: Eliman Dambell
Title: Chainlink (LINK) Approaches 18-Month High as Bulls Continue to Gain Momentum
Sourced From: news.bitcoin.com/biggest-movers-link-nears-18-month-high-on-saturday-as-bulls-extend-momentum/
Published Date: Sat, 28 Oct 2023 13:30:48 +0000
Did you miss our previous article…