Many people are concerned about the banking crisis in the United States and the takeover of Credit Suisse by USB in Switzerland. There appears to be a hint of 2008 in the air. The Lehman bankruptcy, the largest bank failure in US history at the time, triggered a global financial crisis. It could happen again in 2023. Over the last 15 years, the turmoil in the financial markets has only gotten worse. Should you buy gold or bitcoin right now to protect your wealth? Let’s take a look at Gold Vs. Bitcoin in more detail.
Gold vs. Bitcoin: Why should you buy gold or bitcoin right now?
Most people are probably still aware of the 2008 financial crisis. The failure of Lehman Brothers triggered a severe financial crisis and, in the months that followed, a severe global economic crisis that lasted until 2009. However, the consequences can still be felt today.
One would think that banks and the states that regulate them had learned from the previous crisis. Regrettably, this is not the case. Silicon Valley Bank’s failure in recent days was the second largest bank failure since Lehman.
However, politicians and central banks have so far made an effort to placate. However, Credit Suisse ran into financial difficulties in Europe, forcing the second-largest Swiss bank, USB, to take over.
These events are concerning. Stagflation can occur as a result of bank failures, recessions, hyperinflation, or even both. In this case, the money requires a safe haven. That is why, especially now, you should seriously consider purchasing gold and/or Bitcoin.
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What are the advantages of gold for bitcoiners and crypto fans?
Many supporters of bitcoin and other cryptocurrencies believe there is no need to purchase gold. However, especially in these uncertain times, gold can be a valuable addition to Bitcoin and Altcoins. Altcoins are regarded as highly speculative, and Bitcoin is still so new that it is subject to large fluctuations.
Gold, on the other hand, has been used as a currency for thousands of years. Because of this, gold is regarded as the ultimate store of value. Bitcoin may eventually take over this function. However, gold remains an important part of a portfolio, particularly in times of crisis, and protects the assets of its investors. Last time we talked about gold and Bitcoin in this article.
How to buy gold?
In the precious metals industry, the ounce is a popular weight measurement (31.1 grams). Several precious metal coins contain this weight. A troy ounce of gold currently costs around USD 1,941.66. The price of gold has risen dramatically in the last two weeks as a result of a capital flight into gold caused by the banking crisis.
It’s not possible to buy physical gold completely anonymously in the USA, as all purchases of physical gold are subject to various laws and regulations aimed at preventing money laundering and other illicit activities.
When you buy physical gold from a dealer, you’ll typically be required to provide identification, such as a government-issued ID or passport, and your purchase may be reported to the government, depending on the amount and other factors.
However, there are ways to purchase gold more privately and discreetly, such as buying from a private individual or using a private transaction method like Bitcoin, but these methods carry their own risks and may not provide the same level of legal protection and security as purchasing through a reputable dealer. It’s important to research and understand the potential risks before making any purchases of physical gold.
The safest way to buy gold is in physical form. While you can secure bitcoin online with your private keys, the most secure form of storing gold is in physical form. Small amounts of gold, which have become more and more valuable due to inflation in recent years and decades, can also be transported easily.
What forms of physical gold are there?
There are several forms of physical gold available for purchase. Here are some of the most common:
- Gold bars: Gold bars are usually available in weights ranging from 1 gram to 1 kilogram and are typically made of 99.99% pure gold. They come in a variety of sizes and shapes, from rectangular bars to round coins.
- Gold coins: Gold coins are usually minted by government or private mints and are available in various sizes and designs. They are often used as collector’s items as well as investments.
- Gold jewelry: Gold jewelry is a popular way to invest in gold, as it combines both investment and aesthetic value. However, it’s important to note that the value of gold in jewelry is often less than the retail price due to the additional costs of manufacturing and design.
- Gold rounds: Gold rounds are similar to gold coins in size and shape but are not considered legal tender. They are usually minted by private companies and come in a variety of designs.
- Gold nuggets: Gold nuggets are natural pieces of gold that have been mined from the earth. They come in a variety of shapes and sizes and are often sold for their aesthetic appeal rather than their investment value.
It’s important to note that each form of physical gold has its own advantages and disadvantages in terms of liquidity, storage, and premiums. It’s important to do your research and choose the form that best fits your investment goals and preferences.
Learn more about how to buy coins from gold HERE!
Gold vs. Bitcoin: What taxes do you pay on gold?
In Germany, anyone who is invested in Bitcoin will already be familiar with the interesting 1-year holding period for tax law issues. If you hold the bitcoin for more than 1 year and no longer exchange it for euros or altcoins during this period, then all capital gains from the investment in the bitcoin are tax-free.
You can also make use of this regulation with gold. Since gold is considered a store of wealth and should give you security, you certainly do not plan to sell it shortly. This makes gold a very easy investment. Kettner Edelmetalle is one of the largest online dealers of physical gold. The family business has been one of the pioneers in online gold trading since 2011.
In the USA, the taxes you may be required to pay on gold depend on several factors, including the type of gold you own, how long you’ve held it, and your country’s tax laws. Here are some general guidelines for taxes on gold in the USA:
- Capital gains tax: If you sell gold that you’ve owned for more than one year and the price has increased since you purchased it, you may be subject to capital gains tax. The tax rate depends on your income level and can range from 0% to 20%. Short-term gains (for gold held for one year or less) are taxed at your ordinary income tax rate.
- Sales tax: Some states in the USA impose a sales tax on purchases of physical gold. The rate varies by state and can range from 0% to 10%.
- Inheritance tax: If you inherit gold from someone who has passed away, you may be subject to inheritance tax, depending on the value of the gold and the laws of your state.
It’s important to note that tax laws can change, and the information provided here is for general guidance only. If you’re considering purchasing or selling gold, it’s recommended that you consult with a tax professional to understand your specific tax obligations.
Where should you buy gold?
The Bitcoin code is open source. This ensures that 1 bitcoin is truly 1 bitcoin if you purchase it. The disadvantage of gold is the possibility of stretching or falsification. To avoid being ripped off, you must purchase from a reputable online retailer.
Especially in these times, the simple online purchase of real gold is an important addition to other investments such as Bitcoin or shares, and offers the security of a good that has stood for value stability for thousands of years.
Gold vs. Bitcoin – Our Conclusion
Bitcoin has increasingly become “digital gold” in recent years. Bitcoin is now showing its strength in the banking crisis. But the massive price fluctuations of the young asset are not for the faint of heart. The missing age of the commodity “Bitcoin” and the recordings of 14 years are compared to thousands of years of trading in gold.
Therefore, especially in times of crisis, you should think about buying gold in addition to Bitcoin, which stands for almost absolute value stability. Due to the banking crisis and a possible coming financial crisis, you should think hard about investing in gold.
Click here to learn how to buy gold easily and safely!
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