Silver, Gold and Crypto
“There are cryptos that are supposedly backed by gold and silver, but no one seems to be talking about them,” a reader writes.
“Kinesis Money (Kvt) is one that’s springing up out there. With this crypto coin, you can buy gold and silver tokens; there is a debit card attached to your account that you can use like a Visa card, for example.
“So it sounds as if you are buying precious metals without the hassle of having to convert to dollars or other currency from the metals.
“I have not wrapped my head around Kinesis Money quite yet, but am wondering why there is little talk about it in the U.S.?”
Intriguing. We did a little research on Kinesis Money to find the system is very much as you described.
According to a press release, the precious-metals backed crypto was scheduled to launch the Kinesis Exchange and the Kinesis Mint in Q4 2019.
Your Rundown for Wednesday Dec. 18, 2019:
It’s been about a decade since Congress passed a significant piece of retirement legislation. With the passage of the “Secure Act” this week, that will change.
“The Setting Every Community Up for Retirement Enhancement—better known as the SECURE Act—has been in the works for roughly three years and has enjoyed bipartisan support, despite being stalled for years,” Barron’s reports. (The government loves their acronyms.)
What’s the legislation mean for your retirement?
Some of the bill’s features include…
- Striking the age limit restricting IRA contributions
- Raising the age at which retirees must take required minimum withdrawals
- Promoting annuities in work-related retirement plans
- Terminating a loophole that allows investors to pass on IRA tax advantages across generations
The article continues: “For younger investors: $10,000 of 529 plans can be used to pay off student debt and people can take out $5,000 from 401(k) plans without penalty to help with the costs related to a child’s birth or adoption.”
So while the bill pieces together several small changes, it doesn’t address Americans’ most imminent retirement threats: “shoring up Social Security and the federal agency that backs pension programs, and significantly increasing access to retirement savings.”
Market Rundown for Wednesday, Dec. 18, 2019
S&P 500 futures are standing still at 3,193.
Oil is down 49 per barrel to $60.45.
Gold’s down $2.20 to $1,478.40 per ounce.
Bitcoin is down 2% to $6,745.96.
We’ll catch up tomorrow.
For the Rundown,