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What Is Congress Doing To Retirement Accounts?

What Is Congress Doing To Retirement Accounts?


What happened:

In the proposed infrastructure bill, as well as the…

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This article was originally published by Zero Hedge

What Is Congress Doing To Retirement Accounts?


What happened:

In the proposed infrastructure bill, as well as the proposed tax increases to fund it, Congress is messing with retirement accounts.

Here are some of the worst proposals currently on the table.

IRA accounts will not be allowed to invest in anything based on account holder’s status.

That applies to investments that require “accredited investor” status, certain financial credentials, or a minimum net worth, such as many private investments (i.e not publicly listed companies). You have two years to get out of current investments that violate this rule.

The IRA will also be prevented from investing in anything in which the owner has 10% or larger ownership, or is an officer.

This is terrible for Self-Directed IRAs — more on these below. Fortunately, it does not currently apply to 401(k)s.

Restrictions on Roth funding and conversions

The Roth structure allows after-tax contributions to retirement plans which then grow tax free. Since you paid taxes up front, you do not owe taxes on distributions, even if the value has grown substantially from good investments.

Congress is proposing to prohibit any after-tax contributions to Roth structures in workplace plans, and ban converting after-tax money paid into a regular plan into a Roth plan (this tactic can currently help avoid Roth contribution limits).

It would also ban ALL Roth conversions for workplace plans for singles who make over $400,000 per year, and couples who make more than $450,000 — but this would not go into effect until after December 31, 2031.

Converting to Roth triggers a taxable event, meaning you pay the taxes on the account now and not on distributions. This can be preferable if you think your investments will grow enough that you would owe more taxes later on distributions than you would owe currently if the account value was taxed today.

Contribution Limits and Minimum Required Disbursements

According to the House Ways and Means summary, “the legislation prohibits further contributions to a Roth or traditional IRA for a taxable year if the total value of an individual’s IRA and defined contribution retirement accounts generally exceed $10 million as of the end of the prior taxable year.”

This applies “to single taxpayers (or taxpayers married filing separately) with taxable income over $400,000, married taxpayers filing jointly with taxable income over $450,000, and heads of households with taxable income over $425,000 (all indexed for inflation).”

Under those circumstances, the owner of the account would be forced to take a 50% distribution of the combined value of all applicable plans over $10 million (i.e. if the accounts have $11 million total, the minimum required distribution is $500,000).

It becomes even more restrictive if the accounts exceed $20 million in value.

What this means:

This all translates into less choice and flexibility for individuals planning their retirements.

But it does not eliminate the benefits of the two main self-directed retirement structures that can benefit the self-employed, and people with side income.

What you can do about it:

For a long time we have presented self-directed retirement accounts as a good way to plan for retirement.

A Self-Directed IRA owns one, and exactly one, asset: a limited liability company (LLC) that you manage. That’s why they are called “Self-Directed”. And through that LLC, you can invest your retirement savings in a wide array of assets — precious metals, real estate, cryptocurrency, private businesses*, and much more, in the US, or overseas.

It’s a fairly straightforward setup: you establish an account with the custodian, then establish an LLC in a zero-tax state (like Wyoming or Florida) where the IRA is the owner (member) of the LLC, but YOU are the manager.

You’ll also want to open a bank account for the LLC. Afterward, the custodian transfers your retirement funds to the LLC, putting you in the driver’s seat for determining how the funds are invested.

The contribution limits for the Self-Directed IRAs themselves are not that high, however — only $6,000 (under age 50) or $7,000 (50 and older), so the earlier you start contributing to it, the better.

*If this legislation passes in its current form, the main change to the Self-Directed IRA is that you will no longer be allowed to invest in private companies which require an investor to be accredited, hold certain credentials, or have a minimum net worth.

That is really unfortunate, but it does not entirely negate the benefits of this retirement structure.

Plus, this restriction does NOT currency apply to Solo 401(k)s.

Solo 401(k) is an option to consider if you’re self-employed, or if you generate “side hustle” income.

With a Solo 401(k), you wear BOTH the employer and the employee hats, so you contribute in both roles. A Solo 401(k) allows for contribution levels ranging from $58,000 to $64,500 per year in 2021, depending on your age — offering incredible flexibility, and the ability to significantly lower your personal income tax burden.

Just like a Self-Directed IRA, a Solo 401(k) gives you a much wider array of investment options — real estate, precious metals, private businesses, etc. — that can help maximize your return.

Of course, none of this is definite yet. This is how the legislation currently looks, but there is no guarantee that it will pass in its current form. This is a heads-up about what changes could soon be coming for your retirement accounts.

Keep in mind that we are not tax or investment professionals, and this is not tax or investment advice. You should always consult with a trusted professional, familiar with your particular situation.

Tyler Durden
Sun, 09/19/2021 – 20:00

Author: Tyler Durden

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Freeman Gold Reports on the Beauty Zone – A High Grade Gold Target Adjacent to Lemhi Gold Resource

Freeman Gold Reports on the Beauty Zone – A High Grade Gold Target Adjacent to Lemhi Gold Resource
Canada NewsWire
VANCOUVER, BC, Oct. 25, 2021

350 metre by 250 metre coincidental gold in rock and soil anomaly open in 3 directions Located 600 metre…

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Freeman Gold Reports on the Beauty Zone – A High Grade Gold Target Adjacent to Lemhi Gold Resource

Canada NewsWire

  • 350 metre by 250 metre coincidental gold in rock and soil anomaly open in 3 directions
  • Located 600 metres west of Lemhi gold resource
  • 52 of 105 rock samples greater than 1 g/t Au with 28 samples greater than 10 g/t Au
  • (up to 450 g/t Au)
  • Zone is heavily oxidized and silicified at surface
  • Trenching and drill pad construction are underway.


VANCOUVER, BC, Oct. 25, 2021 /CNW/ – Freeman Gold Corp. (CSE: FMAN) (OTCQB: FMANF) (FSE: 3WU) (“Freeman” or the “Company“) is pleased to report geochemical results from the newly discovered Beauty Zone (“Beauty Zone“). This zone lies approximately 600 metres west of the Lemhi Gold Deposit where Freeman recently reported a maiden Mineral Resource Estimate on July 8, 2021.

The untested Beauty Zone lies wholly within Freeman’s patented mining claims and is defined by a 350 metre by 250 metre coincidental gold in rock and soil anomaly. Sections of this zone were hydraulically mined between 1890 and the early 1900s. The Beauty Zone was first identified from prospecting during the 2020 field work program, described as Target 1 in the press release dated May 6, 2021. The Beauty Zone’s location in relation to the Lemhi Gold Deposit and other exploration targets is shown in Figure 1.

FIGURE 1: BEAUTY ZONE TARGETS – Location in Relation to Lemhi Gold Deposit (CNW Group/[nxtlink id=

“With the discovery of the Beauty Zone we have added a high quality target to our resource potential,” commented Paul Matysek, Executive Chairman. “We are very excited about the prospects of adding near surface, high grade oxide ounces near Lemhi. The similarities between their geological settings and the very prospective geochemical results are striking. It’s a beauty! Drill pads are being constructed for drill testing.”

In total, 105 rock grab and 347 soil samples have been collected in and around the Beauty Zone. A total of 52 rock samples returned values greater than 1 gram per tonne (“g/t“) gold (“Au“), 39 with values greater than 5 g/t Au and 28 samples with greater than 10 g/t Au (up to 450 g/t Au).  Rock samples are heavily oxidized and silicified at surface. (See Table 1: Figure 2)


FIGURE 2: BEAUTY ZONE TARGET – Rock Grab Samples (CNW Group/[nxtlink id=

One contrast to mineralization at the Lemhi Gold Deposit is the presence of associated silver in many of the anomalous rock samples.  Of the 105 rock grab sample results received to date, 48 samples at the Beauty zone contain greater than 10 g/t silver (“Ag“) (up to 219 g/t Ag).  Furthermore, the anomalous rock grabs coincide with a gold in soil anomaly (identified by Freeman during the 2020/2021 exploration campaigns) which is approximately 350 by 250 metres.

The Beauty Zone Target is hosted in Proterozoic silttites and quartzites similar to the Lemhi Gold Deposit.  The target area is structurally complex. Within the center of Beauty Zone is an interpreted Northeast-Southwest (“NE-SW“) striking fault. The host metasediments dip in opposite directions on either side of this fault (NW in the east block, SE in the west block). Although there is a limited amount of outcrop exposed, it appears that gold-silver mineralization is hosted in Northwest-Southeast oriented quartz veins which following jointing patterns running sub-perpendicular bedding and the NE trending fault. A fold observed in the outcropping quartz veins has rock grab samples containing 46 g/t Au and 56 g/t Ag. These high-grade quartz veins exposed at surface represent a compelling target with respect to gold-silver mineralization on the property (See Figure 2).

Recently, Freeman re-established road cuts over the Beauty Zone Target and exposed additional outcrops containing quartz veins, altered and oxidized silttites, silicified silttites and/or quartzites, fault gouges and folded stratigraphy. The outcrops are all currently being mapped and rock channel sampled. Drill pads are being constructed for initial drill testing.

All drill rock samples are sent to ALS Minerals Division, Vancouver, BC, an independent and fully accredited laboratory in Canada for analysis for gold by Fire Assay and multi-element Induction Coupled Plasma Spectroscopy. Freeman has a regimented Quality Assurance, Quality Control program where at least 10% duplicates, blanks and standards are inserted into each sample shipment. Additionally, soil samples were sent to SGS Canada Inc. and analyzed using Ionic Leach (“IL”) method. Rock grab samples are by their nature selective and are not necessarily indicative of the general geology or the grade within the Property.

About the Company

Freeman Gold Corp. is a mineral exploration company focused on the development of its 100% owned Lemhi Gold property (the “Lemhi Project“). The Lemhi Project comprises 30 square kilometres of highly prospective land. The project hosts a near surface, shallow, high grade oxide gold resource. The pit constrained National Instrument 43-101 compliant mineral resource estimate is comprised of 749,800 oz gold (“Au”) at 1.02 grams per tonne (“g/t”) in 22.94 million tonnes (Indicated) and 250,300 oz Au at 1.01 g/t Au in 7.83 million tonnes (Inferred). The Company is focused on growing and advancing the Lemhi Project towards a production decision. The technical content of this news release has been reviewed and approved by Dean Besserer, P.Geol., VP Exploration of the Company and a Qualified Person as defined by National Instrument 43-101.

On Behalf of the Company
William Randall
President & CEO

Forward Looking Statements: This press release contains “forward–looking information or statements” within the meaning of Canadian securities laws, which may include, but are not limited to statements relating to its future business plans. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ from those in the forward-looking statements. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties, and assumptions. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.

Neither Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Freeman Gold Corp.

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New Found Gold Will Use 14 Drill Rigs to Double Drill Program to 400,000m

New Found Announces Doubling of Drill Program to 400,000m and Increase to 14 Drill Rigs
Canada NewsWire
VANCOUVER, BC, Oct. 25, 2021

VANCOUVER, BC, Oct. 25, 2021 /CNW/ – New Found Gold Corp. (“New Found” or the “Company”) (TSXV: NFG) (NYSE American…

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New Found Announces Doubling of Drill Program to 400,000m and Increase to 14 Drill Rigs

Canada NewsWire

VANCOUVER, BC, Oct. 25, 2021 /CNW/ – New Found Gold Corp. (“New Found” or the “Company“) (TSXV: NFG) (NYSE American: NFGC) is pleased to announce an expansion of the exploration program at its 100% owned Queensway Project (“Queensway“), located on the Trans-Canada Highway 15km west of Gander, Newfoundland. To date the Company has completed approximately 51% (~102,000m) of its current 200,000m diamond drill program at Queensway. Approximately 24,000 meters of drill core is pending assay results.


  • Nine core rigs are currently operating, with a tenth scheduled to commence in the first week of November. New Found is targeting an increase in the drill count to 14 rigs with the addition of two core rigs by the end of 2021, followed by two additional rigs in Q1 2022. The ramp up from 9 to 14 drills represents a 55% increase in the drill count with a corresponding increase in the rate of core production from approximately 3,000m per week to approximately 4,700m per week.
  • New Found plans to increase the current program at the Queensway project to a total of 400,000m, including the approximately 102,000m completed to date. Permit applications for this expansion have now been submitted.  This expanded drill program is fully funded out of the Company’s current working capital balance of approximately $103 million, which is anticipated to increase to approximately $150 million on closing of the recently announced financing by Eric Sprott. 1
  • New Found anticipates commencement of construction of a new 25,000 sq ft core processing facility in the next several weeks (the “Giga-Shack”) following approval of its permit applications.  This facility is budgeted at approximately $3 million and is scheduled to be completed by the end of Q1 2022. This state-of-the-art facility will be capable of handling the logging and processing of core from the expanded exploration program and in fact if required provides sufficient capacity for additional increases in the drilling rate. The Giga-Shack will include 27 offices covering 10,000 sq ft, in addition to 15,000 sq ft of core processing space, a roughly 3x increase to New Found’s existing Gander facilities.
  • New Found also continues to actively recruit additional professional and support staff to add to its growing team in Gander, which now totals 178 people.

Greg Matheson COO of New Found, stated: “To date our Queensway program has delivered three high-grade gold discoveries (Keats, Lotto, and Golden Joint) over 2.6km of strike along the Appleton Fault Zone. At the same time, we continue to generate and advance multiple other high-grade gold targets at the Appleton and JBP Faults along +20km of strike on Queensway North. With several new, high-priority targets and a plan for initial drilling at Queensway South in the coming months, the addition of these new rigs will allow the Company to continue to step-out at Keats, Lotto, and Golden Joint, while also honing in on other potential discoveries. Recognizing our success rate to date, we are excited to now more aggressively pursue further potential high-grade gold discoveries at Queensway.”



Note that this additional financing is subject to the satisfaction of customary closing conditions, including the approval of the TSX Venture Exchange (the “TSXV”) and approval by the shareholders of the Company if required by the TSXV.

Qualified Person

The technical content disclosed in this press release was reviewed and approved by Greg Matheson, P. Geo., Chief Operating Officer, and a Qualified Person as defined under National Instrument 43-101. Mr. Matheson consents to the publication of this news release dated October 25, 2021, by New Found. Mr. Matheson certifies that this news release fairly and accurately represents the information for which he is responsible.

About New Found Gold Corp.

New Found holds a 100% interest in the Queensway Project, located 15km west of Gander, Newfoundland, and just 18km from Gander International Airport. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high voltage electric power lines running through the project area, and easy access to a highly skilled workforce. The Company is currently undertaking a 200,000m drill program at Queensway.  With a current working capital balance of approximately $103 million, New Found is well funded for this program. 

Please see the Company’s website at and the Company’s SEDAR profile at


To contact the Company, please visit the Company’s website, and make your request through our investor inquiry form. Our management has a pledge to be in touch with any investor inquiries within 24 hours.

New Found Gold Corp.
Per: “Craig Roberts”
Craig Roberts, P.Eng., Chief Executive Officer
Email: [email protected] 
Phone: + 1 (910) 406 2407

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement Cautions

This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to assay results, exploration and drilling on the Company’s Queensway gold project in Newfoundland, interpretation of the assay results and the results of the drilling program, the discovery of zones of high-grade gold mineralization, follow-up step-out drilling and funding of the drilling program. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “suggests,” “potential,” “goal,” “objective,” “prospective,” “possibly,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of assay results and the drilling program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects. The reader is urged to refer to the Company’s Annual Information Form and Management’s discussion and Analysis, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at for a more complete discussion of such risk factors and their potential effects.


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SOURCE New Found Gold Corp.

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Peppermint delivers key milestones in the last quarter, including the launch of micro-loan platform bizmoPay

Special Report: Peppermint has had another significant quarter, delivering on all key metrics which was highlighted by the launching of … Read More

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Peppermint has had another significant quarter, delivering on all key metrics which was highlighted by the launching of bizmoPay.

Fintech company Peppermint Innovation (ASX:PIL) has had a very productive quarter, with the highlight being the delivery of its alternative non-bank micro-enterprise loan offering, bizmoPay.

In July, the company achieved a significant milestone after being awarded a financial lending licence for bizmoPay by the Philippines Securities Exchange Commission (SEC).

Following that approval, PIL immediately commenced a three-month pilot program for a select number of bizmoto agents to test out the bizmoPay platform.

The aim was to identify and optimise any friction points or blockages to ensure efficient  system operations before it started offering the loan program to more than 56,000 registered bizmoto agents.

The pilot program has rapidly expanded in the last two weeks of September to more than 150 bizmoto agents.

“Having initiated a select 10-agent pilot program to identify friction points in our bizmoPay system, we rapidly expanded the size of the pilot due to the level of interest shown by other bizmoto agents,” commented Peppermint CEO, Chris Kain.

Kain said the pilot program was so in demand that by October 12, PIL had issued 359 loans across its three different loan products – Platinum Plus, Platinum and Silver.

During the quarter, PIL also recorded cash receipts of $472,000, which was an 83% increase on the previous quarter.

The company is well funded, with a strong cash position in the bank of $2.7m at quarter end.



The granting of a financial lending licence by the Philippines SEC allows bizmoPay to offer alternative non-bank micro-enterprise loans to qualified bizmoto agents, registered bizmoto network members, and enterprise platform partners.

bizmoPay services fully complement the commercialisation of Peppermint’s proprietary technology platform which targets four key business sectors – mobile payments, ecommerce, delivery and logistics and mobile financial services.

Based on data analysis from the first 45 days of the bizmoPay pilot program, loan recipients on average increased their transactional volume by approximately eight times across the bizmoto ecosystem of services.

“We’re starting to get a picture of an overall positive impact on the agents’ ability to conduct transactions across the platform, which is exactly what we wanted to do,” Kain told Stockhead.

And of course, the more transactions across the platform, the greater revenue that the company earns.

The bizmoPay pilot program started with only the Platinum Plus and Platinum loan products, with the shorter term and lower value Silver bizmoPay loan product commencing trials in the last week of September.

As such, no meaningful data were able to be collected for the Silver bizmoPay loan type.

The program yielded significantly different results in terms of transactional volumes and values across the first 45 days.

On average across the board, the total number of bizmoPay loan recipients completed 13 transactions during the first 45 days of the bizmoPay pilot program, and processed $1.05 per day in transactional value.

“That volume of transactions would represent an additional $22 million per annum in revenue if extrapolated across our 56,000 registered bizmoto agents,” said Kain.

“We’re also on schedule to deploy the next phase of our commercial roll-out for bizmoPay next month, whereby recipients will be able to apply for their micro-enterprise loans via their mobile app.”

Several agents significantly outperformed the average transactional volume during the first 45-day pilot period, including 20 agents who performed more than 50 transactions.

At the higher end, five agents completed more than 100 transactions, while one agent undertook more than 250 transactions.

Peppermint expects to expand bizmoPay’s agents to more than 56,000 users when the pilot is completed, with a target of $30m in micro loans over the next three years.

The graph below is an extrapolation of what the different average performance of each loan type would yield if applied across selected numbers of the registered bizmoto agent base over the same initial 45 day period of the bizmoPay pilot program:

Kain expects this simple and easy to use feature will be incredibly popular with many of its bizmoto agents.

The non-bank lending space in the Philippines is currently undergoing massive changes, especially in the mobile app space where users have exploded as more people access non-bank loan finance through their mobiles.

To capitalise on this momentum, Kain said the next level of regulatory licensing that Peppermint would be chasing is an Electronic Money Issuer (EMI) licence.

With an EMI  licence in place, he believes that Peppermint could turbocharge its capabilities in the digital transaction space.

“An EMI licence will allow us to facilitate any e-money transaction and service open-loop e-wallet accounts, providing all Filipinos – not just bizmoto agents – with a convenient and secure way to receive digital money and access digital services,” Kain said.

“Every Filipino will have the chance to receive a bizmoPay loan, paid to their bizmoto e-wallet to access the bizmoto ecosystem and agent services. We believe this will stimulate significant transaction volumes over the bizmoto platform.”

In February, the company told the market that its phase 2 objective was the launch of bizmoPay.

“We’ve done that and ticked that box, so now we’re moving to phase 3, an EMI licence which is Peppermint’s next objective in delivering financial inclusion to the Filipino people.”


Other significant milestones

In March, PIL signed an API agreement with the Bank of the Philippine Islands, which saw PIL’s proprietary bizmoto platform integrated into the bank’s operating systems.

The integration will begin during Q4 2021, with the product expected to go live later in 2021 or early 2022.

PIL’s strategic Merchant Biller Agreement  with Cebuana Lhuillier back in April allowed its bizmoto agents to cash in money and top up their mobile wallets at any of the 2,500 Cebuana shop fronts across the country.

The API that serves as the gateway for Cebuana Lhuillier to send funds has now been developed, with a projected go-live date later this year or early Q1 2022.

Integration of the bizmoto platform with GCash as a payments facilitator is also underway, and expected to be launched in December.

Once the GCash offer is live, bizmoto agents, riders and merchants will have exposure to approximately 46 million registered GCash users throughout the Philippines.

PIL’s bizmoTinda website meanwhile, has been improved to include multi-vendor customer and multi-vendor merchant functionality, allowing  users to register as multiple vendors or multiple merchants.

The bizmoTinda allows users to sell their own items, with the convenience of having their own website.

Other milestones during the quarter include launching a blog newsroom with the aim of providing non-ASX sensitive information and news updates about the company’s activities to shareholders.

PIL also executed a direct marketing campaign around bizmoPay during the quarter, introducing the concept of a “Planet bizmoto” community among its agents.

The primary objectives of the “Planet bizmoto” community are to experience unique value, be loyal to the brand and transact frequently within the bizmoto ecosystem.

This article was developed in collaboration with Peppermint, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post Peppermint delivers key milestones in the last quarter, including the launch of micro-loan platform bizmoPay appeared first on Stockhead.

Author: Special Report

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