Yes, it’s time to buy precious metals for wealth and retirement protection.
The chance that the American economy will fall into a recession by early 2024 has risen to 72 percent, according to a study published on June 15 by Bloomberg Economics.
The report came out just as the Federal Reserve made its largest hike in interest rates since 1994 in an attempt to cool down inflation. In February 2022, the same models used by Bloomberg downplayed the chance of a recession at the beginning of 2024, forecasting a nearly zero percent chance for such a decline. By March, the likelihood of a downturn had risen to an estimate of less than 20 percent.
Consumer sentiment is at its lowest level among records dating back to 1978, Bloomberg reported, and sentiment is more pessimistic than at any time since the Great Recession of 2007–2009.
The University of Michigan economic sentiment index fell to 50.2 in June, the worse since the poll was first taken, with inflation as the biggest motive for the negative outlook.
The Federal Reserve raised benchmark interest rates by 75 basis points on June 15, following previous increases of 50 basis points and 25 basis points. Fed Chairman Jerome Powell suggested that the central bank’s next rate hike will be 50 or 75 basis points but that another 75-basis-point increase after that would not be likely.
Powell said he believes that as of now, there is “no sign” of a major economic slowdown, with his fellow central bank policymakers largely in agreement with his assessment. Meanwhile, many investors are currently betting on a poor outlook in the next several months, with stocks and bonds plunging to a low.
The S&P 500 is down about 20 percent from its January 2022 high, while the average mortgage rate has almost doubled to 6 percent, the highest rate since 2008.
Inflation Hitting ‘Main Street’
Many households are suffering from rising grocery, gas, and utility bills, with some dipping into their savings and retirement funds to make ends meet amid the highest rate of inflation in more than four decades. The Biden administration, which is taking criticism for its handling of the U.S. economy, is pointing to and echoing the Fed’s assessment.
“We have problems that the rest of the world has, but less consequential than the rest of the world has because of our internal growth and strength,” said President Joe Biden in Tokyo on May 23.
“This is going to be a haul. This is going to take some time,” he said.
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Many Democrats fear a rout in the upcoming 2022 midterms, while Biden is facing a tough 2024 reelection bid if the economy continues at the current trajectory.
The administration is looking at various solutions, including a windfall tax on oil profits, a rapprochement with the Saudis for more oil, and a pledge to remove the Trump-era tariffs against China to lower import costs.
White House officials have repeatedly denied that rising inflation is a result of the administration’s policies and have at times blamed the Russians, the CCP (Chinese Communist Party) virus, commonly known as the novel coronavirus, the recent Chinese lockdowns, U.S. oil companies, and even former President Donald Trump for the financial woes facing Americans.
The administration has also stated that the economic models cited have projected widely varying results and that the health of the American economy is better than it appears to be.
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Biden has touted the 3.6 percent unemployment rate as a success of his economic policies after two years of CCP virus-related lockdowns and government mandates, which put more than 20 million Americans out of work. However, the president’s June 2022 approval rating is at an all-time low of 38.9 percent, according to the same University of Michigan poll.
The White House is currently betting that there will still be time for an economic upswing after it hits a recession in early 2023, before the 2024 presidential election.
Image by Gerd Altmann from Pixabay. Article cross-posted from our premium news partners at The Epoch Times.
Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
