Tuesday’s midterm elections happened at a pivotal time for our economy as inflation rises and the likelihood of a recession grows. As votes are being counted, experts are paying close attention to issues involving the Fed, tax changes, the debt limit, and, of course, a recession. In other news, Dennis Gartman, chairman of the University of Akron Endowment Committee, told Kitco News that gold prices are just itching to go higher.
Fox Business Insider/Megan Henney
Midterm elections hold big stakes for US economy as headwinds grow
The midterm elections on Tuesday come at a pivotal time for the U.S. economy as it faces an increasingly grim outlook amid stubbornly high inflation and the increased likelihood of a recession this year or next.
Voters who are feeling the string of consumer prices that are still running near a 40-year high will cast their ballots to determine which party controls the House and the Senate, and the winners will be almost immediately confronted by an ailing economy besieged by rampant inflation and rapidly rising interest rates.
But the next Congress, which will not convene until January, will also have the power to shape the economy with fiscal policy.
Here is a close look at some of the issues that experts are paying close attention to as they await the results from Tuesday’s elections.
You can read the full story, here.
Kitco News/Neils Christensen
Gold is cheap and wants to go higher – Dennis Gartman
The gold market has bounced nearly $100 from its two-year lows hit last week, and according to one market analyst, investors might be starting to recognize the precious metal’s value.
In an interview with Kitco News, Dennis Gartman, chairman University of Akron Endowment Committee, and former publisher of the Gartman Letter, said that gold’s recent drop to$1,618 an ounce was a consequential move that created solid value play for investors.
“I think gold is very cheap at this point relative to stock prices,” he said. “Gold is very cheap relative to almost any other investment. It wants to go higher from these levels.”
You can keep reading, here.
Retiring into a recession? What soon-to-be retirees should know about retiring during a market downturn
If you’ve been watching your retirement portfolio for the past few months, you’ve probably noticed the value of your nest egg taking a dramatic dip. From the beginning of 2022 through Nov. 2, the value of the S&P 500 slipped more than 21%, the Dow Jones fell over 12% and Nasdaq dropped by almost 33%.
And the stock market isn’t the only aspect of the economy that’s hurting soon-to-be retirees. In recent months, inflation has remained at record-high levels. The Fed has responded by raising interest rates and many are predicting a global recession as companies and consumers pull back on purchasing and borrowing in response.
As people look to their future retirement, it may seem less than optimistic. If you’ve spent the last few decades of your life stashing away money for your golden years, the recent market downturn, however, doesn’t mean that your effort has been all for not.
Continue reading, here.