We’ve got some good and not-so-good news for you this week.
Let’s start off with the bad…
As you probably already know, inflation has been more challenging than Fed officials expected at the beginning of the year.
Prices just seem to increase and increase. In fact, recent data indicated that September returned to a 13-year peak after dipping a bit in August.
CNN Business reports that food prices jumped 0.9% last month, while energy and gas prices rose just a tad more than 1%.
A recent NPR poll found that 38% of those surveyed are currently having serious problems paying their mortgage, rent, utilities, credit card bills, and more.
The data indicated that among Latino, Black, and Native American households, more than 50% had serious financial problems, while 29% of white households did.
That poll also found that 19% of U.S. households lost all their savings during the pandemic.
Another survey by Northwestern Mutual found that the pandemic disrupted the retirement plans for 35% of Americans. Twenty-four percent of those polled said they now plan to retire later than they had hoped.
You may be sick of these higher prices, and we get it. Us too. However, economists say you couldn’t expect them to drop drastically anytime soon.
Yet, those increased prices are helping gold. After recent consumer price data was released, Kitco News reported that gold prices jumped $20.
The yellow metal’s price has been stuck for quite some time; however, experts say increasing inflation could push the metal back up.
In other news, the House approved raising the debt ceiling by $480 billion. The vote adverted the nation defaulting for at least another two months, giving lawmakers time to find a long-term solution.
President Biden signed the bill late Thursday.
If you’re ready to take the plunge and invest in precious metals, or just want to know more, give us a call at (855) 905-5317. Our account executives are ready to provide you with a free, no-obligation, one-on-one consultation.