Another COVID variant is here. The Omicron.

The news broke last week and people kind of freaked. Panic spread through Wall Street.

CNN reports the Dow suffered its worst day in over a year on Black Friday.

While that worry tapered off at the beginning of the week, it came back after Fed Chairman Jerome Powell told Congress that plans to taper asset purchases by $15 billion each month may no longer be appropriate, and the central bank may need to move quicker.

According to strategists at UBS, this new variant equates to: “Omicron + taper = volatility.”

Powell warns that this new strain could undo some economic growth our nation’s made within the last few months. He said it could cause further rising inflation, a slowdown in fixing unemployment, and increased issues with the supply chain crisis.

While economists and government officials figure how this new COVID variant, Bridgewater Associates’ Founder Ray Dalio is telling people that cash is not the place to be right now.

“Cash is not a safe investment, is not a safe place because it will be taxed by inflation,” he said on CNBC’s Squawk Box.

While Omicron is set to cause more inflation, the head of research at Murenbeeld & Co. told Kitco News that consumers should brace for higher inflation for the next four-five years.

She said, “It could take four to five years to completely fix the damage the COVID pandemic caused to the global supply chain. Companies are resourceful, and they will find short-term fixes and other methods, but it will push costs up.”

With inflation and a tightened monetary policy ahead, she says gold is a good place to invest.

In fact, gold and silver prices moved higher when the news of Omicron broke.

If you’d like to invest or just want to know more about precious metals, give us a call at 855-905-5317 for your free, no-obligation consultation.

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