Jake Klein, Executive Chairman of gold mining firm Evolution Mining, believes bitcoin investors will return to gold. He said the cryptocurrency has a “long way to go” before it demonstrates the kind of “longevity and security” that gold has proven to offer investors over the last 70 years. In other news, rising inflation has been hard on many, but what about senior citizens? How will it impact their retirement savings?
Bitcoin volatility will drive investors back to gold, says mining firm chairman
Wild swings in cryptocurrencies will eventually drive bitcoin investors to return to gold, says the executive chairman of gold mining firm Evolution Mining.
Jake Klein said bitcoin still has a “long way to go” before it demonstrates the kind of “longevity and security” that gold has proven to offer investors over the last 70 years.
Cryptocurrencies are “running a massive amount of speculative money,” he told CNBC’s “Squawk Box Asia” on Thursday.
“I think that the volatility in the crypto space is going to ultimately lead to people coming back to gold,” Klein said.
Gold prices fell last week, and analysts say they will likely drop further. Hedge fund manager David Neuhauser told CNBC earlier this week that the decline in gold prices is a “massive buying opportunity” for investors now.
You can read the full story, here.
CNN Business/Jeanne Sahadi
Retirees are getting hit by rising prices. Here’s what will soften the blow
As if the pandemic hasn’t been hard enough on retirees, those living on low to moderate incomes have been hit with the one-two financial punch of rising inflation and low-interest rates.
Those senior citizens found themselves paying more for essentials, while earning next to nothing on their savings and getting a monthly Social Security check that rose by just $20 on average this year. That annual cost of living adjustment by the Social Security Administration was based on inflation growth from the third quarter of 2019 to the third quarter of 2020.
But that rearview adjustment didn’t account for the pandemic-induced inflation spike that occurred this year. In an email survey of retirees, the Senior Citizens League found that the vast majority (86%) said their expenses this year grew by more than $20 a month, with 40% saying they’d grown by more than $100, said Mary Johnson, the League’s Social Security and Medicare policy analyst.
Read the full story, here.
Fed tapering decision ‘biggest risk’ to stock market, wealth adviser says
Wealth Consulting Group CEO Jimmy Lee believes it’s a good idea that the Federal Reserve signaled that it could taper this year, on FOX Business’ “Mornings with Maria” Friday.
Lee argued if the Fed “waits too long” to fix interest rates, it poses a real risk to the markets.
You can watch the full interview, here.