LOS ANGELES, May 11, 2021 /PRNewswire/ -- Patriot Gold Group forewarned clients about the excessive monetary policy enacted by The Federal Reserve in response to the Covid shutdown and the resulting inflation is reminiscent of the 1970's when double digit inflation wreaked havoc on America's economy. Larry Summers sounded the alarm last week when he voiced "I'm concerned that what is being done is substantially excessive" and that the "scale of fiscal and financial largesse beforehand solely seen in world wars." Inflation has now entered its final and worst stage where the prices of ordinary goods and services purchased by consumers are forced to be raised. Coca Cola, Procter & Gamble along with Kimberly-Clark are a small sample of companies that are forced to raise prices on toilet paper, diapers, and everyday essentials. Lumber prices have skyrocketed over 230% and could "spiral out of control in the next few months" thanks to recession induced record low interest rates causing a housing boom."
These concerns are only magnified when you consider the multi trillion-dollar social safety net legislation and bills now being proposed by this new White House Administration! President Biden has recently released in addition to the 1.9T Covid Relief Bill an additional $4 Trillion Dollar "Infrastructure Bill" & "America Families Plan" both of which are no more than an expansion of "American Social Safety Net" As if all of this was not worrisome enough Biden plans on repealing Trump's historic tax reforms and raising capital gains taxes, corporate taxes and individuals and families making over $400K/year to pay for it all which according to the National Association of Manufacturer's could cost 1 million American's jobs and be the dagger in the recovery for Americans as we pull ourselves out of this government induced economic shutdown.
April's abysmal jobs report in which The U.S. added a mere 266,000 jobs only exacerbates the situation in which the bulk Central Bankers see "waiting until 2024 before lifting rates." American's "flush with savings and enhanced unemployment benefits still available have the "wherewithal" to wait to return to work thanks to Biden's multiple Trillion Dollar Stimulus packages. Gold & Silver have soared since the report and update that Central Bankers are committed to keeping rates near 0% until 2024.
According to Jack Hanney, CEO of Patriot Gold Group, "Economists all agree as America is returning to work and the economy is back on track enacting the single biggest tax hikes in generations can only sideline or altogether halt recovery efforts." Mr. Hanney continues, "Biden, along with Bernie Sanders are using the Covid pandemic hysteria and plight of the American people to propel overly aggressive, expensive legislation masking it as a "recovery effort" but in reality, causing more damage to our free-market Capitalist society that America and innovation was built and thrives on."
Wells Fargo raised their 2021 price target to $2,200 an ounce and stated, "Gold's Strongest Price Rally Is Coming" as "gold supplies have flipped from excessive to deficient." Ex Managing Director of JP Morgan Jon Deane stated, "We are sitting on an economic cliff" and that "Gold will be well north of $2,000 an ounce this year" Deane goes on to say "We are already seeing inflation. If you look around the world, you see real estate prices, building supplies, and services skyrocket, what we created since the early 1990's is an entire financial infrastructure relying on debt and we have accelerated that dramatically in our response to managing the Covid-19 crisis."
Deane forecasts Silver to be between $35 - $40 and ounce and Bloomberg Intelligence and Saxo Bank raised their silver forecast to $50 an ounce in 2021 based on the excessive money printing and Biden's commitment to renewable energy.
Patriots Serving Patriots Announces Fee Reimbursement "Inflation Protection" on Many Retirement Options Ahead of July 15th,2021
Patriot Gold Group is introducing the "2021 Inflation Protection America First IRA" with our NO FEE FOR LIFE IRA for qualifying IRAs. Patriot Gold Group is lowering the minimum requirement for our NO FEE FOR LIFE IRA and waiving fees for segregated, secured, and insured storage of your safe-haven assets, in addition to waiving the cost of registered and insured shipping to your home so that you—a fellow American—have one less thing to worry about. Patriot Gold Group is also waiving most fees on IRA accounts opened through July 15th 2021.
Call the Patriot Gold Group at 800-974-4653 (GOLD) for exclusive details about our incentives, or if you simply have questions regarding current market performance. We're here to help, be of service, and adhere to that altruistic principle that made Consumer Affairs recognize Patriot Gold Group as the Top IRA Gold & Silver Dealer nationwide for an unprecedented five years in a row (i.e., 2016–2020).
About CEO John Jack Hanney Jack Hanney is the CEO & Co-Founder of Patriot Gold Group, and a nationally sought-after financial speaker and guest. Recently featured on Fox Los Angeles Good Day LA, OANN, and FOX23 Tulsa, he was interviewed about his insights regarding the global health crisis and its impact on the economy, and he accurately forecasted the challenges in re-opening the economy, mortgage delinquencies, and the subsequent turn in the market. Here: FOX23TULSAJACKHANNEY.
About Patriot Gold Group Patriot Gold Group (www.patriotgoldgroup.com) is a nationwide investment group with more than 50 years of precious metals investing experience. The company has been rated the Top IRA Gold & Silver Dealer by Consumer Affairs for an unprecedented five years in a row (i.e., 2016–2020), is A+ Rated with the Better Business Bureau, has earned a 5-star TrustPilot rating, and has been endorsed by political consultant and New York Times Best-Selling Author Dick Morris.
SOURCE Patriot Gold Group