They’re calling it “Black Monday” as stock prices plummet. It all started on Friday when global stock markets plummeted as investors reacted to signs of a weakening US economy. The S&P 500 dropped 2.5%, the Dow Jones fell 2.4%, and the Nasdaq sank 3.2%, wiping out gains from a record high just weeks ago.
The sell-off was triggered by a dismal jobs report showing the US unemployment rate rose to a near three-year high in July. This sparked fears that the Federal Reserve may need to slash interest rates more aggressively than planned to prevent a severe recession.
Major US indices had already fallen the previous day after a raft of disappointing economic data. The declines were compounded by sharp drops in stock markets across Europe, Asia and Japan.
Economists now expect the Fed to cut rates by at least 1.25 percentage points by year-end, starting with a half-point reduction in September. This would make it cheaper for households and businesses to borrow, but the full impact may take months to filter through.
The grim economic outlook has battered retirement savings, with 401(k)s heavily invested in equities.
“The Fed is under pressure from all sides right now to get this right and I’m not confident they will,” said Jonathan Rose, CEO of Genesis Gold Group. “Our phones started ringing off the hook on Friday as Americans started moving their retirement accounts into physical precious metals.”
The sell-off comes amid concerns the Fed has waited too long to pivot on monetary policy. Investors are now panicking that the central bank is behind the curve on rate cuts.
In Asia, Japan’s Nikkei suffered its second-worst point drop ever, tumbling 5.8%. Other regional markets also fell sharply on worries over slowing global growth.
The rollercoaster week in markets came despite central banks in Japan, the US and UK acting largely as expected. But investors are increasingly anxious that high rates could tip economies into recession.
“It’s really a no-brainer with the current state of affairs in America for retirees to want their life’s savings backed by precious metals instead of the volatile markets,” Rose continued. “Our focus on integrity and transparency is why clients tend to work with us over other gold companies.”
- Concerned about your life’s savings as the multiple challenges decimate retirement accounts? You’re not alone. Find out how Genesis Precious Metals can help you secure your wealth with a proper self-directed IRA backed by physical precious metals.
Genesis Gold Group is a faith-driven precious metals company. Their open and honest approach to rollover or transfer retirement accounts into a Genesis Gold IRA streamlines the process. As a result, mature Americans can defer taxes while seamlessly moving the money in their retirement accounts into the “safe haven” of physical precious metals.
This is becoming extremely important as market volatility rises. The outlook remains highly uncertain, with much riding on the Fed’s next moves. For now, markets seem braced for further turbulence ahead.
It’s becoming increasingly clear that fiat currencies across the globe, including the U.S. Dollar, are under attack. Paper money is losing its value, translating into insane inflation and less value in our life’s savings.
Genesis Gold Group believes physical precious metals are an amazing option for those seeking to move their wealth or retirement to higher ground. Whether Central Bank Digital Currencies replace current fiat currencies or not, precious metals are poised to retain or even increase in value. This is why central banks and mega-asset managers like BlackRock are moving much of their holdings to precious metals.
As a Christian company, Genesis Gold Group has maintained a perfect 5 out of 5 rating with the Better Business Bureau. Their faith-driven values allow them to help Americans protect their life’s savings without the gimmicks used by most precious metals companies. Reach out to them today to see how they can streamline the rollover or transfer of your current and previous retirement accounts.
Kamala Endorses Dockworkers Strike That Union Boss Boasted Would ‘Cripple’ the Economy
by Daily Wire
Vice President Kamala Harris sided Wednesday with dockworkers who launched a massive strike this week that threatens to cripple the economy. “This strike is about fairness,” Harris said. “Foreign-owned shipping companies have made record profits and executive compensation has grown. The Longshoremen, who play a vital role transporting essential goods…
‘Drill, Baby, Drill’: Energy Costs To Drop ‘50%,’ Trump Tells Dave Ramsey
by Headline USA
Former President Donald Trump pledged, if re-elected, to cut energy costs “50%” during a recent interview with financial expert Dave Ramsey that was released on Wednesday. Ramsey, one of the most popular radio hosts in the country, said he had offered to talk with Vice President Kamala Harris, as well,…
Do You Want Your Prepper Bar Shipped to Your Home or Added to Your IRA?
by Sponsored Post
The massive shift of money being exchanged for physical precious metals started in 2022 with Central Banks across the globe breaking records. The frenzy caught on with large investment firms and financial institutions like BlackRock and JPMorgan in 2023. 2024 has been the year of regular citizens making the same…
Byron Donalds Brings Receipts, Shocks “The Breakfast Club” That Kamala Cause the Inflation Crisis
by Louder With Crowder
The Dems would be nothing without this country’s most ignorant voting base. And as you likely know, had it not been for Kamala’s two tie-breaking votes, you would have more cash in your wallet. But because she believed the government could somehow spend its way out of inflation, she is…
Biden to Stay Out of Port Strike as Trade Flows Halt, Union Boss Threatens to ‘Cripple’ Economy
by Just The News
The White House has remained firm in its position that it will not intervene in negotiations between port workers and dock employers as trade flows screech to a halt and the lead union boss threatens to “cripple” the economy less than 35 days before the presidential election. A general strike…
Celebrity Jeweler Goes Viral Tossing Cash After Selling Anti-Trump Chain
by Headline USA
A popular celebrity jeweler went viral for endorsing President Donald Trump in an unconventional way: selling his anti-Trump gold pendant and dramatically tossing the cash into the air in Times Square. Maksud Agadjani, owner of TraxNYC, had previously collaborated with actor George Lopez on the creation of the pendant, which…
Launching the RIGHT REPORT to Fight the Real Enemies
by Publius
According to Ecclesiastes 10:2, A wise man’s heart inclines him to the right, but a fool’s heart to the left. The implications are stunning when we consider society today. That may not be the original intent of the verse but it clearly applies to the modern world. But what is…
The New Data on Illegal Alien Crime Is Shocking
by John R Lott Jr
(RealClearWire)—The new data on all the criminal noncitizens coming into the U.S. is shocking. The U.S. Immigration and Customs Enforcement (ICE) checks the background of illegal aliens they have in custody. But, the administration’s letter to Rep. Tony Gonzales (R-TX) shows that as of July 21, 2024, ICE let 435,719…
Exposing the Multi-Front Warfare Against American Freedom Through the United Nations
by Liberty Sentinel
In this episode of The Sentinel Report, host Alex Newman covers the latest news, including outrage as the U.S. Department of Justice defends the United Nations’ staffers who collaborated in Hamas’ terror. Next up, Alex invites Ken Abramowitz, the author of “The Multifront War: Defending America From Political Islam, China,…
Months After Becoming a Major Abortion Provider, Struggling CVS May Have to Dismantle Company
by Western Journal
There is absolutely no joy to be had when news breaks that more people could be facing joblessness under the Biden/Harris administration. But there is absolute joy to be had when news breaks that it could become that much harder to murder unborn children. Many Christians and pro-lifers are caught…
