Pension Cuts Could Threaten Savings in 2017
JH: My name Jack Hanney, Senior Partner at Patriot Gold Group, home of investor direct pricing, patriot commitment, and the lightening fast IRA application process, Consumer Affairs top rated gold dealer, nationwide, 2016. The headlines here at the start of 2017, are the Washington Post reporting retired ironworkers could face pension cuts as early as next month. The Treasury Department greenlit and approved pension plans to cut benefits for its members.
Larry Burrell starting the new year with the grim reality that his monthly pension plan check could be cut in half by the end of this month. The Motley Fool just reported earlier this morning three key factors practically guaranteeing a move in gold in 2017. First a low opportunity costs favors strength in gold prices. Number two, in 2015 India purchased 700 tons of gold for jewelry, yet it mines just 2 tons of gold annually.
Third, uncertainty is one of the biggest gold catalysts and there’s no shortage of uncertainty with Trump as our president who has no political or military experience. Another headline out this morning, Business Insider reported, here are the problems with helicopter money, the Fed is engaged in this tightening cycle, not because the economy is any better because it is not, but because they are desperate to raise rates enough to cut them again in a future recession. It could lead to a debt deficit, death spiral and the U.S. sovereign debt crisis of this type could be comparable to Greece of the euro zone in the next few years.
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