LOS ANGELES, Sept. 30, 2016 /PRNewswire/ -- Back in 2006, Venezuela was the fastest growing economy in the Americas with the world's 16th largest gold reserves. Fast forward ten years and Venezuela is home to empty grocery stores, hospitals without medicine and a dumpster diving middle class who can no longer afford to buy food with costs reaching as much as $150 for a dozen eggs. Seeing how currency volatility has beleaguered the once-promising Venezuelan economy, many Americans are trading hard earned dollars for precious metals to insulate themselves from the likelihood of a similar financial quagmire in the U.S.
While runaway inflation is pushing millions of Venezuelans into abject poverty, Americans have emerged from the global recession of 2008-2009 with a relatively strong currency and brittle optimism. However, neither the productivity of American businesses nor the incomes of American workers has experienced any gains. Instead, institutional investors have bought the last secure, high yielding bonds available in American debt markets, namely, $1.3 trillion of educational loans that are fleecing future generations of Americans. The top six U.S. banks, worth over $9 trillion, have raised the value of their combined asset portfolios from 17% of U.S. GDP back in 1995 to well over 58% of GDP. Printing currency with reckless abandon could leading America down Venezuela's path to an economy entirely dependent on cash and vulnerable to currency volatility.
Rising corporate debt defaults at home and turmoil in global financial markets, epitomized by the recent implosion of Deutsche Bank, loom over the U.S. economy. While the investor class has led the move away from cash to precious metals, American workers with their eye on wealth preservation are following suit. Millions of Americans with individual retirement accounts are moving their savings into self-directed precious metals IRAs. If you're not ready to kiss your cash goodbye, you may find yourself as unprepared for an economic meltdown as millions of unfortunate Venezuelans. For help from a qualified team of precious metals experts with proven investment experience, call Patriot Gold Group at 800-974-GOLD or apply online for your Self-Directed Lightning Fast Precious Metals IRA.
ABOUT PATRIOT GOLD GROUP
Established in 1986, Patriot Gold Group is a nationwide investment group with over 30 years of experience in precious metals. In 2016, Patriot Gold Group was rated Top IRA Gold Dealer by Consumer Affairs, 5 Stars by TrustPilot and AAA by the Business Consumer Alliance. What sets Patriot Gold Group from competitors is the fewest layers of management compensation and an industry leading pricing structure.
In early 2016, physical gold hit $1,050 an ounce, which marked a level that gold investors hadn't seen since the latter half of 2009. After hitting $1,900 an ounce in 2011, gold shed 45% of its value as the U.S. economy improved, the U.S. dollar strengthened, and the Federal Reserve teased at, and finally began, raising its benchmark federal funds rate.Read More
By While the Labor Department's fiduciary rule is scheduled to take effect April 10, some experts predict that President Trump will somehow, someway put the kibosh on the rule that requires financial advisers to act in their client's best interest, adhering to a fiduciary standard with respect to retirement accounts such as IRAs and 401(k)s.
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U.S. lawmakers recently introduced legislation calling for 2020-dated coins in commemoration of Muhammad Ali, the legendary boxer, advocate and philanthropist. The Muhammad Ali Commemorative Coin Act, numbered H.R.579 in the House and S.166 in the Senate, seeks up to 100,000 $5 gold coins in 90% gold and up to 350,000 silver dollars in at least 90% silver.Read More
Half a world away at the World Economic Forum in Davos, Switzerland, Nobel Laureate economist Joseph Stiglitz made remarks earlier this week that the US should "get rid of currency." Physical cash means there is no one else standing between you and your savings. But Professor Stiglitz and his colleagues don't want that.Read More
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