Joe Elkjer
Precious Metals Advisor
Joe Elkjer, a Precious Metals Advisor at Scottsdale Bullion & Coin since 2019, specializes in helping clients protect their assets through tangible investments. With a strong background in business and finance, he emphasizes stellar customer service and stays dedicated to informing clients about market impacts through frequent appearances on The Gold Spot.
“The dollar is nothing more than a vessel based off confidence of our nation. That confidence is fading.”— Founder Eric Sepanek
It seems the media is attempting to distract the American public by downplaying the problem in Ukraine and the negative repercussions Russian aggression is having on the already beleaguered global economy. At this point, the delicate circumstances of the domestic and worldwide markets are too obvious to ignore. Everybody is acutely aware of the situation because it affects their daily lives.
Watch the video below to hear what Scottsdale Bullion & Coin Founder Eric Sepanek and Precious Metals Advisor Joe Elkjer think about the devaluation of the greenback, worsening inflation, the rising pressure from Russia and allies, and how this all impacts precious metals.
The US Dollar is Losing Value Rapidly
The health of the dollar directly reflects the condition of the US economy and, to a large extent, the world’s economy too. Following a strong rise in value in the latter half of the 2010s, the greenback hit a peak in 2020 before beginning a stark downturn from which it has yet to recover. The dire market conditions of 2022 only seem to hasten the collapse of the US dollar as it declines when compared to other powerful currencies.
Inflation is an Old Story Being Retold Again
The backdrop of the depreciating dollar is an unsettling market setup. Just a few months after the Federal Reserve dared to utter the word “inflation”, people have already become used to hearing it on a daily basis from the news and in passing conversation.
The consumer price index – a key indicator of inflation – reached a new peak last month with an increase of 7.5%, the highest annual rise in nearly 40 years. It’s evident that things aren’t getting better, and the rapidly declining US dollar is just another sign of the economic woes facing investors.
Russia & China Threaten a Currency War
Just when everyone thought the situation couldn’t possibly get worse, news recently broke of Russia and China agreeing to long-term cooperation aimed at supplanting the current economic status quo. Put in simpler terms, the two biggest autocratic economies in the world are threatening a currency war that would harm the dominance of the dollar and the United States’ global power. This is bad news for the US, Russia, China, and the whole world.
Don’t Wait to Buy Gold, Buy Gold and Wait
You’re already feeling the pains of inflation and the devaluation of the US dollar. Consumer items are getting increasingly more expensive at the same time assets tied to the greenback decrease in value. Precious metals have consistently proved to perform well during times of economic downturn, as we’re currently seeing with the spot price of gold rising, and the current economic situation is a perfect time to begin looking into these assets. Protect your wealth no matter the economic conditions.