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.
Tim Murphy
Precious Metals Advisor
Tim Murphy is a Precious Metals Advisor with over 15 years of experience. He started on the New York Commodity Exchange floor before founding his own brokerage firm. Tim joined Scottsdale Bullion & Coin to leverage the small-company feel with national exposure, focusing on personalized, client-first service and fostering long-term relationships.
“Gold is up sharply. It’s telling us…inflation is here to stay.”— Precious Metals Advisor Tim Murphy
The spot gold price made an impressive jump yesterday, drawing a lot of attention from investors. This significant move upward is a healthy sign for precious metals but bad news for the overall economy which isn’t showing any signs of recovery. There’s been no break from warnings of hyperinflation, the devaluation of the dollar, and the threat of a market crash.
Watch the video to see what Precious Metals Advisors Joe Elkjer & Tim Murphy are saying about the recent pop in gold prices, what that signals for the economy, and how investors should move forward.
Gold is Breaking Out
Gold prices made headlines yesterday surpassing the $1,900/oz mark, marking a massive surge in value. The spot price of gold hasn’t been this high since June of 2020 as more people dump their dollar-tethered assets in favor of precious metals. With poor economic conditions only worsening, this jump might just be the beginning of a larger value increase. Experts are predicting gold prices to climb even higher this year.
Inflation is Here to Stay
This jump comes amidst a gloomy economic backdrop as inflation persists, the dollar loses value, and tensions in eastern Europe continue. To make matters worse, the Fed held its first secret meeting in over a decade, sparking even more uncertainty and fear among already wary investors.
The Fed is clearly concerned inflation will only worsen without immediate action in the form of rate hikes, the first of which is already scheduled for June. However, as it shared after the secret meeting, the Fed is also worried that increasing interest rates too quickly will crush the markets. It’s a lose-lose situation that has been fueling an increased interest in gold and silver.
Gold is Primed for Growth
Right now, the Fed has no good choice moving forward. Inaction won’t do anything to mend a broken economy, but rate hikes and other proactive measures will cause pain in the short term. These precarious market conditions are already causing gold and silver prices to increase, as is evident from yesterday’s jump.
As the economy worsens, people begin looking for alternative assets to protect their wealth. With over a century of success as an inflation hedge, gold and other precious metals are seeing a boom in interest from wise investors. Gold is primed for big moves in the future, so now is the time to take action.
👉 Suggested Reading: Is Gold a Good Investment?
Don’t Wait to Buy Gold. Buy Gold and Wait
It’s important to keep in mind that gold prices don’t always respond immediately to poor economic conditions. Usually, there’s a gap in between the downward spiral of the market and the rising price of gold. Nobody can predict precisely when this jump will happen. That’s why you should buy gold and wait instead of waiting to buy gold. Learn more about protecting your wealth with precious metals by downloading our Free Gold & Silver Investment Guide.