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.
Damian White
Sr. Precious Metals Advisor
Damian White is a Sr. Precious Metals Advisor at Scottsdale Bullion & Coin. With a background in business and finance, he transitioned from real estate finance to focus on precious metals in 2016. Damian is dedicated to educating investors on the benefits of gold and silver, emphasizing the importance of wealth preservation and proper asset allocation.
“The CPI numbers [threw] the markets in a tailspin.”– Precious Metals Advisor Joe Elkjer
The highly anticipated consumer price index (CPI) report rocked markets earlier this week dashing hopes of a near-term recovery from economic woes. Watch the video to hear what Precious Metals Advisors Joe Elkjer and Damian White are saying about the dismal numbers, the future of inflation, and how gold is holding up.
CPI: The Good, the Bad, & the Ugly
Markets were eager to see an August CPI report showing much-needed relief from raging inflation. Unfortunately, the numbers clearly indicate that inflation is still running wild as the CPI notched an 8.3% jump.
Despite falling energy prices, the overwhelming majority of metrics saw upward movement. Housing prices skyrocketed to their highest point in decades, and food prices spiked as experts predict there’s still room to run.
The Fed Might Crash the Housing Market
The sheer size of the housing market in relation to consumer spending and the economy makes it a massive driver of inflation. The latest CPI report has confirmed fears that the economy isn’t recovering any time soon. The only way forward for the Fed is to break the back of the housing market. This means aggressive interest rate hikes which will cause even more problems for consumers and the economy.
Gold Holding Steady
Markets were on a razor’s edge in anticipation of the CPI report with many hopeful the economy would be on a path to recovery. When the numbers were released on Tuesday September 13, 2022, stocks tanked immediately. The DOW shed over 1,200 points, and the NASDAQ slashed 5.16%.
As the stock indices experienced their worst drops since June of 2020, spot gold prices held relatively steady with less than a 2% pullback. Once again, gold has proved its merit as a hedge against inflation and a reliable store of value, especially in tumultuous times.
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Don’t Wait to Buy Gold, Buy Gold and Wait
The latest CPI report is painfully clear. Inflation isn’t going anywhere soon. It’s getting progressively worse with each passing month. As the Fed remains dead set on continuing its strategy of raising interest rates, the economy is going to get worse before it gets better.
Smart investors have been accumulating precious metals in anticipation of this economic turmoil as other markets remain uncertain. Find out how you can protect yourself from inflation by requesting a FREE COPY of our popular Gold & Silver Investment Guide.