Dollar devalues as US hits debt ceiling, gold boom expected

Written by: Vasantha


2023 will likely see Wall Street traders rush to precious metals due to inflationary pressures and government default risks. Consumer prices are still 6.5% higher than last year, according to the latest inflation data.

A plummeting stock market pushed the major U.S. benchmarks even lower, while the U.S. dollar fell to just $0.81 of the British Pound and $0.92 of the Euro in the last three months.

Genesis Gold Group CEO Jonathan Rose told FOX Business that "a devaluing dollar, inflation, and other federal government monetary policies" are driving gains in the precious metals market."

It is clear to everyone that government expenditures have a major impact on our country's economy, and now our government may default on its obligations."

". If the federal government defaults on its loans, it will destroy whatever investor faith might be left in the U.S. dollar and weaken it dramatically."

"This environment creates a strong case for allocating funds to physical precious metals," he added.



TO KNOW ABOUT The price of an electric vehicle may be coming down – but not if you're renting one   CLICK HERE TO EXPLORE