Author of How to Prep When You’re Broke and Bloom Where You’re Planted online course
A lot is riding on the upcoming election, and there are financial changes you may want to make before it happens.
If you have your money in the banking system, now could be the time to move it to a safe, tangible haven such as gold or silver. While we don’t know who will be named the winner of the 2024 presidential election, we know that the economy will react right away.
Please note that I am not a financial expert, and this information cannot be taken as financial advice. The content is only meant to provide you with the information to make the best decision for your situation.
Harris is making expensive promises.
Kamala Harris, the new, media-created liberal savior, will have a huge effect on the market right away. That’s because experts know that her rather socialist plans for the future will be extremely costly and drive up consumer prices.
Anthony DeLuca, CFP and expert with Annuity.org, explains.
A few of her ideas include raising the corporate tax from 21% to 28%, raising the income tax level for earners over $400,000 to 39.6%, taxing LTCG (long-term capital gains) as ordinary income for individuals with taxable income over $1 million along with a 25% unrealized gains tax on the ultra-wealthy.
All the above will result in is raised cost of goods which will be passed down to the consumer, more government spending which will devalue the dollar and raise our already out-of-control government debt issue and keep business owners from expanding,
So even though all those shiny promises seem like they’ll just hit the “ultra-wealthy,” in the end, it will all come out of our pockets. The dollar will be destabilized even further, and what you have in dollar savings will buy you far less.
DeLuca continues:
My biggest concern with a Vice President Harris win is her economic stance,” said DeLuca. “At a time where we need inflation to remain level for the Federal Reserve Board to cut the federal funds rate starting in September and through 2025, raising taxes and more government spending is not the answer.
This will directly affect Americans in every economic class. As well, the prices of precious metals will go up in response to the devalued dollar.
What happens in the event of a Trump win?
Regardless of Trump’s economic policies, he’d be stepping into an already disastrous situation.
Brandon Thor, CEO of Thor Metals Group, shares his thoughts.
Regardless of who becomes president, he/she will inherit an absolute ticking time bomb of a market with the second hand about to hit 12.
So, while Trump is expected to “breathe optimism into the markets as Wall Street knows Trump is staunchly pro-business,” according to Thor, the fact is that he would be inheriting a mess.
We are still sitting on a currency that has been printed with reckless abandon and a national debt that is untenable to say the least.
Would Trump be able to fix a situation as broken as this? It’s difficult to say and it’s entirely possible that the prices of precious metals will go up during a Trump presidency as well.
The price of gold vs. economic factors
All of these factors affect the price of precious metals:
- Supply and demand
- Inflation
- Geopolitical factors
- Interest rates
- Economic instability
- Decreased dollar values
- Central bank decisions
For years, gold has gone up to reflect the instability of our economy and our massive national debt. If you’re leaning toward precious metals, the price now could be the lowest you’re likely to get if our dollar continues to lose value. Your goal should be to purchase gold at the lowest possible price.
What about the potential of war?
Gold has long been considered a safe haven during times of global unrest and war, and that’s something we are certainly experiencing now.
Here’s a little bit of background.
The correlation between war and the price of gold has been vividly demonstrated historically and in recent geopolitical events. For instance, when Israel declared war in response to attacks from the Gaza Strip, the gold price experienced a notable uptick.
Similarly, the lead-up to the conflict between Russia and Ukraine in February 2022 saw a surge in gold prices, reflecting heightened global tensions and economic uncertainty. This increase mirrors a trend observed in August 2020 during the peak of the Covid-19 pandemic, illustrating gold’s tendency to perform well in times of market shocks and uncertainty.
As the conflict in the Middle East evolves, with Israel shifting from an air war to a ground offensive against Hamas in the Gaza Strip, the markets have experienced increased volatility. Many traditional assets have declined, while gold, recognized for its stability during periods of market uncertainty, has reached record highs.
With Putin threatening to nuke the NATO nations and the Middle East showing no sign of settling down, this is definitely a volatile time. Metals tend to be the best investments during volatile times.
Why precious metals?
As I’ve written many times before, you don’t buy gold and silver to spend during apocalyptic times. You buy it to ride out the emergency with some of your savings and wealth intact.
I always recommend paying off debt and purchasing preps before you focus on metals.
But if you’re well-prepped and you have money in the banking system, you’ll want to buy before the prices skyrocket even more. The lower price you buy your gold at, the better off you’ll be when we get to the other end of this economic disaster.
If you are considering this but want an expert opinion, you can book a call with ITM Trading or call them directly at 866-517-1257. They’ll explain your options and help you make a plan that works for your personal situation. I’ve found them to be extremely low-pressure—whether you invest or not, the meeting will be extremely educational. The call is free and even if you decide that investing in metals is not for you, you’ll walk away with a much better understanding of our economic situation and how it will affect you.
Get your finances in order.
However you plan to do it, now is the time to get your finances and preps in order. Regardless of who is named the 47th president of the United States, we’re in for a bumpy ride. Between potential widespread unrest, global turmoil, the looming threat of Central Bank Digital Currency, and our own national economic problems, I don’t expect to see things leveling off for at least a year.
We know that once prices are greatly inflated, they rarely ever go back down to the way they were before. At the end of this, we’ll still have dollars that buy less on our hands. You need only to walk into a grocery store to see the insanity of prices right now. I nearly died when I saw boxes of crackers that weren’t on sale marked at $6.99.
I remember shopping carefully and being able to feed my family healthy, organic food for around $100 a month, and now, it’s hard to feed two people on $100 a week. I can’t imagine what our prices would be like after four years of Kamalanomics.
Take the steps you need to take to preserve the wealth you’ve worked so hard to accumulate. You want to have your investments tangible and in your hands, not stored off in a vault somewhere or existing only on paper. Please don’t wait too long to make your choices.
I really foresee some troubling times ahead, but we’ve been surviving difficult times since history was first recorded. We’ll get through this with hard work, wise decisions, and our independent American spirit.
What do you think?
What do you think will happen to the economy if Harris becomes president? What do you think will happen if Trump becomes president? What steps are you taking to prepare for further economic downturns?
Let’s discuss it in the comments section.
About Daisy
Daisy Luther is a coffee-swigging, adventure-seeking, globe-trotting blogger. She is the founder and publisher of three websites. 1) The Organic Prepper, which is about current events, preparedness, self-reliance, and the pursuit of liberty; 2) The Frugalite, a website with thrifty tips and solutions to help people get a handle on their personal finances without feeling deprived; and 3) PreppersDailyNews.com, an aggregate site where you can find links to all the most important news for those who wish to be prepared. Her work is widely republished across alternative media and she has appeared in many interviews.
Daisy is the best-selling author of 5 traditionally published books, 12 self-published books, and runs a small digital publishing company with PDF guides, printables, and courses at SelfRelianceand Survival.com You can find her on Facebook, Pinterest, Gab, MeWe, Parler, Instagram, and Twitter.
I used to be really interested in PM’s. Then, this week, I read this.
https://m.jpost.com/business-and-innovation/precious-metals/article-821530
This will pass the as law in the Knesset. All in the name of security and stopping the black market and illegal arms trade. Then WW3 will start. Then we will start being attacked from within by migrants seeking a better life. Then this will become law here after we join in the fun in the Middle East, Europe, and Far East.
I’m buying cattle and sheep as a hedge against inflation. YMMV
~Jim, that is interesting, however a number of states here in the US have made gold and sliver tax free.
Also a number of states have issued their own goldbacks and sliverbacks. I have kicked around the idea of getting a few just for laughs.
You’re 100% spot on. No matter who is “elected” – we will all pay the price in the end. Prep,prep,prep…
If the Trump tax cuts are allowed to expire, EVERYONE will face a tax increase. Don’t believe me, look at your return from 2016 and compare it to 2018. Look especially at the standard deductions and the difference between those two years. Plus the tax rates.
I admit I was not a fan of PMs a while back.
Do not recall which one it was, but one of Daisy’s articles on the subject got me to change my perspective on it. Rather then using paper money to buy something like a washer or dryer, it is money in a different form. Unless something drastic happens causing the worth of PMs to devalue, it should continue to hold value and perhaps in these uncertain times, continue to go up in value. And if it were to go down in value, something tells me paper money would be valued even less.
I think my next purchase will be in 1/4oz gold coins or half ounce.
I usually buy 1 ounce sliver coins too. With all the crazy going on in the world, I would not rule out having to melt them down to make bullets for werewolves.
Thanks for the giggle on a very serious subject
I am here for you! 🙂
I would love to see you go into Lowe’s and buy a washer and dryer with gold and silver. What do you think they would do? If they did do that transaction you would not be getting gold and silver back but fiat currency.
The value of fiat currency is not linked to the value of gold and silver (the exception being the exchange rate if you travel outside of the USA). So your conclusion that if gold were to go down in value that paper money would also go down in value is incorrect.
Yes purchasing power degrades due to inflation BUT one dollar today when buying something in the USA is still one dollar tomorrow.
Did I or anyone else, namely Daisy, say anything about going into Lowes and trying to buy a washer or dryer with PMs?
No.
For that matter, you would of noted Daisy said,
“. . . you don’t buy gold and silver to spend during apocalyptic times. You buy it to ride out the emergency with some of your savings and wealth intact.”
Yes, a dollar is still a dollar.
And the way our government is going into debt, printing money like there is no tomorrow, we just might be weighing a stack of dollars like they did in Venezuela to buy a pound of lunch meat.
Precious metals are a good way to store wealth and carry it through chaos into more stable times.
Don’t ignore its value as barter items and to “grease palms” of government officials, warlords, etc.
It also can help to obtain needed goods and services, like medical care and supplies.
No, you can’t eat precious metals, but they can come in handy when dealing with folks whose position in the chaotic period assures them of the necessities of life ( like government officials, soldiers, medics) but who may harbor a desire to improve their own economic situation.
The bribery function of precious metals has been shown for thousands of years of history.
Daisy you continue to grow in leaps and bounds. Inspiring! Hoping your health is building positively. This article is (LOL – but it’s true) “Fair & Balanced”. Keep it going.
No matter who wins the election, the American Public is the one who pays for it. Thanks for sharing this information.
The business community has already said if Trump is elected, his tariffs plan will most likely lead to a recession. The problem with tariffs is that in addition to adding to whatever import the consumer is buying, countries on a whole don’t add a tariff on the same item.
Our farmers learned this the hard way during Trump’s disastrous trade war with China. China put tariffs on farm goods to the point that US farmers had to go on welfare. And just as soon as Trump got China to finally reduce the trade imbalance, Covid hit. China still hasn’t reduced the trade imbalance.
But the tariffs won’t just be against China. It will be against all of the countries that import goods to the US. Which means prices will rise for those goods. First off the tariffs will cause the price to rise 10-20%. But then US industry prices will rise at approximately half the tariff. US industry basically has you in a conundrum.
Do you want to pay 10-20% extra for your import or pay 5% more (so they can make a higher profit) for the domestic option. Maybe the “sale” price goes back to the pre-tariff price. Either way you pay more and they make a profit.
It will be interesting concerning USMCA, Trump’s replacement for NAFTA. It didn’t really change NAFTA much except make it better for Mexico and Canada. Technically, we can’t raise tariffs on them without getting rid of USMCA, which will be bad for US businesses.
Of course raising tariffs will also be bad for US businesses because it will make their products cost more. This may translate into a loss of jobs since less products will be sold. It may even start various trade wars, further weakening US businesses It’s why most businesses are forecasting a recession.
Something greatly misunderstood is that a strong dollar is bad for US businesses. It means our exports are more expensive overseas. Which less sales. A weak dollar means our goods are cheaper overseas and company profits go up. But it also means US consumers pay more for goods and services. So whats good for the consumer is bad for the businesses. What’s bad for consumers is good for businesses.
If Trump’s tariffs were so bad, why did Biden keep them? Why did Biden just add more tariffs a week ago against China?
Farmers did not have to go on welfare due to the tariffs. They were suffering from a massive drought through out the west and midwest.
What is more interesting is how the BLS just recently revised the jobs report downward of some 800k jobs. Revisements do happen, but never to that extent. And it has been noted any job gains, went to non-native workers both illegal and legal immigrants.
If Harris’s economic policies are anything like Biden’s, which they are as the Harris campaign copied them directly from the Biden campaign website to include the meta data, then we can expect more inflation and a continuation of Biden’s failed economic policies.
Actually I think Biden’s failed economic policies have been so bad, if Trump were to win, it would not matter what he did. The damage is already done. It will take years if not a full decade to recover from Biden’s failed economic policies.
Biden is the one who tried to claim inflation was at a all time high the day he came into office.
“If you have your money in the banking system, now could be the time to move it to a safe, tangible haven such as gold or silver. ”
Very POOR advice to tell people to take their fiat currency and buy gold and silver with it. Daisy I am surprised you allowed this to be posted.
Gold is at a little over $2600 an ounce last I checked and silver was $31. Why would any rational person take $2600 cash and go out and buy an ounce of gold with it or 82 ounces of silver?
Unless you are wealthy and have money laying around to invest in gold and silver this is ridiculous. Can you pay your mortgage with an ounce of gold or silver? Highly doubtful your mortgage company or electric or any of your other companies you deal with are going to do that type of exchange with you.
Let’s try and give common sense advice without the gold and silver fear porn. I have been hearing this advice for over 2 decades and I feel sorry for the people who actual fall for this cr-p.
I understand that not everyone has money to invest in PM. But it looks as thou PM will continue to rise in the current global economy/markets. I do believe that your better off paying down any debt a person may have first. Then as a prepper continue to prep and get supplies to help offset inflation. If you have the cash, make those home repairs now. If you have cash, get that vehicle in tip top shape. Learn new skills that will save you money. Learn to garden, cook, to sew, pressure canning/water bathing to save money for the future. I’m not saying this to be sexist. Because I learned these skills to help me save money.
Again, only buy PM if you have the funds and when your financial house is in order.
Us rational people take our cash and covert it from cash into PMs. It is another way of putting your cash into something that in troubling times, will still retain it’s value. I can then convert PMs into cash, which will likely be worth more for cash then I bought the PM for and pay the bills.
Yes, had I the means to buy PMs 2 decades ago, when gold was just under $400 an oz, that would of been a very sound investment and a good value for the cash I spent.
I read many years ago about Dutch farmers becoming fabulously rich in gold and silver during World War II, especially the final year, as people were going hungry. The gold and silver cratered in value vis-à-vis what people could eat.
Will we have world war III? I think it is very likely. The CCP has infiltrated more than 150,000 troops through our porous borders, thanks to Biden/Harris. Recent troubles in China—floods, droughts, diseases and economic collapse—have destabilized China to the point that they are on the verge of revolution. Historically, regime change with Chinese characteristics has never been very comfortable for the old regime, and the CCP realizes that they need to do something significant to turn the hatred of the Chinese people away from them, significant like invading the U.S. Taiwan is not the target. And they will need to act soon. How soon? I don’t know. The figures I see indicate that they will run out of food, start starving, before half a year from now.
There are a few things that the CCP want to instigate before their invasion. Civilian disarmament—ain’t gonna happen. Civil war—their people might just instigate it, though I doubt it. Economic collapse—their puppets are trying. If they succeed to assassinate Trump, then it will be open season to take out all those bought by the CCP and Moscow (they’re working together) and could very likely be the start of a civil war.
The important things I see to invest in are means to produce food and other needed objects. I don’t see precious metals as retaining much value when people lack food, clothing and shelter.
I agree with you R.O.
Things are not at all well in CCP. The Far East is a hot mess and the struggles and assured alliances that I once presumed were incorruptible are proving to be a peeling veneer. Kim Jong-Un recently made a contextually ambiguous statement regarding their neighbor to the west with KJU calling China “their long-standing enemy of 5000 years”. Whoa!
https://www.koreadailyus.com/north-koreas-kim-jong-un-labels-china-a-longstanding-enemy-amid-rising-tensions/
China just this past spring had a first generation nuclear attack submarine sink in port. It wasn’t even at sea yet!
https://www.defensenews.com/global/asia-pacific/2024/09/28/chinese-nuclear-attack-submarine-sank-during-construction-us-says/
If NK/China relations are so good, then why the incendiary rhetoric? Does NK feel that the CCP isn’t as strong or nearly as capable as they are projecting? I also agree with your flashpoint CW2.0 theory and investing in food production and personal (family security) first.