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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.
