Goldman Sachs is recommending buying gold, describing it as the “currency of last resort,” shortly after their official predication that we are heading into a recession with a projected Gross Domestic Product drop of 5% for the second quarter of 2020. Some analysts view this as quite optimistic.
Weighing in on this matter is economist Jack Hanney and founder of Patriot Gold Group.
Q&A:
- Goldman Sachs is considered the gold standard of investing when it comes to stocks and bonds but why are they going out on a limb to suggest we buy gold?
- Why does Goldman Sachs refer to gold as the “currency of last resort.”
- Since Goldman Sachs forecasts a recession, it’s probably a good idea that we know just exactly what a recession is. What is the actual definition of a Recession?
- Let’s take it a step further. What is the definition of a Depression?
- Do you feel we are entering a Recession or a DEPRESSION?
- Where may we get information on investing in the era of the coronavirus and do you agree with Goldman Sachs’ recommendation that we buy gold?
Reference articles: https://www.marketwatch.com/story/goldman-sachs-says-it-is-time-to-buy-gold-the-currency-of-last-resort-2020-03-24
ABOUT JACK HANNEY…
Jack Hanney has been in the financial markets for 20+ years and is widely heralded as an expert in his field.
Born and growing up in Westchester County, NY where his father was a successful politician and owner of an Insurance Brokerage Firm. Jack began subscribing to The Wall Street Journal at the age of 14 and moved to California in his early 20’s to study under William O’Neill, arguably the single most successful investor in the history of the markets and founder of Investor’s Business Daily and author of How to Make Money in stocks.
Jack Hanney went on to be the General Manager and Director of Sales at several algorithmic automated trading companies trading the futures and commodities markets working with Introducing Brokers out of Chicago, Geneva and NYC. Jack was recruited by several tech startups and made a name for himself at Infosearch Media, Virtumundo and The Design People before returning to Finance. Jack passed on Morgan Stanley and other reputable, prestigious Brokerage firms to be a CFP in their Wealth Management Divisions and opted for a position as Senior Executive Trader with MG Private Client Services where he spent 4 years 2010-2014.
Jack Hanney had spent two years as Director of Trading, Executive Vice President of WDM overseeing the Retail Division before collaborating with two other prominent experts in his field and opening Patriot Gold Group a collective of Industry-Leading Experts bringing their clients Investor Direct Pricing and superior customer service.
Jack has written over 200M in business and trades maintaining outstanding relationships with his clients at Patriot Gold Group (PGG), where he is a senior partner, who he refers to as dear friends and family and now … welcoming them to the PGG family of investors. Jack resides in Los Angeles, California and is the proud father of his two daughters, Kate age 10 and Luna age 18.
