Inflation has reached its highest point in 40 years, with gas and housing prices reaching an all-time high – with no signs of slowing down. That said, a new report suggests that Americans are continuing to spend money.
According to the New York Times, consumer spending has risen 0.9 percent for the month of April. Surprisingly enough, auto sales have risen as well, following months of shortage on the market.
The article notes that part of this is due to a growing job market, although some are spending outside of their leisure budgets, with households setting aside a meager 4.4 percent of their after-tax income for the month of April.
Here to provide his take on the matter is Devlyn Steele, who currently serves as director of education for Augusta Precious Metals. His company knows quite a bit about the economy, so he’ll have plenty of insight to lend to the matter.
- What seems to be the consensus opinion why people are spending money now despite the fact that inflation is at its highest level in 40 years?
- Do you believe this increased spending revolves around people merely trying to “get out” after spending so much time stuck at home over the past couple of years with COVID-19? Or you think it’s just due to the start of the summer season? What makes you think that?
- Some economists say a recession could hit this coming year. What effect have recessions had on the way Americans spend?
- What’s the general wisdom on this – should people have a little fun in spite of economic conditions being distressed? Or does general economic wisdom say they should be focused on conserving their money in the face of both current and projected economic uncertainty?
- You’ve talked quite a bit about investment in gold and silver assets, which Augusta Precious Metals specializes in. Do you think gold and silver remain viable asset choices, particularly for those that are looking to retire or try a new market?
- Where can someone learn more about the potential benefit of these metals and how your team might assist them in adding metals to their savings?
Answer: AugustaPreciousMetals.com. On a side note, former professional football player Joe Montana serves as one of our spokespersons.
About Devlyn Steele:
Devlyn Steele began in 1983 as a financial analyst for Butler Aviation and went on to work for UPS and People’s Express Airlines. As his career has progressed, he’s been an analyst in various industries, from finance, manufacturing, and technology to venture capital and more. He has sat on the boards of several Silicon Valley and technology companies and still does.
He is a member of the Harvard School of Business analytics program and predicted the housing crash in 2008 and the rise in gold and silver that followed.
Devlyn is an avid investor in all markets: real estate, stocks, gold and silver, and cryptocurrencies, and is a gold bull.
Devlyn is the director of education for Augusta Precious Metals. His focus as an analyst is primarily on Federal Reserve policies that can affect the dollar and precious metals.
CONTACT: To schedule an interview with Devlyn Steele, email jerry.specialguests@gmail.com.
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