Ben Shapiro and Birch Gold Preview a Post-Election American Economy for 2021
Just one week before what many are calling an election for the history books, Birch Gold Group representative Phillip Patrick returned to The Ben Shapiro Show to discuss what Americans can expect in the years ahead for the economy. With so many red flags, can the eventual victor - whether it's Trump or Biden - stave off the hard times that may be in store?
BURBANK, Calif., Nov. 2, 2020 /PRNewswire-PRWeb/ -- As Americans gear up for the coming election, Birch Gold Group representative Phillip Patrick returned to The Ben Shapiro Show this week to discuss the challenges that lie ahead for the victor. As the economy continues to navigate the effects of the coronavirus pandemic – the biggest blow to the nation's economy since the 2008 financial crisis, and arguably over the last century – Shapiro wondered what either candidate could have in store to remedy the situation.
In the eventuality of a Biden win, Mr. Patrick pointed to the litany of analysts who expect taxes to become the name of the game. The Democratic party looks determined to solve the economic woes through what Patrick describes as an expected $3 trillion in excess taxes over the next decade. He also pointed to those who believe that clampdowns on capital gains are likely to spook market participants and suppress the free market economy.
Conversely, in the case of a Trump re-election, the issues that have existed long before the President assumed office are not ones with an easy solution. "What [Trump] is not is a magician. What he cannot do is make debt disappear or change the cyclical nature of the markets," said Patrick. "We've got tough times to go through no matter who gets into office."
In response to Shapiro's observation that some believe that the toughest of times are behind America due to the post-March rebound in the stock market, Patrick noted, "It was the nature of the rebound that was so concerning." In other words, the stock market recovery has rested solely on a $6 trillion stimulus issued by the Federal Reserve, one that sparked widespread fears of inflation and dollar debasement. Meanwhile, GDP and unemployment have not rebounded at the same rate as stocks, and the national debt has grown to unsustainable levels.
By this point, Patrick noted that even American citizens with no exposure to finance know that the U.S. economy is facing severe pressure in the form of federal debt, the deficit, inflation and bubbles in various markets. The cyclical nature of the markets has also brought precious metals to the forefront.
With gold hitting a new all-time high this year, Shapiro inquired about the outlook for gold and other precious metals in 2021. Patrick noted that the climate for gold looks to be perfect, not just because of unprecedented uncertainty but also because investors have been left with few ways to generate a profit or even simply holding onto their savings.
"Options today are more limited than they've been in the past. The stock market looks to have problems. Interest rates are so low, creating issues for bonds or cash. Limited options, I think, further support the precious metals market," said Patrick. Whereas $2,000 gold might have been seen as a very optimistic prediction not too long ago, Patrick noted that some of the top forecasters, such as Bank of America, are now targeting $3,000 for the metal in 2021.
Faced with numerous threats to their economic well-being and a dearth of places to turn to, Shapiro asked Patrick what his listeners can do to make a sound investment for the future. "The first thing to do is, give us a call. It's what we do. We can help our customers roll over if you have a retirement account… place physical, tangible metals, tax-deferred, within a retirement account. We can also assist with cash purchases as well. But I think the first step for your listeners, give us a call, get our information. Should it make sense, we're here to facilitate."
SOURCE Birch Gold Group
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