Americans Get a Clue About Gold
Confidence in Fed at All-Time Low!
Americans prefer gold to stocks over the long term.
That’s according to a new Gallup poll.
The highest inflation in most people’s lifetimes, ever-climbing debt, and a governing class that is quite unwilling to get its spending under control have apparently had an impact on public attitudes about both gold and the Federal Reserve.
A Forbes report on the poll says that “Americans favor gold as the strongest long-term investment at the largest proportion in over a decade, a new survey found, as equities lose favor while the precious metal hovers at a near-record high.”
- About a quarter (26%) of Americans view gold as the best investment over the long term, according to a Gallup poll conducted between April 3 and April 25 among 1,013 American adults.
- That’s the highest faith in gold since 2012 and a nearly two-fold increase from last year.
- It’s also the first time since 2013 more respondents have favored gold over stocks.
Earlier this month Gallup reported that 48 percent of Americans are worried about the safety of their money in the banks.
At the same time, the public is not all buying what the Fed is selling. Here’s a new Bloomberg headline:
JEROME POWELL FACES LOWEST PUBLIC CONFIDENCE FOR FED CHAIRMAN ON RECORD, GALLUP SAYS
Just 36% say they trust Powell to do the right thing for economy
At the recent Berkshire Hathaway shareholder meeting, Warren Buffett warned authorities to be careful. “”It’s very hard to see how you recover once you let the genie out of the bottle and people lose faith in the currency,” he continued.
It’s “madness to just keep printing money,” Buffett said.
The Forbes article points out that gold is “up 11 percent year-to-date and just shy of its 2020 peak. Various destabilizing factors including geopolitical tensions stemming from the Russian invasion of Ukraine, the Federal Reserve’s aggressive monetary policy and the U.S. dollar’s decline are behind gold’s surge in value. Spot prices of fellow precious metals platinum and silver are each up nearly 20 percent over the last year.”