Economic Uncertainty Highlights the Need for Safe Haven Assets

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Economic Uncertainty Highlights the Need for Safe Haven Assets
Gold FuturesTesla IncUS Dollar Index
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Market Overview Analysis by Frank Holmes covering: Gold Spot US Dollar, Gold Futures, Tesla Inc, US Dollar Index. Read Frank Holmes's latest article on Investing.com

Last week, at the North American Blockchain Summit in Dallas, Texas, I had the distinct privilege of moderating a fireside chat with former Canadian Prime Minister Stephen Harper.

He’s absolutely right. Here in the U.S., the middle class drove much of the enthusiasm for President-elect Donald Trump and his “America First” policies. Exit polls show that Trump overwhelmingly won the vote of those without a college education and those making between $30,000 and $49,000.Harper also spoke of his commonsense, fiscally conservative approach to dealing with the 2008–2009 global financial crisis.

Trump’s decision to form the Department of Government Efficiency , co-chaired by Elon Musk and Vivek Ramaswamy, aims to alleviate this burden. In a WSJ op-ed last week, Musk and Ramaswamy described their mission to cut wasteful government spending and regulations and massively deduce headcount: Senator Cynthia Lummis’s recent proposal to sell federal gold reserves to purchase Bitcoin has sparked debate. While Bitcoin’s potential is undeniable, I believe the U.S. would be unwise to abandon its gold, a cornerstone of financial stability for over 5,000 years.

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