Speaker 1: Welcome to another episode of the Chicks on the Right podcast.
Today we have our very special guest, the spokesperson from
Birch Gold, Philip Patrick, with us to talk about what's
going on in this crazy economy right now, because there's
the latest inflation report that came as a bit of
a surprise to a lot of people.
Speaker 2: What is happening with inflation right now?
Speaker 3: It is increasing, it is surging, and we sort of
expected that. Look last month, the Fed cut interest rates
by half a percent, and the excuse was that the
cooling labor market was now a bigger risk than inflation,
so they cut rates. And of course the very next
inflation report saw core CPI, which is basically inflation outside
of food and energy, rose three point three percent year
over year, reversing that the downward trend that we've seen
at the start of the year. And I think it's
problematic because by cutting in rest rates, the Fed are
basically saying that the war on inflation is over mission accomplished,
and it's clearly not the case. And more concerningly, if
you delved into the numbers, we start to realize that
only two categories have actually declined in price over the
last twelve months, and that's energy commodities, so gasoline and fuel,
oil and vehicle prices, and that's it. Every other category, food, utilities, insurance,
home price, everything else is more expensive. So obviously that's
unwelcome news because it tells us that while inflation is
no longer sort of blazing hot, it's still smoldering. And
I think there's a lot of fuel out there to
see it spark.
Speaker 4: M yeah, and we're feeling it. So what are the
what are the inflationary pressures? And then where are they
coming from?
Speaker 3: Honestly, there's a lot of different forces that are driving
prices up, some obvious and some more surprising. I think
the big one, the elephant in the room, is obviously
government spending. Right, We've got to remember that federal dollars
compete for the same resources that our dollars do. So
Biden's seven trillion dollars in deficit spending is directly contributed
to higher prices. We have a lot of immigration now,
a lot of illegal immigration, putting a strain on sort
of resources competing for food and other things. We have
wars in the Middle East, right, contributing to higher prices,
not just in terms of oil prices, but a significant
surge in international shipping costs, and then we've got other
things grind demand for AI services, the expansion of credits,
so we're getting hit from almost every direction. I think
all of these factors are contributing to an economy where
American families are just struggling to make ends meet, and
that's what we're hearing a lot now.
Speaker 2: Well, yeah, I mean there's like a recent survey that
said two out of three American households are living paycheck
to paycheck, and I think everybody worries, like, how much
worse can this get?
Speaker 3: I mean, you're absolutely correct, we're feeling it across the board,
and sadly, I think it could. And you know, I'm
desperate to come on with some better economic news soon, right,
but I'm not sure.
Speaker 5: We're there yet.
Speaker 3: Look, the problem that we're seeing is tens of millions
of Americans have been accumulating debt in recent years because
their paychecks just aren't keeping pace with the cost of living.
Speaker 5: The report last week said that a record.
Speaker 3: Number of working Americans are now having to have multiple
jobs just to keep make ends meet, and people earning
over one hundred thousand dollars a year in America are
struggling to make ends meet, which is crazy. Look, what
I think is becoming increasingly clear is that their the
US economy is splitting right between the wealthiest households whose
net worth are invested in assets and every you know,
who are actually doing quite well at the moment because
prices are surging up across the board, and of course
everyone else whose net worth is in their paycheck who
are getting crushed with sort of rising prices and slower growth.
Speaker 5: But you know, we have to remember, inflationary pressures push
all prices up.
Speaker 3: It's not just food, fuel, but real estate, natural resources,
and commodities. So I think the key to thriving in
environments like this is to avoid debt and to preserve
purchasing power by owning tangible assets that increase with the
cost of living.
Speaker 4: Okay, so people that pay attention to Steff know that
gold resists inflation. Talk about the price of gold lately.
Speaker 3: Yeah, we're hitting we're hitting highs, right, and it's a
reflection of inflation and dollar devaluation that we're talking about, right.
Infation dries the price of commodities up, right, So that
works for wheat, corn, pork bellies and gold. The difference
between gold it's an invest it's an investable asset. I
can't have a million bushels of wheat in my living room.
Speaker 5: They will sud it's problematic.
Speaker 3: So we're seeing obviously inflation driving the value of gold
up and demand. I mean demand is at all time
highs across central governments for the last two and a
half years. So look what applies to the big guys,
it applies to us, right, they have their wealth in
dollars that they need to use to buy goods for
their country. It's the same for us. Right on a
much smaller scale. They're hedging their dollar exposure. They're hedging
inflation using gold. And you know that's why we're seeing
all time.
Speaker 2: Eyes Well, I mean we tell our audience all the
time that they should be looking to Birch Gold for
an education first of all, about how to invest in gold,
why it matters, why it might be a great addition
to any retirement portfolio. How can people learn more?
Speaker 3: It's really simple tech text chicks to nine eight nine
eight nine eight, Chicks to nine eight nine eight nine eight.
That's going to get them access to free information like
you said, for us, being informed is like the high part.
Once people are their decision making becomes easy. So we
offer free information, no obligation, checks to nine eight nine
eight nine eight, read it, and then from there, if
they want to learn more, they can give us a call.
They'll have access to people like myself who are there
to sort of guide them through answer questions and step
by step.
Speaker 4: Fantastic, Thank you, Philip.
Speaker 2: It's always so informative to hear from you.
Speaker 5: Thank you for having me. Guys, it's so much fun.