PERSONAL FINANCE: As investor anxieties mount over a potential debt ceiling crisis and a seemingly imminent recession, gold is shining bright. As of mid-May, the price of the ancient commodity is near historic highs, at over $2,000 per ounce. It could go higher. Here’s why.
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Words of warning: “In the long term, and likely to some extent in the short term, we will simply have to spend less and raise more. How we spend less and how we raise more are, of course, hugely charged political questions that we will need to sort out (soon!),” says professor Jeff Hoopes of UNC Tax Center.
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Even if the debt limit were increased today, the uncertainty created by the impending debt ceiling deadline has already raised the cost of borrowing and is impeding some hiring and investment. Moreover, an agreement will probably entail some decline in government spending, which will worsen an economic slowdown (which we predict to be on its way).
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