Market volatility is evident from the CBOE Volatility Index’s 56.6% year-to-date gains ahead of July’s Federal rate hike. According to Leon Cooperman, chairman of Omega Advisors, stocks could fall 40% from their peak. And he expects the U.S. economy will likely witness a recession in 2023.
Moreover, deteriorating consumer confidence and deceleration in consumer spending are concerning. Gold IRA Guide Survey recently discovered that 70.5% of U.S. consumers believe the global economy will hit a recession in 2022.
