April 29, 2024 Market Moment

Market Moment

Glen Eagle®: America’s Women-Owned Trading Desk®  

4/29/2024

• A staggering 77% of voters in swing states (Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin) like the idea of a billionaire tax to bolster Social Security shortfalls. More than half say they approve of trimming benefits for high-earners, and for taxing wages for Social Security beyond the first $168,600 in earnings. 1
• An alarming number of Americans with at least $100,000 in investable assets have no plans for the future. Over half (52%) do not have any estate plan, 41% have no financial plan and 39% have yet to create a retirement plan. 2
• Gold prices have risen 40% from their October 2022 low point. After watching the U.S. use its power to shut Russia out of the global financial system the central banks of China, India, and Turkey have been buying gold while divesting U.S. dollar exposure. China's central bank alone has increased its gold reserves by $28 billion. 3
• Nominal credit card balances hit a record high in Q4 2023, as credit card performance worsened. 30, 60, and 90+ day past due accounts all rose to their highest levels since 2012 and 4.1% of all accounts were at least 30 days past due. 2

Sources:

1. Bloomberg – “Ultra-Rich Should Pay to Save Social Security, Swing-State Voter Poll Shows"
2. MFS – “Beyond the News"
3. Barrons – “Gold Continues to Boom. The Major Buyer: Central Bankers"

*Past performance is not indicative of future performance

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This desk commentary is for informational purposes only 

Carol Ann Fernandez, Rob Michel, Grier Vacek 

(609) 631-8231 

www.gleneagleadv.com 

Glen Eagle Wealth, LLC | 4422C Route 27, PO Box 399, Kingston, NJ 08528-0399 

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