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<ul class="summary-list"><li>Trump's win has upped the risk of a dire economic scenario, Nouriel Roubini says.</li><li>His policies could lead to stagflation, a fate experts have said is <a target="_blank" class="" href="https://www.businessinsider.com/stagflation-recession-us-economy-outlook-gdp-dimon-inflation-rate-cuts-2024-4">worse than recession</a>.</li></ul>Donald Trump's proposed economic agenda raises the risk of one of the worst-case scenarios for the US economy, according to Wall Street's "Dr. Doom" economist.<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/who-is-nouriel-roubini-dr-doom-economy-recession-financial-crisis-2023-4">Nouriel Roubini</a>, the top economist known for his bombastic and frequently bearish prognostications, said he foresaw a challenging environment for the economy once Trump begins his second term as president. That's because Trump's proposed policies could spark a period of <a target="_blank" href="https://www.businessinsider.com/stagflation-recession-us-economy-outlook-gdp-dimon-inflation-rate-cuts-2024-4">stagflation</a> for the economy, Roubini said, a situation some economic experts have described as even worse than a recession. In such a scenario, the economy would see a period of sluggish growth, soaring prices, high interest rates, and <a target="_blank" href="https://www.businessinsider.com/us-economy-stagflation-disaster-high-prices-inflation-high-unemployment-2022-3#:~:text=Normally%2C%20during%20a%20recession%20or,the%20corresponding%20relief%20on%20costs.">rising unemployment</a>.Roubini pointed to Trump's plans to levy <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-outlook-recession-fears-jump-trump-trade-war-tariffs-2024-11">steep tariffs</a> on Chinese goods, <a target="_blank" class="" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">cut taxes</a>, implement "draconian" <a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-immigration-jobs-arizona-economy-mass-deportation-employment-wages-2024-10">restrictions on immigration</a>, and potentially <a target="_blank" class="" href="https://www.businessinsider.com/trump-control-federal-reserve-jerome-powell-tariffs-inflation-2024-9">erode some of the Fed's independence</a>."If they were to follow those latter types of stagflationary policies, inflation will be higher, growth will be lower, bond yields will be higher because there is more inflation and more real rates with unsustainable deficits," Roubini said in an interview with <a target="_blank" class="" href="https://www.bloomberg.com/news/videos/2024-11-12/economist-roubini-says-bond-vigilantes-may-curb-trump-policies?srnd=phx-technology">Bloomberg</a> on Monday. "That's going to crowd economic growth, and bond yields above 5% would imply a correction of stock prices and negative impacts on the economy."Other experts have warned some of Trump's policies could lead to <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">higher inflation and interest rates</a>, with his <a target="_blank" class="" href="https://www.businessinsider.com/fed-rate-cuts-uncertainty-trump-presidency-inflation-tariffs-2024-11">tariff plan</a> attracting significant <a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-economy-outlook-inflation-job-market-election-paul-krugman-2024-10">criticism</a> from economists. Trump implemented tariffs during his first term without a significant increase in inflation, but forecasts are different this time around given that his proposals are much more sweeping, with tariffs targeting not just China but the rest of the world as well. Trump has pushed back on the idea that his policies will stoke higher prices. In August, the president-elect swore his policies would <a target="_blank" class="" href="http://lower.In">lower inflation</a>. In the week leading up to the election, Taylor Rogers, a Republican National Committee spokesperson, <a target="_blank" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">told BI in a statement</a> that Trump would "once again cut taxes and unleash American energy to lower prices on groceries and other goods."But Roubini, who has warned of a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/dr-doom-nouriel-roubini-stagflation-debt-crisis-crash-federal-reserve-2022-12">stagflationary crisis</a> in recent years, has insisted <a target="_blank" class="" href="https://www.businessinsider.com/dr-doom-roubini-trump-stagflation-tariff-immigration-dollar-inflation-recession-2024-10#:~:text=Stagflation%20occurs%20when%20inflation%20keeps,that%20tumbles%20into%20this%20situation.&amp;text=Typically%2C%20central%20banks%20lower%20interest,away%20if%20prices%20keep%20rising.">stagflation risks</a> will rise during Trump's presidency. Prior to Trump's election win, Roubini said the cost of tariffs could be passed onto consumers, and that restricting immigration could chip away one of the economy's main catalysts for growth.Trump following through with all of his proposals would also likely increase the federal debt balance by nearly $10 trillion over the next decade, Roubini estimated. "The <a target="_blank" class="" href="https://www.businessinsider.com/trump-inflation-interest-rates-fed-rate-cuts-fomc-meeting-outlook-2024-11">Fed will have to cut less</a>, maybe eventually stop sooner," Roubini said of interest rates, adding that the Fed could potentially even raise interest rates if stagflation sets in. "And then the Fed and Trump will be on a collision course."Still, Roubini acknowledged uncertainties with the economic outlook. Some of Trump's policies — like his plans to <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/bank-stocks-donald-trump-victory-reelection-wall-street-outlook-regulation-2024-11">loosen regulation</a> — could prop up business activity and fuel growth, Roubini noted.Markets also may be optimistic that they'll be able to reign in the future president by staging a selloff in bonds and equities, Roubini said. Other commentators have noted Trump is likely to <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-policies-tax-cuts-inflation-government-debt-deficit-jeremy-siegel-2024-11">appease stock and bond investors</a> to avoid upsetting a booming market. "I think markets are still in a wait-and-see to figure out whether the policies are going to be hurting the economy," Roubini said. "Maybe the markets believe that the market discipline is going to discipline hin in advance, knowing that policies are not sustainable, are going to lead to bond market vigilantes and the stock market punishing him."Stocks took off in a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-sp500-crosses-6000-level-investors-cheer-trump-2024-11">record-setting rally</a> last week after Trump secured his election victory. US stocks saw around $20 billion in inflows on Wednesday, according to Bank of America, the largest single-day stock purchasing boom in five months. The Dow Jones Industrial Average and the S&amp;P 500 <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-dow-crosses-44000-key-cpi-inflation-data-2024-11">closed at records on Monday. </a>

Trump's policies could usher in stagflation and send stock prices plummeting, 'Dr. Doom' economist says

<keyword id="19995882" type="General" weightage="100" keywordseo="Berkshire-Hathaway" source="keywords" meta.keywordsubtype="org" meta.entityname="Berkshire Hathaway" meta.hostid="261" meta.entityid="Berkshire Hathaway">Berkshire Hathaway</keyword> Inc., the conglomerate led by American Businessman <keyword id="19921921" type="General" weightage="20" keywordseo="Warren-Buffett" source="keywords">Warren Buffett</keyword>, has made history by becoming the first U.S. non-tech company to surpass the USD <keyword id="6852179" type="General" weightage="20" keywordseo="1-trillion" source="Orion">1 trillion</keyword> mark in <keyword id="20000950" type="General" weightage="20" keywordseo="market-capitalisation" source="keywords">market capitalisation</keyword>. The <keyword id="19998639" type="General" weightage="20" keywordseo="stock-price" source="keywords">stock price</keyword> of Berkshire Hathaway surged by USD 3.96 on the New York Stock Exchange, closing at USD 464.59 per share on Wednesday. With this milestone, Berkshire Hathaway joins an exclusive group of six other companies, primarily from the <keyword id="19896148" type="General" weightage="20" keywordseo="technology-sector" source="keywords">technology sector</keyword>, that have crossed the USD 1 trillion threshold. This list includes Apple, Nvidia, Microsoft, Alphabet (the parent company of Google), Amazon, and Meta Platforms (the parent company of Facebook). The stocks of Berkshire Hathaway have seen significant growth this year, appreciating by more than 28 per cent on the New York Stock Exchange. Despite this achievement, the broader U.S. stock markets faced a downturn on Wednesday. Both the S&amp;P 500 and the Nasdaq indices declined, largely due to profit-taking by investors. This market pressure in the U.S. had a ripple effect across Asian markets, where major indices also faced selling pressure on Thursday morning. In Asia, Japan's Nikkei index fell by 0.45 per cent, while Hong Kong's Hang Seng index declined by 0.55 per cent. Taiwan's Taiwan Weighted Index emerged as the largest loser among the major Asian markets, dropping by 1.32 per cent. In the Indian markets on Wednesday, the Nifty 50 index at the National Stock Exchange (NSE) touched a record new lifetime high of 25,114.05 during the trading. The sectoral stocks of IT contributed the most to the fresh lifetime high ever of Nifty. Rate cut hopes in the US and subsequent buying from foreign portfolio investors supported the market. The sectoral index of IT was trading with a lead of 1.96 per cent with stocks of major <keyword id="20062339" type="General" weightage="20" keywordseo="IT-companies" source="keywords">IT companies</keyword> such as LTIMindtree, Wipro, and Infosys are trading as the biggest gainers in the trade. <keyword id="19925636" type="General" weightage="20" keywordseo="stock-market" source="keywords">Stock market</keyword> opened nearly flat on Wednesday with Nifty starting above 25,000 and BSE Sensex opening at 81,800. Over the past few trading sessions, the Nifty was in the tight range despite the positive global cues. "Finally it has broken through to fresh all-time highs. This opens up possibilities for a strong upmove now. Sector-wise, domestic cyclicals will lead the way while IT is coming back in favour of selective name," said Ajay Bagga, Market and Banking expert.

Warren Buffett-led Berkshire Hathaway becomes first non-tech US company to cross USD 1 trillion market cap

<ul class="summary-list"><li>Americans' net worth hit a record $163.8 trillion in Q2, driven by a surge in real estate and stock prices.</li><li>Data from the Federal Reserve shows a nearly 2% increase In net worth from Q1, with real estate leading the gains.</li></ul>New data from the Federal Reserve reveals that Americans are the richest they've ever been.Americans had a cumulative net worth of $163.8 trillion at the end of the second quarter, according to the Fed's latest <a target="_blank" class="" href="https://www.federalreserve.gov/releases/z1/20240912/z1.pdf">Financial Accounts of the United States report</a> released on Thursday.The record high in Americans' net worth last quarter increased nearly 2% from the first quarter reading of $161 trillion, with the gains driven mostly by continued price appreciation in the US real estate market.A $1.8 trillion increase in real estate valued and a $700 billion gain in stocks drove the increase.The stock market hit a record high in June, as did the S&amp;P CoreLogic Case-Shiller U.S. National Home Price Index.Along with the net worth increase, household debt jumped almost 1% from the first quarter to $20.2 trillion, while cash and cash-like security holdings dropped slightly to $18.44 trillion.Overall, the data paints a healthy financial picture for the US consumer, who is flush with cash and has plenty of exposure to rising-value assets.It's one reason the US economy has been so resilient even in the face of the Fed's aggressive interest-rate hikes over the past two years.Economist David Rosenberg said in a note last month that July's strong spending data was likely buoyed by the "wealth effect," which is the idea that when a consumer sees their net worth rise, they feel confident to spend more money, and vice versa.The <a target="_blank" class="" href="https://markets.businessinsider.com/news/interestrates/u-s-retail-sales-jump-much-more-than-expected-in-july-1033694732">strong July retail sales data</a> was "very likely the product of the "wealth effect" which has kept the high-end consumer chugging right along," Rosenberg said.It's not just rising net worths that are boosting US consumers, but also rising wages.Data from the Census Bureau <a target="_blank" class="" href="https://www2.census.gov/library/publications/2024/demo/p60-282.pdf">released earlier this week</a> shows the median US household income rose 4% in 2023 to a record high of $80,610.The sharp rise represented the largest annual jump in inflation-adjusted income since 2019.Altogether, the US consumer seems to be doing more than fine based on the latest economic data.

Americans are the richest they've ever been thanks to soaring real estate and stock prices

<ul class="summary-list"><li>Stocks rose Thursday after another encouraging inflation reading.</li><li>The producer price index slid 0.2% month over month against forecasts of a 0.1% decrease.</li></ul>US stocks continued their rally to record highs on Thursday after investors took in another cooler-than-expected inflation print.Stocks capped off Wednesday's session at a record, with markets pointing toward fresh all-time highs as trading kicked off on Thursday.In May, the producer price index slid 0.2% month over month against forecasts of a 0.1% decrease. According to Bloomberg, that marks the largest decline for the wholesale-inflation gauge since October. PPI rose 2.2% from a year ago."Thursday's weaker-than-expected PPI data is another sign of continued progress on inflation, and it keeps the prospect of a rate cut alive in 2024," Clark Bellin, Bellwether Wealth's chief investment officer, said.The PPI report follows similar softness in <a target="_blank" href="https://www.businessinsider.com/cpi-inflation-may-prices-rent-gas-fed-interest-rates-2024-6">Wednesday's report on the consumer price index</a> for May, which prompted hope that the Federal Reserve has room to cut interest rates this year.The 10-year Treasury yield continued its slide lower, dropping two basis points to 4.373% after a steep decline Wednesday following the cooler CPI reading.Fed officials noted progress on inflation, though interest rates were left unchanged after this week's policy meeting, with one interest-rate cut penciled in. However, investors remain more optimistic, expecting two 25-basis-point cuts, according to the <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch Tool</a>.Tesla stock jumped more than 6% as <a target="_blank" href="https://x.com/elonmusk/status/1801084780035154058?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1801084780035154058%7Ctwgr%5E86fa75e74678922c3b9caf7214eae5d000d29556%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.cnbc.com%2F2024%2F06%2F13%2Felon-musk-says-tesla-shareholders-likely-approved-his-56-billion-pay-deal.html">Elon Musk said on X</a> that his $56 billion compensation package was headed for shareholder approval. DealBook reported Thursday morning that Vanguard and BlackRock would vote in favor of the pay deal, giving Musk a boost from two of the world's biggest asset managers.Here's where US indexes stood at the 9:30 a.m. opening bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,429.86, up 0.16%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 38,566.01, down 0.38% (minus 133.22 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 17,692.39, up 0.48%</li></ul>Here's what else is going on today:<ul><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/gamestop-stock-profits-share-sale-cash-pile-raoaring-kitty-gme-2024-6?_gl=1*sialwc*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcxODI4MjMzOS4zMjIuMS4xNzE4Mjg0MDEzLjIwLjAuMA..">GameStop could make more money than in recent quarters just by sitting on its $4 billion cash pile</a>.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/black-swan-spx-stock-market-bubble-crash-spitznagel-universa-taleb-2024-6?_gl=1*1674h90*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcxODI4MjMzOS4zMjIuMS4xNzE4Mjg0Mjk5LjIuMC4w">The worst stock crash since 1929 is coming</a> after a brief rally in the S&amp;P 500, a "black swan" investor says.</li><li>A new South African policy is being hailed as the <a target="_blank" href="https://www.businessinsider.com/south-africa-ubi-universal-basic-income-poverty-cash-giveaway-anc-2024-6">first national universal-basic-income program</a> — it's not, experts say.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil ticked down 0.24% to $78.09 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, inched up 0.16% to $82.73 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> slid 0.20% to $2,318.42 an ounce.</li><li>The 10-year Treasury yield dropped two basis points to 4.373%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> fell 1.8% to $68,071.62.</li></ul>

Stock market today: US stocks climb as wholesale inflation data shows big cooldown in prices

<ul class="summary-list"><li>Pandemic-fueled inflation seems to be spurring voters to kick out leaders.</li><li>Incumbent governments have been punished in Britain, France, India, Japan, South Korea, and elsewhere.</li></ul>From London to Tokyo, Seoul to Cape Town, 2024 has been a year of sharp election swings. Now you can add Washington D.C. to the list.Donald Trump soundly beat Democrat VP Kamala Harris in the US election, faring better than in 2020 in virtually every part of the country and with nearly all demographic groups. The near-universal shift away from Democrats echoes voters' <a target="_blank" class="" href="https://www.businessinsider.com/voters-world-elections-against-ruling-parties-analysis-2024-7">rejection of incumbent political parties</a> across the world this year.The US vice president's late substitution for Biden as the Democratic candidate, and her decision to embrace his policies instead of distancing herself from them, meant she <a target="_blank" class="" href="https://www.businessinsider.com/harris-lost-biden-unpopularity-trump-election-2024-11">effectively ran as an incumbent</a>.In contrast, Trump's defeat in the 2020 presidential election race enabled him to run as a "change candidate" this cycle and promise to disrupt the status quo.<h2 id="4f519aa6-7d08-4663-8d7f-8e62f03fcb58">Voter backlash</h2>Analysts have <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-win-analysis-harris-immigration-abortion-economy-musk-2024-11">proposed many theories</a> as to why Harris lost, ranging from her gender and race, to her failure to reach out to <a target="_blank" class="" href="https://www.businessinsider.com/election-musk-cuban-trump-meme-stocks-gamestop-dogecoin-crypto-markets-2024-11">young men</a>, to her support of Israel's war with Gaza, to her campaign focusing too much on reproductive rights and preserving democracy and too little on immigration and the economy.But from a global perspective, it's little surprise she lost given how many incumbent governments on both the right and the left have received a drubbing this year. Here are just a few of them:<ul><li>Britain's Labour Party <a target="_blank" class="" href="https://www.businessinsider.com/uk-labour-party-back-in-power-rishi-sunak-concede-defeat-2024-7">ousted</a> the Conservative Party, or Tories, this summer.</li><li>France's National Rally party <a target="_blank" class="" href="https://www.businessinsider.com/france-elections-far-right-macron-le-pen-bardella-2024-6">secured</a> more seats in the country's assembly than in 2022.</li><li>Japan's Liberal Democratic Party <a target="_blank" class="" href="https://www.businessinsider.com/japan-prime-minister-shigeru-ishiba-shake-up-us-military-pact-2024-9">ceded</a> its parliamentary majority this fall.</li><li>Indian Prime Minister Narendra Modi <a target="_blank" class="" href="https://www.businessinsider.com/indian-election-results-shocking-blow-narendra-modi-2024-6">lost</a> his majority against expectations, forcing him to form a coalition government.</li><li>South Korea's Democrat Party snagged a majority in the country's legislature.</li><li>South Africa's African National Congress (ANC) party lost its majority.</li></ul>Moreover, the incumbent US party has now lost three consecutive presidential elections for the first time in more than a century, Jim Reid, a research strategist at Deutsche Bank, said in a note this week.<h2 id="0e2b6ba9-92e6-4498-aadc-0fbc022d984f">Paying the price</h2><a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-inflation">Inflation</a> has been a key driver of the voter backlash. Prices of food, fuel, housing, and other essentials took off during the pandemic as governments spent heavily and lockdowns snarled global supply chains. In the US, inflation hit a 40-year high of more than 9% in early 2022 and was still above the Federal Reserve's 2% target this September."Trump's victory is the most powerful example this year of a political and economic environment that has been brutal for incumbents around the world and brought home the fact that inflation is political kryptonite," Tina Fordham, an independent strategist and advisor, said in a LinkedIn post this week.A key consequence of inflation has been central banks raising <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/what-is-interest">interest rates</a> to curb spending, hiring, and investing, cooling price growth. The Fed raised its benchmark rate from nearly zero to north of 5% in under 18 months, raising many people's monthly payments on their credit cards, car loans, and mortgages.The central bank made its first cut this September and <a target="_blank" class="" href="https://www.businessinsider.com/federal-reserve-cuts-interest-rates-quarter-point-powell-inflation-election-2024-11">trimmed</a> a second time this week, broadly in line with peers such as the Bank of England and the European Central Bank.Surging prices and steeper interest rates has <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-jpmorgan-consumer-inflation-rates-banking-crisis-2023-4">squeezed households</a> in the US and many other countries. Voters appear to be fed up with onerous living costs and eager to kick out the leaders they blame for their struggles.Other issues, such as illegal immigration and the wars in Ukraine and the Middle East, have also spurred votes for change.<h2 id="508f4884-4bdf-4651-b7a6-4bb22f9f0fde">Demanding change</h2>In the US, those concerns are so powerful that they've trumped the <a target="_blank" class="" href="https://www.businessinsider.com/economic-outlook-pandemic-stock-market-crash-inflation-recession-rates-ai-2024-2">economic reality</a> of resilient growth, historically low unemployment, declining inflation, falling rates, and a record stock market. In a CNN exit poll, 72% of Americans said they were dissatisfied with the country's direction.Louis Perron, a political consultant author of "Beat the Incumbent: Proven Strategies and Tactics to Win Elections," said in a note this week that elections featuring an incumbent are "foremost a referendum on the incumbent."In Harris' case, he said "it would have probably taken a miracle to overcome the circumstances with respect to inflation and the border."People "can't pay for groceries with Democracy or reproductive rights," he added. "If the mood of the electorate is so sour, people just want to stop the bleeding."Similarly, Deutsche Bank's Reid wrote that voters are disappointed by how slowly their lives are improving amid cooler economic growth.He said they don't buy that incumbents can tackle immigration, some incumbent governments have had scandals, and voters have become "much more willing to change their vote from election to election."

Voters worldwide are angry about higher prices and keep punishing those in power

<ul class="summary-list"><li>Some shoppers and businesses are stockpiling goods to avoid potential price hikes from tariffs.</li><li>President-elect Donald Trump has proposed sweeping tariffs on imported goods.</li></ul>Kristen Hull bought a new car last weekend.The 38-year-old accountant had been planning to do it in six months. But following Donald Trump's <a target="_blank" href="https://www.businessinsider.com/how-trump-won-election-high-prices-cost-of-living-unemployment-2024-11">presidential election victory</a>, Hull heard that car costs could surge if his <a target="_blank" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">tariff plans</a> are enacted."I was just thinking, if not now, maybe in six months it might be way out of my price range," Hull told Business Insider. She's also looking into buying a new laptop and stocking up on winter clothing."I'm really concerned about the cost of things, and so I just went ahead and took the jump."On the campaign trail, Trump proposed a 60% tariff on imports from China and 10% to 20% on goods from other countries. It's still unclear how and when he will <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">enact the tariffs</a> and how big he will go."Companies have made clear in many cases that they will pass the higher prices on to consumers," said Indi Dutta-Gupta, a fellow at both Georgetown University and the Roosevelt Institute, a left-leaning think tank.Firms, including AutoZone and Columbia Sportswear, <a target="_blank" href="https://www.businessinsider.com/companies-raising-prices-trump-tariffs-inflation-goods-getting-more-expensive-2024-11">have already indicated</a> they will raise prices if tariffs are enacted.Some shoppers and small businesses told BI they are also preparing. <a target="_blank" class="" href="https://www.tiktok.com/@antiplasticlady/video/7435678703147076910?amp%3Bt=1731358479116&amp;q=tariffs%20under%20trump">TikTok videos</a> recommending viewers stock up on certain goods like hair, makeup, and clothing products are racking up thousands of views, and panicked comments.Karoline Leavitt, a Trump-Vance transition spokeswoman, told BI, "Trump instituted tariffs against China that created jobs, spurred investment, and resulted in no inflation."Considering the larger scale of Trump's proposals this time around, trade experts have identified goods, including car parts, apparel, and electronics, as <a target="_blank" class="" href="https://www.businessinsider.com/how-trump-tariffs-will-impact-prices-technology-clothes-appliances-furniture-2024-11">products at risk of getting more expensive</a> under Trump's tariff proposals."It's going to be a big shift if that does come to fruition," Hull said. "We pay tariffs on some things anyway, but the talk of the massive increase is a little bit alarming to me."<h2 id="55855a54-34f3-4348-894e-b4b4454ea037">Adopting "prepper" methods and stocking up on groceries</h2>One 42-year-old mother of three in Southern Indiana, whose identity is known to BI but withheld over privacy concerns, is leaning back into her prepper roots. Before the pandemic and Trump's second run, she tried to forget the "craziness" of her old-school <a target="_blank" class="" href="https://www.businessinsider.com/what-are-doomsday-preppers-why-are-they-right-wing-2019-8">doomsday prepper</a> background. She was raised by "one of the original conspiracy theorist guys who had serious distrust of the government," she said.But she's leaned back into it. She estimates that her family has spent upwards of $2,800 to $3,000 slowly preparing and stockpiling goods, including everything from buying meats from a local butcher and deep-freezing them to dehydrating food for a longer shelf life. She got started early: As soon as she had a "gut feeling" Trump was running again, her family began their slow stockpile."We aren't like the ones you used to see on Discovery Channel with bunkers and huge stashes of stuff, but we have enough to get through 3-5 years at least of hard times," she said.Dutta-Gupta said it's reasonable for families to want to stock up on imported goods, as trade wars and tax changes could reduce incomes and raise the cost of living.Marissa Garcia, 38, said she didn't pay much attention to tariffs prior to the election.After Trump's victory, she said, "I started making a list of the potential items that could be affected, and then narrowing them down to the actual things that would affect my family, the things that I would be sad about if we couldn't afford next year."She said that the week after the election, she "went to the store and made my first of hopefully many shopping trips to start stocking up on them."Items on Garcia's list include frozen fruits and vegetables, garlic, coffee, tea, and bread, all of which would be subject to tariffs. She also said she's planning to stock up on hygiene supplies like sanitizer and masks. These purchases are costing around an additional $50 on her grocery trips, and although money is tight — she got laid off last year and is freelancing as she looks for a permanent role — she said she anticipates an even greater financial strain under Trump's proposed policies.An <a target="_blank" class="" href="https://www.americanprogressaction.org/article/trumps-tariff-would-cost-the-typical-american-household-roughly-1500-each-year/">analysis</a> from the left-leaning Center for American Progress found that Trump's tariff plans would cost the average household an extra $1,500 a year, and the nonpartisan Peterson Insitute <a target="_blank" class="" href="https://www.piie.com/sites/default/files/2024-09/wp24-20.pdf">estimated</a> that Trump's proposed 60% tariff on Chinese goods would boost inflation by 0.4 percentage points in 2025.Garcia said that learning of those estimates alarmed her. "My family cannot afford that. This year was rough enough, and that was really surprising and also just a scary feeling," she said.<h2 id="d8a08791-1bb1-4d36-b97a-e72031c68494">Small business owners are trying to stock up, too</h2>Worries about potential tariffs are already taking a financial toll on Beatrice Barba, 39, who owns a small business that produces plastic-free cups.Barba said she imports most of the materials she needs to produce her cups from China. She's considering purchasing a year's worth of inventory now, which she estimates would cost up to $200,000 plus the price of additional warehouse space.She said taking that risk is worth it because she wants to do everything she can to ensure she does not have to raise the price of her goods down the road.As a longer-term solution, she's working with a developer to build a health advice app — a business she plans to prioritize because an app would not be subject to tariffs.Lisa Evans, a 43-year-old salon owner in Jacksonville, Florida, is examining where her products are sourced. Even hair color dyes manufactured in the US might contain ingredients from abroad, and their prices could surge.Much of the hair in already-costly extensions is sourced from China, and she worries how much more expensive that will get. At this point, she's focusing on padding inventory going into the next year."It's like hope for the best, but prepare for the worst," she said.Jonathan Gold, vice president of supply chain and customs policy at the National Retail Federation, told BI that even though it's still unclear what exactly Trump will implement, it's not a bad idea for both companies and consumers to prepare for any impacts."We're in a very different economy now than when we were back in 2018 when the initial China tariffs were put in place, and the scale and scope of what is being proposed is going to impact everything," Gold said. "Unfortunately, companies aren't able to absorb all of that, so they're going to have to pass on some of those costs to consumers."Javon Ford, a 30-year-old chemist in Los Angeles, said that tariffs can create a "roadblock" to procuring raw materials. Ford is considering stocking up on color pigments for cosmetics and is gearing up to contact suppliers and order materials before January 2025. But it's impossible to stock up on everything or know what might be in demand over the next four years — so tariffs could still mean adjusting prices to keep profit margins consistent.With so much uncertainty regarding Trump's tariff proposals, it's difficult to plan. For Hull, the recent car buyer, all she said she can do is budget and hope she's prepared for if and when higher tariffs come."It's mostly just waiting to see what happens," she said, "and just trying to get my savings account back up a little bit."Are you stocking up on goods or changing your spending habits because of potential tariffs? Contact these reporters at <a target="_blank" href="mailto:jkaplan@businessinsider.com">jkaplan@businessinsider.com</a> and <a target="_blank" href="mailto:asheffey@businessinsider.com">asheffey@businessinsider.com</a>.

Meet the Americans stocking up on cars, skincare, and toilet paper ahead of Trump's potential trade restrictions

<ul class="summary-list"><li>Indexes fell Thursday as investors wait for comments from Fed Chair Jerome Powell at Jackson Hole. </li><li>Investors are eager for any indication of how steep cuts will be through the rest of this year. </li></ul>Indexes ended lower Thursday as investors awaited comments from Federal Reserve Chair Jerome Powell at the Federal Reserve's Jackson Hole conference on Friday. The S&amp;P 500 and the Dow Jones Industrial Average closed slightly lower, though the Nasdaq Composite logged a bigger drop of 1.6%. Treasury yields spiked, with the 10-year bond yield up eight basis points 3.863%Investors are eager for any indication of how steep cuts will be, with markets pricing in 100% odds the Fed starts loosening monetary policy at next month's FOMC meeting. The Fed's July meeting <a target="_blank" href="https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20240731.pdf">minutes</a>, released Wednesday, said "the vast majority" of officials said a September ease in policy would "likely be appropriate" if economic data continues "to come in about as expected."According to the CME FedWatch tool, investors see a 25 basis point cut as a near certainty next month, with smaller odds of a 50 basis point cut.In a note on Thursday, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/jerome-powell-surprise-stock-market-jackson-hole-speech-preview-2024-8">Goldman Sachs analysts said</a> there are still a number of ways Powell could surprise markets, with either a more hawkish or dovish message possible from the Fed chief. "Possible dovish surprises could include a more concerned take on the labor market or any suggestion that the high level of the fed funds rate is inappropriate in light of the progress made on inflation," David Mericle, a Goldman economist, said. Markets were also digesting new jobless claims data, which showed applications for unemployment benefits rose slightly, to 232,000. The rise comes on the heels of two weeks of declining claims following the weak July jobs report, which sparked fears of a recession earlier this month. The report also follows revised jobs data from Wednesday, which showed the US added 818,000 fewer jobs between April 2023 and March 2024 compared to initial reports.Other data released Thursday showed a 1.3% increase in sales of existing homes in July compared to June. The data, released by the National Association of Realtors on Thursday, falls short of economist estimates of 1.5%, according to a Wall Street Journal survey.The data showed that the median price of existing homes fell to $422,600 in July, down from a record high of $426,900 in June.Here's where US indexes stood at the 4 p.m. closing bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,570.64, down 0.89% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 40,712.78, down 0.43% (-177.71 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 17,619.35, down 1.67%</li></ul>Here's what else happened today:<ul><li>A small mining firm just saw its stock <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/lucara-stock-price-soars-mining-firm-discovers-2nd-largest-diamond-2024-8">surge 91%</a> after it discovered the world's 2nd-largest diamond.</li><li>A small Kansas bank was <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/crypto-scam-kansas-bank-pig-butchering-jail-prison-embezzlement-fraud-2024-8">forced to close last year</a> after its owner sent $47 million to scammers, believing he was investing it in legitimate cryptocurrencies.</li><li>Mongolia won't fund a <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-china-gas-trade-siberia-pipeline-mongolia-western-sanctions-war-2024-8">natural gas pipeline between Russia and China</a> for at least the next four years.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil rose 1.3% to $72.92 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, rose 1.4% to $77.09 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> traded higher at $2,463.30.</li><li>The 10-year Treasury yield was up eight basis points to 3.863%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> was down 2% to $60,413.</li></ul>

Stock market today: Stocks end lower as markets brace for Powell's Jackson Hole speech

<ul class="summary-list"><li>Walmart stock has soared 58% this year to record highs, making its founding family richer than ever.</li><li>Retail legend Sam Walton's three surviving children are each worth more than $100 billion.</li></ul>Walmart stock has soared to record highs, lifting the retailer's <a target="_blank" class="" href="https://www.businessinsider.com/life-of-the-walton-family-behind-walmart-and-sams-club-2018-12">founding family</a> to new levels of wealth. Experts say its signature strategy has fueled the stellar run, and they're not surprised to see the Waltons reap the rewards.Shares of Walmart have jumped 58% this year to about $83, valuing the company at nearly $670 billion at Wednesday's close. The stock surge has added more than $32 billion to the fortunes of each of founder Sam Walton's three surviving children — Jim, Rob, and Alice.The siblings rank among the world's 20 wealthiest people and have net worths <a target="_blank" class="" href="https://www.businessinsider.com/wealth-billionaires-musk-bezos-zuckerberg-net-worth-jensen-huang-waltoans-2024-8">in excess of $100 billion</a>, per the Bloomberg Billionaires Index. Together they're <a target="_blank" class="" href="https://www.businessinsider.com/walton-family-wealth-walmart-record-stock-billionaires-retail-rich-list-2024-8">far richer than Elon Musk</a>, who tops the rich list with a $237 billion net worth.Walmart generated $643 billion in net sales and $27 billion in operating income last year. The Sam's Club owner has about 10,500 stores worldwide and employs around 2.1 million people, including almost 1.6 million in the US — roughly 1% of the workforce.The megaretailer and its biggest shareholders owe much of their success to selling everyday products at low prices, David King, the Higdon Professor of Management at Florida State University and the coauthor of a 2017 case study on Walmart, told Business Insider.Value for money is top of mind for many shoppers, who've been hit in recent years by higher prices for basics such as food, fuel, and housing, and higher monthly payments on their credit cards, car loans, mortgages, and other debts.Inflation skyrocketed to a 40-year high of more than 9% in mid-2022 and remained above the Federal Reserve's 2% target in September. The central bank sought to curb the pace of price growth by raising interest rates to above 5% between March 2022 and July 2023, and only made its first cut this September.<h2 id="2abcc6e7-15b4-464c-9f4e-c778b703cf0f">Logistics network</h2>Walmart also benefits from ubiquity, with 90% of the US population living within 10 miles of one of its stores, according to its website. The retailer has steadily expanded by entering smaller markets that could only support one large retailer — limiting competition — then using its scale economies to undercut mom-and-pop stores and drive them out of business, King said.The company has also built a national logistics network to support its growing store count and thus bolster its purchasing power, enabling it to negotiate ever-lower prices from suppliers and offer greater value and convenience to customers, King added. He noted that Walmart and its associated businesses accounted for 16% of Procter &amp; Gamble's sales last year.Art Weinstein, a marketing professor at Nova Southeastern University in Florida who's published academic research on Walmart, attributed its <a target="_blank" class="" href="https://businessinsider.com/walmart-finding-groove-should-terrify-target-2024-5">success</a> to similar factors.He told BI the stock's outperformance reflects inflationary pressures and investors perceiving Walmart as a "safe investment in troubling world markets."Weinstein credited Sam Walton's philosophy of centering the customer plus the company's low prices, one-stop shopping experience, supply chain expertise, strong partnerships with suppliers, vast scale in grocery retailing, and innovations such as the Walmart+ subscription program.<div type="image" title="exterior of a walmart" height="3109" width="4664" msid="114543373" hostid="261" sizebytes="626096"></div><h2 id="c237c42e-eee2-4359-abf8-7b50afd3e99c">Family fortunes</h2>Sam Walton shrewdly structured his fledgling company as a family partnership in 1953, giving 20% stakes to each of his four children. Put differently, he <a target="_blank" class="" href="https://www.businessinsider.com/walton-family-sam-walmart-stock-billionaires-estate-planning-inheritance-wealth-2024-8">handed 80% of Walmart to his kids</a> when it was worth next to nothing, sparing them from paying billions of dollars in estate taxes to inherit his stock after he died in 1992.King told BI he wasn't surprised to see the Waltons near the top of a rich list dominated by technology bosses like Musk, Jeff Bezos, and Mark Zuckerberg."Walmart is a family firm that is in its second generation, or the initial value created by Sam Walton has not been split across multiple heirs," King said.The late John T. Walton's son, Lukas Walton, ranks in the top 50 of Bloomberg's wealth index with a nearly $37 billion fortune. But it's true the vast majority of the family fortune remains in the hands of Sam Walton's children."Wealth rarely lasts past the grandchildren or three generations, as the number of heirs in the third generation increases and they are used to living wealthy," King said.The management professor added that the Waltons have retained more of the company over the years because Walmart, unlike many tech companies, has largely self-financed its scaling."The wealth is more concentrated, because Walmart used mostly internal growth that funded expansion from revenues," he said. "In contrast, tech billionaires are more dependent on external investors to scale up, giving more ownership to investors, versus founders."<h2 id="3dfe9f76-de5b-4d2b-86f2-4207e3cf2b49">$100 billion club</h2>Weinstein, the marketing professor, also told BI he wasn't surprised to see the Waltons in the $100 billion club, as the US stock market rewards strong business performance.Tech firms and founders are "generally the most high-profile wealth creators as it is easier to scale online companies which benefit from the network effect, and tech firms may be perceived as sexier, more interesting, and revolutionary," he said, giving Musk's empire of businesses including Tesla and SpaceX as an example."Walmart's success takes largely a different path by truly mastering the daily business fundamentals," Weinstein added.Yet he ticked off several threats to Walmart. It faces <a target="_blank" class="" href="https://www.businessinsider.com/walmart-fulfilment-creating-pressure-for-amazon-wells-fargo-says-2024-10">competition</a> from local rivals like Amazon and Target, as well as Chinese upstarts such as <a target="_blank" class="" href="https://www.businessinsider.com/how-do-shein-temu-and-amazon-compare-2023-8">Temu and Shein</a>.The company might struggle to find talent when it's already the largest employer in the US, and bagging great executives could be tough when top graduates tend to prefer management consulting and tech gigs. Retail's long working days and weekend shifts are also a "turn-off for many excellent employees," he said."One potential concern is that Walmart attracts older customers," he added. "Will their products and stores <a target="_blank" class="" href="https://www.businessinsider.com/walmart-tiktok-attracts-gen-z-shoppers-2020-1">appeal</a> to millennial and Gen Z shoppers going forward?"

Why Walmart stock keeps hitting new highs, making the Waltons richer than ever

<ul class="summary-list"><li>Fresh signs of deflation in China are stoking demand for national stimulus to revive the economy.</li><li>Consumer prices rose by 0.4% in September, while producer prices fell by 2.8%.</li></ul>Chinese officials are under mounting pressure to stimulate the economy after official price data released Sunday stoked fresh deflation fears.The consumer price index (CPI) rose 0.4% year-on-year in September, as bad weather pushed up food prices ahead of the Golden Week holiday. That was below the consensus estimate of 0.6%, which would have matched the rate of price growth in August.The producer price index (PPI) fell 2.8% compared to September last year — the sharpest drop in six months and up from 1.8% in August.Prices have stagnated due to a slew of economic headwinds that are weighing on domestic demand:<ul><li>Slowing economic growth threatens to stall wage growth and spark layoffs, when youth unemployment is already at a historic high and a regulatory crackdown on Big Tech has narrowed an attractive career avenue.</li><li>Exporters are worried about countries like the US imposing even higher tariffs on their goods and cutting off manufacturers' access to critical technologies such as advanced microchips.</li><li>People are concerned about their home values as China's massive property bubble has burst, sending shockwaves through the economy that have squeezed local government budgets and affected industries such as construction.</li></ul>Even with those drags, Goldman Sachs has raised its GDP growth forecast for China from 4.7% to 4.9% this year — just shy of the government's 5% target — and from 4.3% to 4.7% next year, Bloomberg reported. The investment bank's analysts cited the government's planned stimulus package, which has somewhat revitalized Chinese stock markets despite officials offering limited details.China's leader, Xi Jinping, may be wary of overstimulating the economy as aggressive government support was a key contributor to the property bubble."China didn't pull out the fiscal bazooka" at a press conference on Saturday, Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said in a morning note."Xi doesn't like market euphoria and investors don't like the fact that the ample monetary stimulus may not be channeled toward the right places in the absence of an efficient and comprehensive fiscal package. But both agree that China needs stimulus to overcome the deepening property crisis and fight deflation."

Prices in China are stagnating, putting more pressure on Beijing to jump-start the economy

<ul class="summary-list"><li>As fears over economic volatility and deficits grow, investors and central banks are buying gold.</li><li>Gold is often seen as a safe-haven asset among investors.</li></ul>Now is looking like a golden opportunity to <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/how-to-invest-in-gold">invest in gold</a>.For decades, the yellow metal has been considered a safe-haven asset, serving as a hedge against high inflation and economic uncertainty due to its low correlation to stocks and bonds.And there's certainly no shortage of economic uncertainty right now. The US presidential election is right around the corner, inflation concerns remain elevated, geopolitical tensions are high, and the US national debt is reaching untenable levels.Investors and central banks alike have been snatching up gold. The asset's price hit another record high earlier this week at $2,739.40 per ounce after rising over 30% this year, and some analysts are setting a price target of $3,000.Investing in gold is slightly different from putting money into stocks or bonds. Below, two gold experts share four ways investors can add gold to their portfolios.<h2 id="f6498d65-9f43-415b-a374-53643e6db3e3">4 ways to invest in gold</h2>For starters, investors can purchase the metal directly.You can buy gold coins online. You can buy gold bars at Costco. Those strip mall stores with a big "We Buy Gold" sign? You can buy gold there, too.Buying the physical commodity is a tangible way to invest in gold, but it does have some drawbacks. Jeff Muhlenkamp, portfolio manager at Muhlenkamp &amp; Company, points out that there are transaction costs when buying directly from a gold dealer. The investor also has to ensure the gold is certified regarding purity and weight. Buyers must also consider secure storage solutions and insurance for their physical assets.In general, physical gold is a less liquid way to own the asset and is quite costly. "Most of the time when people go and buy gold coins, they'll pay a big premium upfront, and they'll probably suffer a discount when they come to sell at the end," George Milling-Stanley, chief gold strategist at State Street Global Advisors, said.Investors can avoid the complications of investing in bars and coins by buying a gold ETF instead.Physical gold ETFs can be bought through a brokerage account and are directly backed by gold bullion held in bank vaults, meaning that investors don't have to worry about storage or liquidity issues. Examples include the iShares Gold Trust fund (<a target="_blank" href="https://markets.businessinsider.com/etfs/ishares-gold-trust-us4642852044?miRedirects=1">IAU</a>) and the SPDR Gold Shares fund (<a target="_blank" href="https://markets.businessinsider.com/etfs/spdr-gold-shares-us78463v1070?miRedirects=1">GLD</a>).Synthetic gold ETFs don't hold physical gold, investing instead in gold derivatives such as futures and options. These ETFs can be cheaper than physically backed ones since they don't need to store the metal, but they have counterparty risk, or the risk of loss from a contract participant not fulfilling their obligation. Examples include the SPDR Gold MiniShares Trust (<a target="_blank" href="https://markets.businessinsider.com/etfs/spdr-gold-minishares-us98149e3036?miRedirects=1">GLDM</a>) and the ProShares Ultra Gold fund (<a target="_blank" href="https://markets.businessinsider.com/etfs/proshares-ultra-gold-us74347w6012?miRedirects=2">UGL</a>).For investors who want to get as close to the real thing without buying bars, physical gold ETFs tend to track changes in the price of gold more accurately than synthetic ones, Muhlenkamp said.Mining companies are another option for more indirect exposure. These can vary wildly in risk, so Milling-Stanley advises that investors approach these stocks with discretion. The multi-billion-dollar market-cap mining companies offer the most liquidity and stable business models. Smaller mining companies, known as junior miners, are in the exploration phase of looking for mineral deposits and might not be generating revenues, Muhlenkamp said.Mining stocks are less directly correlated with the price of gold than ETFs and may lag trends in gold prices by several months, Muhlenkamp said.In Milling-Stanley's opinion, investing in mining stocks instead of directly investing in gold erodes some of the metal's portfolio protection, as mining stocks behave more in line with the general equity market.This area of investment is definitely higher in risk, but if enthusiasm for gold continues to surge, more speculative mining stocks will enjoy the biggest upside, according to Muhlenkamp.Examples of mining stocks include Agnico-Eagle Mines (<a target="_blank" href="https://markets.businessinsider.com/stocks/aem-stock">AEM</a>) and Newmont Mining Corp (<a target="_blank" href="https://markets.businessinsider.com/stocks/nem-stock">NEM</a>).Gold royalty and streaming companies are yet another way to add gold to a portfolio. These companies finance gold mines and receive a percentage of the gold produced.Royalties limit the holder's exposure to the risks associated with directly investing in mines, such as exploration, development, and regulatory compliance. Royalty and streaming companies are a good way to gain exposure to junior mines but still retain liquidity, especially for investors who don't have the ability or resources to conduct due diligence, Muhlenkamp said.Examples of gold royalty companies include Franco-Nevada (<a target="_blank" href="https://markets.businessinsider.com/stocks/fnv-stock">FNV</a>) and Wheaton Precious Metals (<a target="_blank" href="https://markets.businessinsider.com/stocks/wpm-stock">WPM</a>).

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