The sell-off was triggered by a dismal jobs report showing the US unemployment rate rose to a near three-year high in July. This sparked fears that the Federal Reserve may need to slash interest rates more aggressively than planned to prevent a severe recession.

Major US indices had already fallen the previous day after a raft of disappointing economic data. The declines were compounded by sharp drops in stock markets across Europe, Asia and Japan.

Economists now expect the Fed to cut rates by at least 1.25 percentage points by year-end, starting with a half-point reduction in September. This would make it cheaper for households and businesses to borrow, but the full impact may take months to filter through.

The grim economic outlook has battered retirement savings, with 401(k)s heavily invested in equities.

“The Fed is under pressure from all sides right now to get this right and I’m not confident they will,” said Jonathan Rose, CEO of Genesis Gold Group. “Our phones started ringing off the hook on Friday as Americans started moving their retirement accounts into physical precious metals.”

The sell-off comes amid concerns the Fed has waited too long to pivot on monetary policy. Investors are now panicking that the central bank is behind the curve on rate cuts.

In Asia, Japan’s Nikkei suffered its second-worst point drop ever, tumbling 5.8%. Other regional markets also fell sharply on worries over slowing global growth.

The rollercoaster week in markets came despite central banks in Japan, the US and UK acting largely as expected. But investors are increasingly anxious that high rates could tip economies into recession.

“It’s really a no-brainer with the current state of affairs in America for retirees to want their life’s savings backed by precious metals instead of the volatile markets,” Rose continued. “Our focus on integrity and transparency is why clients tend to work with us over other gold companies.”

Genesis Gold Group is a faith-driven precious metals company. Their open and honest approach to rollover or transfer retirement accounts into a Genesis Gold IRA streamlines the process. As a result, mature Americans can defer taxes while seamlessly moving the money in their retirement accounts into the “safe haven” of physical precious metals.

This is becoming extremely important as market volatility rises. The outlook remains highly uncertain, with much riding on the Fed’s next moves. For now, markets seem braced for further turbulence ahead.