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Across the world, this week has not brought smiles to the faces of investors, as stock markets were heading for their worst weekly closing since the pandemic-induced market meltdown of March 2020.

Reuters reported that the drastic steps taken by countries to raise interest rates astronomically in order to tame inflation and the move by the European Central Bank to bolster its indebted southern bloc were the major issues that impacted the stock markets negatively.

On Wednesday, the US Federal Reserve took its boldest move against inflation in 28 years, raising benchmark interest rates three-quarters of a percentage point to a range of 1.5 per cent to 1.75 per cent. The increase was the third since March and was done after inflation in the US soared beyond projections in May. There are indications that the rates will be raised further in the coming months, increasing the uncertainty in the economy.

The Bank of Canada had raised its benchmark interest rate to 1.5 per cent on June 1. It also gave indications that more hikes would occur. The action by the Canadian central bank to raise its rate by half a percentage point was widely expected in its bid to tame high inflation. In April, inflation rose to 6.8 per cent.

Canadians are waiting for the next inflation figure. But there are no signs that inflation figures have reached their peak.

There have been fears that Canada may slip into a recession in the nearest future. Economists have projected that it may happen between 2023 and the first part of 2024. The reasons for this include the impact of the pandemic, the war in Ukraine, and soaring inflation and interest rate hikes.

All this means is that the money in your possession is losing value and can no longer buy as much as it could some months back. Nobody knows when it will end and what shape things may take. You can only be sure about how you react to uncertain times.

Cut down expenses

The first thing to attack at a time like this when people face soaring inflation is expenses. There are necessities of life which include food, shelter and clothing. It is almost impossible to do without them. But one can play around with them in terms of quality and quantity. For example, if your shoes are not in bad shape, do you need a new pair now? Do you need a new suit or gown now? Can’t it wait for months, given that you still have some good ones in your wardrobe?

Then there are the non-basic needs, which can be removed from the list or scaled down drastically. For example, with summer kicking off officially next week, is that planned summer holiday compulsory? If it is, must it be done at a large scale?

Continue investing

When inflation bites harder, some investors are tempted to stop or scale down investing until conditions improve. High inflation will stop. Things will get better. But the money that went down the drain will never come back.

The way to beat inflation is to ensure that you continue to invest. One advantage of investing is that it keeps your money where it will not be easy for you to access and spend. Even if the value of such investments drops, there is usually a great chance that it will rise.

Add a new stream of income

You may also consider finding one or two things through which you can earn extra income during your spare time. It may be a physical venture or one done online, especially at a time like this when the internet is a fertile ground for money-making. All you need to do is Google opportunities online and find something that suits your personality and time schedule.

Meanwhile, let us see what attracted our investing audience most this week. Mining and the health care sectors were the top key interests of our readers.

Baroyeca Gold & Silver (TSXV:BGS) receives first assay results from phase 2 drill program

Baroyeca has announced the first assay results from its phase 2 drilling program at its flagship Atocha high-grade silver project in Tolima, Colombia.

Baroyeca President Raul Sanabria sat down with Sabrina Cuthbert to discuss the updates.

Baroyeca Gold & Silver Inc was remained unchanged, trading at $0.20.

Numinus Wellness Inc. (TSX:NUMI) acquires Novamind and announces executive appointments

Numinus Wellness (NUMI) has completed the acquisition of Novamind Inc. following shareholder and court approvals

Numinus now operates 13 wellness clinics, four clinical research facilities and a dedicated psychedelics research lab – positioning the company as a leading integrated mental wellness company providing ketamine- and psychedelic-assisted therapies.

Numinus Founder and CEO Payton Nyquvest sat down with Coreena Robertson to discuss the news.

Numinus Wellness Inc was trading at $0.30, down by 18.06 per cent.

Eminent Gold Corp. (TSXV:EMNT) discusses the potential of striking gold at its Spanish Moon Project

Paul Sun, President and CEO of Eminent Gold Corp., spoke to Sonia Madigan at the PDAC 2022 Convention.

He noted that sample results from Spanish Moon Project show the potential for a large gold deposit.

The company is super excited about that and will be following up on that with geophysics and drone tests.

Eminent Gold Corp closed the week unchanged at $0.50.   

Purepoint Uranium (TSXV:PTU) announces fall drilling program at Red Willow Project

Chris Frostad, President & CEO of Purepoint Uranium, sat down with Sonia Madigan from The Market Herald to discuss the upcoming drill program at Red Willow Project in Saskatchewan.

The company’s 2021 winter drill program included 12 holes totalling 2,088 metres at Red Willow’s Osprey Zone. Nine of the twelve holes encountered anomalous radioactivity, suggesting the potential for significant uranium deposits.

Purepoint Uranium Group Inc. ended the week at $0.065, shedding 18.75 per cent.

Galan (ASX:GLN) finds potential lithium discovery

JP Vargas de la Vega, Managing Director of Galan Lithium, spoke to Sonia Madigan from The Market Herald about a brand new pegmatite discovery at the Greenbushes South Project.

While at the PDAC, the company announced its discovery at its lithium hotspot project in Western Australia, roughly five kilometres south from the largest lithium mine in world. The company generated 12 targets and found pegmatite discovery on the first one.

Galan Lithium Ltd ended the week at AUD$1.08, shedding 10.00 per cent.

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