article FILE-Gold bullion bars are pictured after being inspected and polished at refinery in 2020. (Photo by DAVID GRAY/AFP via Getty Images) Ongoing inflationary pressures and increasing risk the federal government could default on its loans will likely see Wall Street traders rush to precious metals in 2023. The U.S. hit its $31.4 trillion debt ceiling on Thursday, after the latest inflation data showed consumer prices still 6.5% higher on an annual basis. FAA REVEALS WHAT CAUSED COMPUTER OUTAGE PROMPTING GROUND STOP Meanwhile, gold and silver jumped roughly 15% and 21%, respectively, the last three months, as plummeting stocks pulled the major U.S. benchmarks even lower, and the U.S. dollar slumped to just $0.81 of the British Pound and just $0.92 of the Euro. In an interview with FOX Business, Jonathan Rose, CEO of Genesis Gold Group, said, “The primary driving force behind gains in the precious metals market are a devaluing US dollar, inflation, and other federal government monetary policies.” “Anyone can see that government spending is a major problem for our country’s economic health, and now our government is at risk of defaulting on its bills,” he continued. “. If the federal government defaults on its loans, it will destroy whatever investor faith might be left in the U.S. dollar and weaken it dramatically.” Customers talk about the price of eggs at a supermarket on January 8, 2023 in Los Angeles, California. (Photo by I RYU/VCG via Getty Images) “This environment creates a strong case for allocating funds to physical precious metals,” he added. NETFLIX FOUNDER REED HASTINGS STEPPING DOWN AS CO-CEO A Kitco News’ online survey showed investors could see silver jump more than 50% in 2023 to reach $38 an ounce, while gold could top out at a record $2,100 an ounce. Gold or silver? According to Morgan Stanley, “The volatility of silver prices can be two to three times greater than that of gold on a given day.” Rose said this was due to the silver market being “significantly smaller” than that of gold, resulting in lower market liquidity. However, silver’s increasing applications in industry could begin closing the gap in 2023, particularly as the automotive sector makes greater shifts to electric, and alternate forms of energy are harnessed through solar. As an investment for the near future, Rose said “professionals are hailing silver as having a much higher ceiling due to its industrial potential, from its chemical use as a catalyst and conductor to electrical switches and solar panels.” EXISTING HOME SALES TUMBLE TO LOWEST LEVEL SINCE 2010 “Demand for silver is at an all-time high the last 12 months, he went on. “Combining the allure of physical silver as a haven asset creates a strong case for investments into the metal in the near future.” Primarily used in industry for its properties as a conductor in electronics manufacturing in both the aerospace and defense sector, gold remains the enduring metal on Wall Street because of its connection to currency alongside supply and demand factors. JAMIE DIMON MOCKS CRYPTO, SAYS IT’S A ‘PET ROCK’ Rose said, “The gold and silver ratio illustrates the number of ounces silver would need to purchase a single ounce of gold. “When that number is high, it is generally a good indicator of when silver is undervalued,” he continued. “When the ratio increases, it typically implies a buying opportunity.” Halfway through the session on Friday, gold is up roughly 0.22% to $1,928.30, while silver is roughly 0.42% higher to $23.97 an ounce. Get the latest updates on this story at FOXBusiness.com.