The latest CoronaVirus data is coming in along with the slow counting of election results. But the worst news is on the world’s economy, it’s bad— worse than most of us expected.
The World Trade Organization has projected global trade will decline 9.2% this year. While most of us are geocentric thinking only about how bad the financial impact can get in the U.S., the world economy suffers from the CoronaVirus Pandemic far worse than we do.
In the latest quarter reported by the WTO from April, May and June show the world economy lost 400 million full-time jobs. More jobs lost worldwide than the total population of the U.S.— here’s more from that report.
The world economy is projected to contract 4.5% this year.
The Eurozone expects a 7.9% decline in GDP.
These figures are bad. How bad? The Eurozone economy will shrink at twice the rate it did in the 2008 Great Recession.
But wait, it gets worse. The total economic fallout from the CoronaVirus is a complete unknown today now that France and England have locked down again in November. The fall-winter flu season is upon us. The nasty virus causing all these problems will surely get worse. The graph above from November 5th shows the rapidly growing number of new U.S. cases
When you weave together the impact of dramatically rising COVID cases with the delayed and disputed Presidential election results, we’re left with a tapestry of fear, anxiety, and unknowns.
The result is shown here in this one week Gold chart from mid-day Friday Nov 6.
The time to buy Gold is before it tops $2,000 an ounce and surpasses the all-time high.