The plotted arc of coronavirus deaths is beginning to flatten in Spain. Nevertheless, as of March 24, death toll doubling is occurring every two days in Belgium and every three days in the U.K., Spain, Netherlands, France and the United States. Italy’s numbers are trending down, but they’re large and still doubling every 5 days. Iran too is flattening out, but still doubling every 8 days. President Trump announced today that he wants the U.S. “opened up” by Easter. However, most U.S. Health Officials are nowhere near as optimistic, especially until tests and testing become far more available and efficient.
Global lockdowns have taken a serious toll on the Gross Global Product (GGP) and the still swelling coronavirus infection numbers are not at all conducive to the beginnings of a recovery anytime soon. As of March 18, the New York Times reported that more than 410,600 people have become infected in at least 166 countries. And since that report, New York City has become the new hotspot for coronavirus community transmission. Just three weeks after its first infection was discovered, New York City suddenly accounts for roughly 5% of the entire world’s confirmed cases.
The governor is setting up an array of temporary hospitals and is even converting the Jacob Javits Convention Center, on Manhattan’s West Side, into a massive medical bivouac. The region is reporting a surge of coronavirus patients and a tremendous shortage of critical treatment supplies, such as masks and ventilators. Approximately one in eight patients afflicted in New York State required hospitalization and as of Sunday morning, 114 people had died. The situation appears to be growing more dangerous by the minute. As a result, the local and domestic economic recession is undeniable.
The unavoidable containment process ensures a growing global recession and recent Federal Reserve and legislative bills almost surely ensure rapidly growing inflation. That’s a bad combination of economic factors at any time, but even more so under current stock market conditions. Volatility and investor consternation are simple facts of our new reality, but the stock market collapse already underway has no hard stop insight. Gold and other precious metals are positioned well to not only protect assets but to actually provide tremendous upside potential. Call American Bullion at (800) 653-GOLD (4653) for assistance, before prices take the opportunity to go parabolic!
Although the information in this commentary has been obtained from sources believed to be reliable, American Bullion does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice. American Bullion will not be liable for any errors or omissions in this information nor for the availability of this information. All content provided on this blog is for informational purposes only and should not be used to make buy or sell decisions for any type of precious metals.