The outbreak of COVID-19 has had profound effects on the global economy. Governments have scrambled to respond, healthcare systems have been overwhelmed, people have lost jobs, and the economic disparities around the world—including in the wealthiest nations—have been starkly revealed. In China, where the virus originated, strict policies helped control its spread, but these measures also came with significant economic trade-offs.
To combat the rapid spread of the virus, governments like Australia’s imposed lockdowns and enforced social distancing, which slowed down economic activities. In China, stringent curfews and mobility restrictions negatively impacted certain provinces. Other countries have looked to China and South Korea for strategies, with varying degrees of success. According to economists, the virus could force the economy in one of two directions:
- Deflation due to the economic shutdown and the bursting of the debt bubble.
We are currently facing a scenario similar to the Great Depression of 1929. The bottom line is clear: we are in serious trouble. The stock market and real estate sectors are struggling, but one asset class that has thrived in this economic climate is gold. If you’ve been considering when to sell bullion, the answer is now.
On the other hand, the economy could be pushed into hyperinflation with the trillion-dollar stimulus packages being injected into the system. The government can print more money, but what will it be worth in the end?
The first quarter of the year has passed, and it was marked by widespread panic. People stocked up in preparation for the worst, while others adopted a “wait and see” approach, hoping things would improve. Six months later, there’s still no vaccine, and thousands continue to die. If hope were a tradable commodity, we might be in a better position, but unfortunately, it isn’t. Hope doesn’t pay bills or fill your gas tank. In these uncertain times, gold is king. If you have any gold items, now is the time to sell them for cash. Find a reputable gold buyer in your area and take action.
It’s time to assess your gold coins and bars and approach a buyer who will offer a fair price for these valuable assets. Rather than relying on stimulus packages or government grants that may fall short, consider selling your gold. According to market analysts, all signs indicate that precious metals like gold and silver are set to rise. This is the best time to sell. Analysts predict that gold prices have nowhere to go but up. However, since the pandemic began, dealers have faced supply issues due to travel restrictions. If you’re looking to sell bullion, there’s no better time than now. Analysts agree that this is just the beginning, and the price of gold is likely to rise even further, especially if supply shortages persist.