Gerald Celente – Coronavirus Will Push The Price Of Gold Even Higher

With the price of gold surging to $1,620, the top trends forecaster in the world, Gerald Celente, said this will push the price of gold even higher. He also discussed the Coronavirus and the what China is really facing. Welcome to The Atlantis Report. Gerald Celente: China, the world’s second-largest economy, has been paralyzed for more than three weeks. The country has been at a virtual standstill since the New Year holiday ended at the beginning of February. While now getting back to business, much of China’s industry has been shut down, people have steered clear of stores and restaurants, and travel has been sharply curtailed. China has quarantined 40 million people in the city of Wuhan, where the coronavirus first broke out. But perhaps even more people than that have been sealed up in towns and villages in the region after officials closed highways and shut down regional transport to keep the virus from spreading. The province of Heilingjiang in northern China has threatened the death penalty for people deliberately spreading the virus. The quarantine is the largest seen in modern times. Gauden Galea, the World Health Organization’s China representative, called it “new to science. Bad for Business IKEA, Nike, Starbucks, and Levi Strauss are a few of the retailers that have shuttered their stores in China. Walt Disney resorts in Hong Kong and Shanghai are closed. China’s shoppers account for 11 percent of the world’s imports, up from 2.7 percent in 2000. How bad will the damage be? Deutsche Bank expects China’s economy to slow to 3 percent in this year’s first quarter, compared to 4.6 percent during the same period in 2019, and global growth to lose 0.5 percent from January through March. Oxford Economics takes a darker view, reducing its outlook for global growth in 2020 from 2.5 percent to 2.3, the weakest performance since 2009 and bringing the world to the brink of what the International Monetary Fund defines as a recession. According to Ana Boata, an economist at Allianz Research, “The coronavirus outbreak is likely to keep the global manufacturing sector in recession in the first half of 2020… electronics and computers are most at risk.” For every percentage point of growth China loses this year, Germany would lose only 0.06 percent and Europe overall 0.01 percent, according to the Ifo Institute, a German economic think tank. But ING Think’s Chief Economist, Robert Carnell, believes that too many small forecasts don’t factor in the loss of demand. For example, fewer Chinese are now traveling outside of the country, denting other nations’ tourist economies and cutting sales of luxury brands. The 2003 SARS virus epidemic in China offers a historical analogy. This Was The Atlantis Report. Please Like. Share . And Subscribe. Thank You.