Supporters Rally as Rising COVID Cases Setback Economic Recovery

covid increases

This past weekend, thousands of Trump supporters rallied at the nation’s capital to show their appreciation and support for the president’s continued efforts to fight back.

The president drove by a crowd of supporters and later retweeted encouragement from the rally saying, “We will win!” bringing more encouragement to his supporters.

Yet, re-election is not the only battle being fought.

COVID numbers have been rapidly rising. In early November, the daily coronavirus infections had broken the 100,000 mark, and just a few weeks later, that number has barreled past 150,000.

Chief U.S. economist at S&P Global Beth Ann Bovino stated, “If this spreads and governments are forced to go back to lockdown measures, this very fragile recovery is sure to fail.”

Even upon its breakout in March, everyone knew that the winter season could pose the most significant threat if there was no vaccine available by now.

Medical professionals believe it will only get worse if caution is not taken. Dr. James Phillips, chief of disaster medicine at George Washington University Hospital stated, “We’re going to see an unprecedented surge of cases following Thanksgiving this year, and if people don’t learn from Thanksgiving, we’re going to see it after Christmas as well.”

With 11 million cases in the US, states like North Dakota are suffering from a 19.5% daily positivity rate, with less than 9% of hospital beds available for COVID patients.

And of course, all of this trickles down to our economy.

Fed Chairman Jerome Powell said during a virtual panel discussion at the European Central Bank’s Forum on Central Banking, “The economy we knew is probably a thing of the past” adding that, “We’re recovering but to a different economy.”

The coronavirus has changed our economy and no one knows precisely how it has or will reshape the everyday normal that we are used to. But it’s clear that we are not out of the thick of it yet.

In uncertain times like these, diversification is needed. A recent survey by international investment firm Invesco found that participants expect to see central bank gold reserves increasing during the next 12 months.

Most central banks continue to see value in gold, the report said that diversification was a significant factor.

Learn how to diversify and protect your wealth and retirement against the upcoming market volatility with assets like gold by calling American Hartford Gold at 800-462-0071.

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