Gold and silver sold off when Russia announced that it had an effective vaccine for coronavirus. This plays into the myth that a cure for COVID-19 will cure the economy. But, as SchiffGold.com notes, there is plenty of evidence suggesting the damage to the economy is deep and will likely have long-lasting impacts even when the pandemic is in the rearview mirror.
We’ve reported on a number of these signs.
- Permanent business closures are rising.
- Americans owe billions in back rent.
- There is an increasing number of mortgage delinquencies.
- There is a rising number of over-leveraged zombie companies.
- And a tsunami of defaults and bankruptcies are on the horizon.
In fact, bankruptcies are already on track for a 1o-year high.
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