We live in a weird time. Culture wars are now erupting. Normally the 4th of July is a time of celebration and it was for me, but it wasn’t for everyone.
Some are very scared now – but really they are being distracted.
The reality is the US GDP is poised to shrink by over 30% in the first half of this year. We’ll get the official numbers by the end of this month, but they are going to be bad. Many businesses remain closed, some are only allowed to operate at half capacity, but consumer demand has also completely collapsed. This is the quickest and deepest economic contraction in American history.
And few people can see it, because they are distracted. TV can’t show the depth of the disaster to them and their algorithmic generated “news” feeds on the internet show them culture wars to get them stirred up and stuck online as much as possible. People as a result are isolated in their own little bubbles.
What we know though is that the economic situation means more Fed action and more money printing and that is only going to drive gold, silver, and the other metals higher. I talked about the situation in the markets with Jim Goddard of www.howestreet.com in this interview.
I briefly mentioned my top stock pick for this month in this interview towards the end. I wrote this stock last Thursday and you can get the details on it in my post by clicking here.