Economist Peter Schiff expected that gold will resume its role in the global monetary system.
He assured that the countries of the world will return to the gold standard, and this is not strange in light of the economic crisis the world is witnessing now.
Schiff also expects the price of precious metals to rise in the near future.
He said that as the world deals with the crisis of Corona, gold and silver prices are rising, there are major movements in gold and silver coming.
Silver is up more than 13% so far today, while Bitcoin is barely up 2%. Silver is the new Bitcoin, except with direct utility.
So while Bitcoin bugs are dreaming about going to the moon, they are missing the real life moon shot in silver.
The veteran speculator believes that the price of an ounce of silver can reach $ 50, but this rise will be for a short time. He describes silver as “the new bitcoin.
He added, that gold is a strong competitor to the US dollar when it comes to reserves, warning that the American currency is about to collapse, and when that happens, gold will replace the dollar again.
The economist advised everyone to stay away from the dollar before it was too late, saying that the yellow metal will resume its role in the global monetary system, as the world will return to the gold standard whether the (US) Federal Reserve wants that or not.
On the other hand, the United Nation (UN) has issued a report draws a dreadful image of the world economy.
The report warns of precedent rates of unemployment and poverty in the world during the period to come as an expected fallout of the Coronavirus which threatens the planet now.
The deadly virus ( known also as the COVID-19) has infected more than three million people in the world so far.
The UN report on April indicated that about 195 million persons will lose jobs due to the Coronavirus.
This leads to more poverty and other social problems in the world. Experts of the UN stressed that economic crisis related to the COVID-19 pushes the world economy towards depression like the great Depression that hit the world economy in the end of the 30s of the 20th century.
The report went on to say that the small and medium-sized firms, farmers, refugees, immigrants are the most vulnerable categories which inflicted by the impacts of the Coronavirus.
The economists warn that the world is about to enter into a new passive depression over the period to come.
The envisioned slump will be the most dangerous since the 1930s.
Many governments across the globe have ordered their national companies to suspend their activities and instructed their peoples to stay at home.
Despite the sinister expectations, the experts affirm that the depression may hold for a short period.
Economists at the Stanly Morgan Bank forecast the slump will run for short range. But they point out that economies of the developed nations will return to the previous levels of growth by the third quarter of the next year.
However, the International Labor Organization (ILO) has warned that the Coronavirus would leave about one billion at the age of work, without jobs in all parts of the planet. The organization released a statement said that those who will not lose their jobs may suffer from reducing wages.
Restaurants, hotels, retail and various industries are the most vulnerable sectors in the world economy.
Those sectors were hurt excessively due to the deadly virus which was ranked by the World Health Organization on March 10, as pandemic.
The ILO urges the governments to offer immediate aids to the employees and companies to protect the workforce against either dismal or shut down. The statement of the ILO expected that work hours in the world will be reduced by 6.7% throughout the second quarter of the current year.
Kristalina Georgieva, managing director of the International Monetary Fund (IMF), warned that the world economy stopped, adding that the current depression is worst than the other of 2008-2009.