Biden’s economy is a total train wreck. Now a sign of an impending recession has raised its head. Copper prices are crashing.
Copper is used in cars and electronics, plumbing, and all sorts of things. So when the price of copper goes down, it indicates that it is not in high demand and there may be a recession coming.
FOX News reported on this:
Copper suffered its worst weekly plunge since the early days of the COVID-19 pandemic, flashing the latest warning sign that a recession could be looming on the horizon.The metal — a major component in electronics and motors that is often used as a bellwether of economic well-being — fell as low as $6,953 a ton of the London Metal Exchange on Friday. The commodity recovered later in the day as part of a broader market rally, with the three-month price rising above $7,170.
Still, copper posted its largest one-week percentage decline since late March 2020, at the height of pandemic-related shutdowns in the economy. The metal has fallen about 35% over the past four months, wiping out gains earned in the wake of the Russian war in Ukraine. Year-to-date, copper is down about 28%.
Copper officially entered a bear market at the end of June — an occurrence that has preceded each and every recession over the past 30 years.
Copper’s fall is not surprising. After massive government spending on wasted projects and government efforts to shut down the energy sector in the US, Biden’s economy is falling out of control.
Inflation set a four-decade high this past week (and some say it is actually higher).
The markets are in bear territory and Americans are taking on two jobs to get by. This is not good but not surprising for the Biden economy.