This is a total nightmare

[spy100]

Back to the nightmare the OP is claiming is upon us...Sorry but I don't see any.
I don't know from what part of Europe you are but here things are slowly back to normal. Another apocalypse avoided.

When gold futures moves from 1600 usd to 1942 usd in 5 - 6 months what does that tell you ?


What does all economic and investing books tell you when gold price increases 17,62% in a short period of time ?

[spy100]

its not just you that are affected in this economic crisis, those who are looking to start a business are also trying to get cheaper services to save funds. how is a web development project going to take months, are you going to start from scratch? you just need to offer that client an option to take short route like CMS.

agriculture and farming is a good choice, be self sufficient.

Some people i tell them to buy ready made scripts as it's cheaper and i design template for it  or work on that script and we add new features...but there are some situations were you have to start from scratch ...

And some people actually want to start from scratch even if you tell them there is a script for that ...

[webtricks]

This is a total nightmare

Gold is now 1941.25 usd today
Euro value is increasing against the USD ...
What this means is that soon i will have to increase my prices to 5-10%...
BTC is now above 10200 usd ( How in the hell is going to buy btc ? if no one will have money to buy )
Govs are putting us out of business ...


I think i am moving from IT to agriculture (as i got some land ... ) ,there is no way my IT biz will survive like this ...

You shouldn't worry much about the price increase of assets like Gold and bitcoin. It was expected that the price of Gold will rise 15-20% this year and I have written like 10-12 posts on that since January. But increase in assets' prices have little bearing on people like you who are earning in fiat money. The more important metric that you should concern about is 'inflation'. Compare prices of essential goods you were paying in January (stable month before Coronavirus Pandemic) to current prices. If you are still able to put bread on your table at nearly same price then I don't know what are you complaining about.

I don't know why you are so concerned with the increase in prices of Gold and bitcoin. Price Curves of assets and securities have more dynamism/volatility than the prices of consumer goods (CPI index). We don't consider economy in danger if assets outperform National Income of the country.

[spy100]

This is a total nightmare

Gold is now 1941.25 usd today
Euro value is increasing against the USD ...
What this means is that soon i will have to increase my prices to 5-10%...
BTC is now above 10200 usd ( How in the hell is going to buy btc ? if no one will have money to buy )
Govs are putting us out of business ...


I think i am moving from IT to agriculture (as i got some land ... ) ,there is no way my IT biz will survive like this ...

You shouldn't worry much about the price increase of assets like Gold and bitcoin. It was expected that the price of Gold will rise 15-20% this year and I have written like 10-12 posts on that since January. But increase in assets' prices have little bearing on people like you who are earning in fiat money. The more important metric that you should concern about is 'inflation'. Compare prices of essential goods you were paying in January (stable month before Coronavirus Pandemic) to current prices. If you are still able to put bread on your table at nearly same price then I don't know what are you complaining about.

I don't know why you are so concerned with the increase in prices of Gold and bitcoin. Price Curves of assets and securities have more dynamism/volatility than the prices of consumer goods (CPI index). We don't consider economy in danger if assets outperform National Income of the country.

well that is the point all economic textbooks and all investing textbooks tell me that when gold price increases so does inflation increases ... Gold is a anti inflation financial instrumant...

[stompix]

~
When gold futures moves from 1600 usd to 1942 usd in 5 - 6 months what does that tell you ?
What does all economic and investing books tell you when gold price increases 17,62% in a short period of time ?

It tells me a FOMO is happening and that the bubble will burst again, other than that it tells me zero, did I get food poison from it? Do I win the lottery? Did I lose my job? Did I get a promotion? Oh, wait, nothing of the above!

Again, other than gold moving up, where is the nightmare? What is so bad that I shouldn't be able to sleep at night?
People are investing in gold, gold prices go up, people are speculating and they might be right and they might be wrong.
Yes, we're heading from a recession but looking back to the dark days of April even a 8% GDP slump till the end of the year is good news compared to the scenario that were thrown at that time.

[gentlemand]

They're not joking, nor are they mad... They just don't realise our skillset is valuable. They just see our punching on our keyboard and nothing physically gets produced so they think "i can do this, it's more of a hobby, why would i pay anybody for this". Offcourse, our skillset also takes years to develop, it's not free, it's not our hobby either... But hey, that's just not how we are perceived.

Yup. This is a very interesting disconnect between 'physical' work and the virtual. I don't think it's a perception that's going to change soon enough to save many an industry either. So many other areas have been blown open by the advance of technology too.

If I were starting a working life now I would have to think very carefully about the future of the area I was planning on specialising in. Most of the people I know in practical trades make loads more money than those who spent years at university to end up pressing buttons.

[spy100]

~
When gold futures moves from 1600 usd to 1942 usd in 5 - 6 months what does that tell you ?
What does all economic and investing books tell you when gold price increases 17,62% in a short period of time ?

It tells me a FOMO is happening and that the bubble will burst again, other than that it tells me zero, did I get food poison from it? Do I win the lottery? Did I lose my job? Did I get a promotion? Oh, wait, nothing of the above!

Again, other than gold moving up, where is the nightmare? What is so bad that I shouldn't be able to sleep at night?
People are investing in gold, gold prices go up, people are speculating and they might be right and they might be wrong.
Yes, we're heading from a recession but looking back to the dark days of April even a 8% GDP slump till the end of the year is good news compared to the scenario that were thrown at that time.

When people invest in gold it means that they are expecting something really bad to happen ... in portfolio diversification chapter they always tell you to put some of your money in gold like 1-10% ...well this looks like they are moving like 50-60% of what they have in to gold ....the stock markets are not moving up it's just govs creating the illusion that indices are ok and everything is back to normal,they are pumping money in stock markets do to fact they can print as much as they want ...on crypto : this is another pump and dump by institutions / hedge funds etc ... what makes btc so special so that price of btc increases from 9600 usd to 10375 usd in such a short period ? Did btc discover a coronavirus vaccine ? Did btc discover a way to stop world hunger ... ? It's just a coin based on blockchain nothing more ... there are thousands of crytos out there...

[Reid]

well dude,just for reminding,my uncle on my hometown work as a farmer,on 2018 i am back to my hometown, and I do what he does on his farm. for sure its really hard,and also many many thing u need to learn about agriculture,i just wonder,did u really want to sacrifife your IT skill just because this pandemic,just try some new thing with your skill,i am sure u will get some,rather than work as a farmer,i doesn't say farmer is a bad job,of course it is a noble work,but well,its just kinda dissapoint to see people desperate like this.

Well i just hope it will get better else 15 years of experience goes down the toilet do to some chinese guy in Wuhan who decided he has to eat bats  for dinner... if it goes bad i will raise prices and do something else until it gets better again i hope...  i can't complain as i can afford to raise prices and wait ... but some people can't ... IT sector is crumbling...people say they need us but i don't see money moving ...Today someone asked me to build him something that takes 3 months to build i gave him price 4500 euros ...fair price do to economic coditions ...and he wanted me to build his project for 300 euros .... "300 euros for 3 months of work are you joking or mad ?"

Obviously, whoever the client is mad.
I actually agree that your services is the need now.

Perhaps you cannot just find the right clients. I wont stop there.
There is so much out there rather than switching to something far away from your skills.

Consider the facts also that clients are trying to minimize their expenses due to the virus but your example is just the worst.
No IT will agree with that, even the lowest one who is in deep need of money.

[spy100]

well dude,just for reminding,my uncle on my hometown work as a farmer,on 2018 i am back to my hometown, and I do what he does on his farm. for sure its really hard,and also many many thing u need to learn about agriculture,i just wonder,did u really want to sacrifife your IT skill just because this pandemic,just try some new thing with your skill,i am sure u will get some,rather than work as a farmer,i doesn't say farmer is a bad job,of course it is a noble work,but well,its just kinda dissapoint to see people desperate like this.

Well i just hope it will get better else 15 years of experience goes down the toilet do to some chinese guy in Wuhan who decided he has to eat bats  for dinner... if it goes bad i will raise prices and do something else until it gets better again i hope...  i can't complain as i can afford to raise prices and wait ... but some people can't ... IT sector is crumbling...people say they need us but i don't see money moving ...Today someone asked me to build him something that takes 3 months to build i gave him price 4500 euros ...fair price do to economic coditions ...and he wanted me to build his project for 300 euros .... "300 euros for 3 months of work are you joking or mad ?"

Obviously, whoever the client is mad.
I actually agree that your services is the need now.

Perhaps you cannot just find the right clients. I wont stop there.
There is so much out there rather than switching to something far away from your skills.

Consider the facts also that clients are trying to minimize their expenses due to the virus but your example is just the worst.
No IT will agree with that, even the lowest one who is in deep need of money.

I understand minimizing costs ... but 300 euros for 3 months of work ? not even in Eastern Ukraine they accept that ... not even the lowest skilled worker in that country will accept this ...

[mu_enrico]

honest but savage and brutal comment lol

Yea, in hindsight, I shouldn't be giving too "politically correct" suggestion. Thanks though for doing the dirty job

However, regarding the "nightmare" stuff, in my country (and I think globally), businesses haven't fully recovered, and layoffs are still happening. People who were fired or in a brink of bankruptcy would regard this situation as a nightmare.

When people invest in gold it means that they are expecting something really bad to happen

Not really, the "boom and bust" is everywhere! Not sure if there is empirical evidence to support the relationship between the increase in gold price and crash/recession. It would be best if you find one before making such claim.

[South Park]

well that is the point all economic textbooks and all investing textbooks tell me that when gold price increases so does inflation increases ... Gold is a anti inflation financial instrumant...

The price of gold is only moving according to the natural supply and demand, while you are right when you say that a sharp increase in the price of gold is indicated by many books as a sign that people are losing trust in the economy and are trying to find ways to save themselves the growth itself we are seeing is in fact very low, after the Nixon Shock in 1971 gold went from roughly 42.5 dollars on August 1971 to 195 dollars at the end of 1974, this was close to a 5x increase in 40 months and I do not see gold doing anything similar in such a short time frame.

[Latviand]

Yep, it's a nightmare. But I'm not sure about moving from IT to agriculture would be a good idea because both require different skills, plus you will need more capital. Well, it depends on you, do you have enough motivation to learn and start from zero?

Maybe, he had a reasonable decision why he switched to agricultural from IT. We really need to adjust depending on what is happening in our surroundings and if he find agricultural as his next job or business then that's a good thing. It is always depends on the people on where he think he can grow more not only sticking to a single experience.

Look, I also forced to close my business temporarily, and what I said to my stakeholders was, "try to survive this pandemic by any means necessary, and we will come back stronger than before." In other words, there's an option to stop the business temporarily, not to change direction permanently.

That's a wise decision to make, you don't really need to push or force something to work.

Sometimes you need to think of the possibilities that might happen to your business as this pandemic don't end as soon as possible.

agriculture and farming is a good choice, be self sufficient.

You should always be confident with what you are doing, and hoping that you will not regret your decision. Goodluck to your future! Prove them that switching from IT to agriculture is worth it.

[Harlot]

From what I have seen and from what I have said in relation to this I think that the tech or digital related business is the one who will survive this rather than the businesses who need their products to be sold physically since tech related business not need too operate in an office where people need to be together, their industry is a perfect one for be working at home. So I'm really curious why are you taking a hit when I don't see most of the companies in the tech industry being affected that much. Is it in your customer or what kind of business do you have?

[gentlemand]

So I'm really curious why are you taking a hit when I don't see most of the companies in the tech industry being affected that much. Is it in your customer or what kind of business do you have?

Another aspect of the virus yet to fully come to light will be increased outsourcing to cheaper countries. Tech stuff is super vulnerable to this and many companies have realised there's little need for a physical location or physical meetings.

Those who didn't consider it before certainly will now and there's a whole world out there willing to work for less.

[HeRetiK]

So I'm really curious why are you taking a hit when I don't see most of the companies in the tech industry being affected that much. Is it in your customer or what kind of business do you have?

Another aspect of the virus yet to fully come to light will be increased outsourcing to cheaper countries. Tech stuff is super vulnerable to this and many companies have realised there's little need for a physical location or physical meetings.

Those who didn't consider it before certainly will now and there's a whole world out there willing to work for less.

Yes, and there's a whole world of consultants out there just waiting to fix mismanaged outsourcing by inexperienced project managers

[Jaspion]

This is a total nightmare
Gold is now 1941.25 usd today
Euro value is increasing against the USD ...
What this means is that soon i will have to increase my prices to 5-10%...
BTC is now above 10200 usd ( How in the hell is going to buy btc ? if no one will have money to buy )
Govs are putting us out of business ...
I think i am moving from IT to agriculture (as i got some land ... ) ,there is no way my IT biz will survive like this ...

I can't know what your company does to make a living off of it, but I am pretty sure you can optimize the process this way so you still can gain profit from it.
Otherwise, starting an agriculture company is not a bad idea either in the long term 

[FanEagle]

First of all there is nothing wrong moving from IT to agriculture, but also remember agriculture is an never ending improvement and there are a lot more methods of producing crops than just having a land, you can now grow foods in labs in buildings, and it will both cover less place plus it will also give a lot more crops. Do not just check what I am saying but check out everything else as well. Population of world is ever growing so there could never be enough crops in the world.

Secondly, you could improve in IT business as well, I am sure some people could, but not all business has to become a success and rich, some business' fail, and that is alright, we can't expect every single business to actually succeed, if that was the case everyone in the world would have their own business and there would be no workers.

[abhiseshakana]

From what I have seen and from what I have said in relation to this I think that the tech or digital related business is the one who will survive this rather than the businesses who need their products to be sold physically since tech related business not need too operate in an office where people need to be together, their industry is a perfect one for be working at home. So I'm really curious why are you taking a hit when I don't see most of the companies in the tech industry being affected that much. Is it in your customer or what kind of business do you have?

If the pandemic continues and stopping lockdowns in various countries cannot boost the economy and create demand, it means that purchasing power will decrease which will be followed by price declines, if it lasts for a long time, depression will occur. Today many technology industries can still survive because people can still pay. But the final uncertainty of the pandemic has led to new questions about how long can tech companies last? So far, IT companies do have fantastic income so that they can have a lot of savings to slow down the impact of a pandemic for their existence. But there is also the potential for people to not be able to access the internet for long because they do not have enough money.

Everyone, all groups, all countries are in a marathon running to fight corona, one by one they have begun to fall and enter the path of recession. Business is stagnant, savings are depleted, finding loans is difficult because of the global effects of a pandemic.

[The Sceptical Chymist]

Well i just hope it will get better else 15 years of experience goes down the toilet do to some chinese guy in Wuhan who decided he has to eat bats  for dinner...

Lol at this.  OP, things might look bleak for you right now, but remember that nothing is permanent--especially the price of gold, the value of the euro to the dollar, and everything else in finance.  Just hang in there and things will probably improve for you.  I'm sure you've noticed that we're living in some crazy times, and often when I look at the world it's like I'm seeing it as the reflection from a funhouse mirror.

I'm not surprised that gold (and silver) are shooting up in value; I'm surprised that it's taken this long for that to happen.  I figured in the initial days of the COVID-19 outbreak we'd see gold & silver on the moon rocket, and now I'm wondering what the catalyst is behind the rise in prices.

And hey, if you can support yourself with the land you own I say go for it (but only if it's something you'd enjoy).  There's always going to be a demand for IT services, so you can fall back on that if you needed to.  Best of luck to you--and to the rest of us in these lunatic times.

[Rengga Jati]

...Gold is now 1941.25 usd today
Euro value is increasing against the USD ...

This is what you mean? Gold hits its ATH just few hours ago during this apndemic? I'll say wow.

Source:
https://www.bullionvault.com/gold-price-chart.do

Many people working with USD payment may feel worried about it because of the value. However, doesn't an increase and decrease in currency values often occur? Let's see, many countries in the world also ever experience bad things about their currency value toward USD where they are like facing a crisis. So, if you really can survive during this period, you may not need to panic. We don't know how long this will last and you may start analyzing the market so far. However, it is your own decision to move to other industries or not. Or you can still stay at your current job and also has other focus on the other industries. So, if USD is increasing or decreasing, you still have chance to survive because you have two different types of industries.