Last week, gold prices retraced back to previous support levels before turning back up on the daily chart. The metal closed the week at $1,911.70 per ounce. Many economists were expecting the Q1 2022 gross domestic product report to show the U.S. economy had expanded by 1.1%. Instead, the report showed a shrinkage of 1.4%. This shocking 2.5% miss was the worst performance since spring 2020, during the initial COVID-19 recession. The U.S. government greeted the news with the same dismissive attitude as they originally showed about inflation, characterizing the contraction as “temporary.” However, a report like this for the second quarter would make it official that we are indeed in a recession. Harvard University professor Kenneth Rogoff , a former chief economist at the International Monetary Fund, told Fox Business that he sees a “perfect storm” for a global recession forming in three areas: 1. China’s handling of its new COVID lockdown measures has failed, already bringing it into recession. 2. The War in Ukraine and the economic sanctions involved are producing double-digit inflation in Europe and a lowering of living standards there. 3. The U.S. central bank is facing a difficult decision of whether to continue raising interest rates to fight inflation while running the real risk of driving the economy into recession. Historically, gold has provided a safe haven during these global recession “storms.” Rick Andrews is president of Avant Capital Management.