This is going to be one long day for the markets, however, and it could get pretty volatile before it’s all over. Here’s why…
(Silver Doctors Editors) GDP was just released for the first quarter of 2020.
Everybody knew the print would be negative, the question was how bad was it going to be?
Well, here is the headline print from the BEA, coming in at -4.8%:
It is noteworthy that the stay-at-home orders didn’t really begin in earnest until the middle to latter half of March.
Why is when the lockdowns and shutdowns began imporant?
Because depending on how the “re-opening” goes, the second quarter could be worse.
The question is: Even though the states are re-opening, how quickly will people go back to a “normal” way of economic life?
And, can they?
Or, will there forever be the contention of the so-called “new normal”?
Regardless, gold & silver were a whole lot of “meh” when the GDP release hit the tape:
The January FOMC Statement hits the tape at 2:00 p.m. EST today, with a Powell Presser at 2:30 p.m. EST, so this could end up being a volatile day before it’s all over.