Flash Commentary No. 1460a

(SGS Subscription required) • Benchmarked Industrial Production Revised Sharply Lower; Both Manufacturing and Mining Were Hit Hard
• New Numbers Indicate the Was in a Deepening Recession, Well Before the Pandemic Shutdown and Collapse
• Old Numbers Showed Production Peaked in December 2018 and Flattened Out, February 2020 Pre-Pandemic Peak Was 3.75% Higher Than the Pre-Great Recession Peak
• New Numbers Show Production Peaked in August 2018 and Entered Protracted Decline, February 2020 Pre-Pandemic Peak Was 1.11% (-1.11%) Below the Pre-Great Recession Peak
• Manufacturing Sector Has Never Recovered Pre-Great Recession Peak Levels
• April 2020 Pandemic/Economic Trough Revised Lower by 5.1% (-5.1%)
• Economic Recovery Is Not as Close as Hyped by the Consensus Outlook
• Negative Implications Here for the July 29th GDP Benchmarking
• Chances Are Reduced for Moderating Extreme Monetary and Fiscal Policies
• Evolving Circumstances Remain Extremely Strong for Gold and Silver, and Weak for the U.S. Dollar and Stocks, Despite Central Bank or Other Systemic Machinations to the Contrary

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