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Silver Report Uncut
May 15, 2021
There was an unexpected collapse in the Umich sentiment survey the preliminary May data dropped to 82.8 in May from 88.3 the prior month, that was well below even the lowest estimate in a Bloomberg survey of economists. The gauge of current conditions fell to 90.8, while a measure of expectations dropped more than 5 points to 77.6. Buying conditions plummeted as inflation fear grip consumers. It’s likely the rise in prices isn’t done yet as the drastic surge in shipping prices is going to pass through to consumers.
While homebuilder sentiment remains near record highs, home-buying sentiment has utterly collapsed as surging home prices have overwhelmed any benefits from low rates as urban exodus dominates local purchasing power. That is the weakest home-buying sentiment since 1983.
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