Precious Metals
On the road again
On the road again

People are figuring out that the worst has passed. Although official reopening orders are still few and far between, there’s mounting evidence that the Great Shutdown has ended (22 states now meet the reopening criterion of 14 days of declining new cases, and 29 states meet the criterion of a 14-day downward trajectory of positive test result percentages), and people are rather quickly beginning to get out and about. Equity markets worldwide figured this out over six weeks ago, in fact.
Here’s a collection of charts that document the reopening based on statistics and key financial market indicators:
Chart #1 shows the amount of motor gasoline supplied to the retail market, with the latest datapoint being May 1st. Based on the recent surge, we can infer that people are spending about 30% more time on the road and out and about in just the past three weeks. That matches the impression I got while spending an hour or so on the freeway the other day. The wheels of commerce are spinning up and animal spirits are once again on the move after being shuttered for over a month.
Chart #2 is a timely indicator, compiled and released every day by Bloomberg, of the overall health of the US financial market. Conditions hit bottom right around the time the equity market bottomed, and have since surged in what can correctly be called a very V-shaped recovery. The recession we’ve been living through will no doubt be the most violent and short-lived of all time.

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