Some interesting data which helps to explain why lumber prices are not too far above 15 year lows on a miracle QE real estate recovery:
- South Korean Industrial Production -2.6% m/m (vs. +0.6% expected)
- New Zealand Building Permits increased by -9.1%(MoM) in Mar vs. 1.9% in Feb, well below estimate set for 2.0%.
- U.S. April Dallas Fed Manufacturing Index: -15.6 vs. expected +5.0, prior was +7.4
Not to be fooled, precious metals look to be nearly complete with their bounces from deleveraging round 1…round 2 is likely up next and will most likely spread into equities deleveraging Round 1.
I have a few more charts coming as a part of this post so check back later to see the updates.