Final 1st quarter GDP of -2.9% showed that the US economy contracted much more than previously

Final 1^st quarter GDP of -2.9% showed that the US economy contracted much more than previously estimated. Personal consumption of 1% was also much lower than the previously reported 2.4%. The consensus is that the US economy have since bottomed and is recovering at a healthy pace despite lingering employment weakness. May durable goods orders were also lower at -1% vs. estimated 0%. Durable ex transportation was down 0.1% compared to surveyed 0.3% growth. The US economy still looks shaky as the FED is trying to remove the crutches that we’ve been on since the financial crisis of 2008. Gold and silver have been quietly holding onto gains of last week. Platinum and palladium continue in directionless trading as investors and funds are stubbornly reluctant to get of their long positions despite the end of the mining strike and Russian/Ukraine threat.