SLVO - Risks For An Economic Slowdown Increasing

• The University of Michigan Consumer Sentiment Index is at its lowest level since 2011.
• Retail sales dropped 1.1%, which includes inflation. So, in real terms, the drop was 1.5%, which is a huge drop in one month.
• Consumers' inflation expectations are increasing, so they feel they are getting less for their money.
• For precious metals, we are in an environment of the most bullish fundamentals ever, yet the price is now down under 1,800.

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