April 15, 2020

Retail data released today showed an 8.7% decline in US consumer spending—its largest monthly decline on record.  Grocery spending, however, surged 27% as the virus continues to halt non-essential businesses.  While not unexpected, the extent of the decline was enough to rattle investors, sending the Dow and S&P falling about 2%.  Gold is down $27.20 but is still trading well above $1,700 and is still up about 6% for the month.