Please follow us on Gab, Minds, Telegram, Rumble, Truth Social, Gettr, X, Youtube, Instagram
This week saw both the Consumer Price Index (CPI) and the Producer Price Index (PPI) come in above analyst expectations and gold and silver declined in response. Though all is not lost! What is the good part?
First, let’s recap the week. Gold was down .73%, silver was down 6.46%, and the Dow Jones Industrial Average (DJIA) was up .67%.
The core CPI (less food and energy) for September was up .3% for the month and 2.6% on an annual basis which was .1% above expectations for both. The core PPI (less food and energy) was up .7% for the month and 5% on an annual basis which was .4% above expectations and .6% above expectations, respectively. The FED looks at the core CPI and core PPI numbers for policy decisions.
What is the good part? Gold has declined to support levels from mid-June and mid-July. Silver has declined to support levels also from mid-June and mid-July. Both are below their 50-day and 200-day moving averages though. However, the DJIA has increased to resistance levels also from mid-June to mid-July. And it has reached its 50-day moving average which could be significant resistance. Potentially DJIA down and metals up.
Lastly, the flight to quality began last week with Treasury bills, notes, and bonds all rallying and reducing interest rates which is positive for the metals.
Until next time…
Get the latest on NYC and the Empire State delivered straight to your inbox
