Metals Minute 187: Gold & CPI Moving Higher
Gold and silver were flat for the week, with gold up a fraction to $2,041 and silver down a fraction at $25.64.
Platinum was up 5.62% at $1,127, and palladium jumped 12.4% to $1,653.
From a year ago today, gold is up 11%, silver is up 20%, platinum is 19% higher, and palladium is 19% lower.
Today we learned that the CPI for April 2023 rose 4.9% from April 2022 and rose 0.4% since last month.
This tells us costs are still rising for consumers out there, though the rate at which they are rising has slowed a little bit up until now.
Unfortunately, the rate of inflation has been higher than the rate of average wage increases for the last 25 months in a row. This means that even though wages have increased here in the USA, the cost of most goods and services has increased more for the last 2 years.
Essentially this means that the standard of living for the average American continues to be challenged by current conditions. On a better note, gold has risen 54% since this time four years ago in 2019, before the pandemic and inflationary period began. We see more gains ahead for those who own gold and silver.