Gold dipped at the open and then moved higher off the news of a 5.9% COLA (cost of living adjustment) increase for social security recipients in 2022, the highest in nearly 40 years. The admission that inflation is nearly 3x higher than the 2% previously targeted by the Federal Reserve.
For the week, gold is up 1.3% to $1,790, silver is up 2.9% to $23.13, platinum is up 4.4% to $1,033, and palladium is up 11.6% to $2,102.
A year ago today, gold is down 5%, silver is down 4%, platinum is up 19%, and palladium is down 10%.
As we continue to digest the rising inflation numbers and COLA increases slotted for social security recipients and disabled veterans, we expect the metals to continue to thrive.