Today we see gold up 1% for the week to $1,791, silver up 2% to $26.53, platinum up 1% to $1,221, and palladium up 2% to $3,015.
From one year ago today, we have gold up 5%, silver up 77%, platinum up 60%, and palladium up 66% from a year ago. Always good to diversify among the metals.
The word for today is “shrinkflation.” Shrinkflation is a stealthy type of inflation that is often the initial sign of more severe inflation. We first alerted you to it a couple of years ago. A common example is a can of vegetables used to be 16 oz, but is now routinely 13.75 oz to 15 oz, with similar packaging. Or 140 sheets of paper towel on a roll that used to hold 160.
During corporate conference calls, the word “inflation” has increased in usage by 800%. A noticeable change in inflation rate has followed a change in the frequency of this word used, usually 3-6 months afterward.
With over 30 companies announcing upcoming price hikes, inflation appears to be reaching most sectors of the economy. Gold and silver have helped preserve purchasing power in environments like this for thousands of years.