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.
Get Our Free
Investor's Guide
Posting in:
byBill Stack