Gold is up 4% to $1836, silver is up 4% to $27.47, platinum is up 1% to $1244, and palladium is taking a little breather, down 2% for the week to $2958.

For the 1-yr time frame, gold is up 8%, silver is up 77%, platinum is up 62%, and palladium is up 59%. 

The word for today is “Transitory.” Transitory is the word being used to describe inflation. What policymakers mean by “transitory” is that the rate of price increases will slow or stop after a brief period. The difficulty for the average American is that the LEVEL of prices will likely remain elevated, even if the RATE of price increases slows or stops briefly.

Many companies have announced across the board price increases for everyday items. The level that prices reach is far less likely to be reduced than it was to rise in the first place. Inflation is the goal of those in charge of monetary policy.

The only way to be protected from the effects of inflation, transitory or not, is to store a portion of your savings in something (precious metals) that rises at a similar or greater level than inflation does.