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Metals Minute: Inflation Affects Cost of Living

How Inflation Impacts the Cost of Living and the Value of Gold

October 13, 2021666 view(s)

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.

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Bill StackbyBill Stack
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