As the Fed keeps hopes alive for at least one rate cut this year, metals investors are weighing the inflation outlook.
Gold and silver markets have recently been giving back some of their impressive gains this year. So far, it looks like a normal correction after a big rally. The summer months often deliver choppy chart patterns for gold and silver, but that isn’t always the case. The rally could resume at any moment. This week gold prices are up 1.5% to trade at $2,340 an ounce. Silver is roughly flat, with spot prices here on Friday morning near $24.40 an ounce.
One of the most psychologically significant and politically sensitive inflation indicators is the price of gasoline at the pump. Gas prices have yet to see a summer driving surge. In fact, they came down a bit in late Spring. Still, motorists in high-tax states such as California are having to fork over as much as $7 per gallon in order to fill up their vehicles. Crude oil prices have managed to avoid hitting the headline-inducing $100 per barrel level over the past two years.
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