Park Avenue Numismatics
5084 Biscayne Blvd, Suite 105
Miami, FL 33137
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1.20.22 - Inflation's 40-year High Hits Consumers
Gold last traded at $1,841 an ounce. Silver at $24.65 an ounce.
NEWS SUMMARY: Precious metal prices extended gains Thursday on safe-haven buying and a weaker dollar. U.S. stocks rebounded a day after dipping into correction territory, as investors tip-toed back into technology names.
Marketwatch--"Gold prices climbed on Wednesday for a fourth straight session, settling at their highest level of the year so far, as the U.S. dollar and Treasury yields declined in the wake of stronger-than-expected U.S. consumer inflation data.
Consumer prices rose 0.5% in December to push the increase in the cost of living last year to a nearly 40-year high of 7%, indicating high U.S. inflation is likely to persist well into 2022....
'The most important takeaway for gold here is that gold is a rocket ship and inflation is its fuel,' said Peter Spina, president and chief executive officer at GoldSeek.com. 'Now with inflation showing itself to be baked into the system and growing recognition of inflation, gold is going to benefit in a big way.'
Following the CPI data, the U.S. dollar fell against most currencies and U.S. benchmark stock indexes traded higher...The dollar had weakened on Tuesday, as the market factored in comments from Federal Reserve Chairman Jerome Powell during his confirmation hearing for a second four-year term.
'No fireworks, rather dovish and no surprises,' said Jeff Wright, chief investment officer at Wolfpack Capital, referring to Powell's comments. It is 'very clear the votes to confirm are already tallied and his confirmation is a foregone conclusion.'"