April's U.S. Consumer Price Report Lower Than March

GOLD

All financial markets eyes were on today’s April U.S. Consumer Price (CPI) report. It came in slightly less than the March number of 8.5%, at 8.3%, so the markets positively reacted to the decrease. Gold quickly moved from $1,833 to $1,859 per ounce. I was hoping for the CPI to drop below 8% to give the markets a good reason to move higher. Right now, Gold needs to build a firm base above $1,850 to reestablish a bullish trend. At 11am PT today, Gold is up $7 at $1,853 per ounce.

SILVER

Silver reached a lowest 2022 low of $21.30 before seeing bargain buying in the U.S. Markets after the release of the CPI. Silver rallied on the news and reached a high of $22.94 before seeing short-term profit taking. Silver is still very undervalued and a move above $22 and $23 per ounce is on the horizon. At 11am PT today, Silver is trading at $21.60 per ounce, unchanged from yesterday.