Gold Rallies As CPI Has Largest Gain In 20 Years

GOLD

This morning the U.S. CPI (Consumer Price Index) for June came in at 9.1%, the largest gain for over 20 years. Gold initially reacted to the news by reaching a 2022 low of $1,707 per ounce. Many investors and traders were looking for an opportunity to buy and they did, immediately. Gold quickly rallied back, reaching a high today of $1,747.40, before seeing some short-term profit taking. At 11am PT today, Gold is trading at $1,738 per ounce, up $10 on excellent volume.

SILVER

Silver followed Gold lower after the release of the CPI numbers, reaching a low of $18.72. As Gold rallied higher, Silver followed and quickly moved over the key $19 level. Silver reached a high of $19.52 before seeing selling. At 11am PT Today, Silver is up $0.24 per ounce, trading at $19.28 on good volume.