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A busy week for economic announcements.

Jerome Powell, head of the Federal Reserve, hinted this week in his semi-annual report to Congress that interest rates may be cut by the end of the year. The Consumer Price Index for June came in at the lowest number in three years at a .1% increase and a 3% gain for the last year getting closer to the Fed’s 2% inflation target prompting a rally in both gold and silver. Today’s Producer Price Index (PPI) from the Labor Department’s Bureau of Labor Statistics for June came in at a .2% increase. A .1% increase was forecast. The May number was revised to unchanged from a -.2% reading.

At this writing, gold and silver both reacted negatively to the PPI numbers with silver down 90 cents an ounce to $30.52 on the spot price and gold down $16.00 an ounce to $2,398.50 on the spot price. Both metals continue to be above their 50-day and 200-day moving averages. Buy the dip!

CONTACT ADVISOR METALS AND PROTECT YOUR NEST EGG HERE!

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