Inflation accelerates more than Previous reports

 

The Consumer Price Index Report released on Friday sent financial markets into a panic. The annual rate of 8.6% was a new multi-decade high, delivering a body blow to economists who thought inflation expectations had ended. Investors now believe the Federal Reserve will have to tighten policy even more aggressively. Both bonds and stocks were down at the end of last week’s trade.

The precious metals markets, on the other hand, improved. On Friday, gold recovered, while silver, which had been behind of late, managed to make a tiny gain. The price action in the mining sector was far more impressive (and perhaps more revealing). First Majestic (AG), Pan American Silver (PAAS), and Hecla Mining (HL) were the top silver producers on Friday, with gains of 6.6 percent, 5.9 percent, and 7.4 percent, respectively. The precious metals sector, which includes mining stocks as proxies for gold and silver, is proving to be a safe haven for investors. Naturally, no mining business or exchange-traded commodity based on precious metals spot prices can replace the genuine thing.

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