Gold finished up $2 from yesterday’s close at $1280, but it was up $8 from the intraday low. Silver was down 2¢ at $17, but up 12¢ from the intraday low. Today’s upside in the gold market might well be the first signs of inflation affecting the price of the precious metal. It is too early to draw any strong conclusions, but the timing in concert with today’s release of the producer price index is worth noting. The sudden uptick in the PPI to 4.8% caught many Wall Streeters by surprise. A massive $4.5 billion in paper trades hit the COMEX market as the price dropped near the 200-day moving average and the PPI print hit computer screens.
Quote of the Day
“Money, again, has often been a cause of the delusion of multitudes. Sober nations have all at once become desperate gamblers, and risked almost their existence upon the turn of a piece of paper. To trace the history of the most prominent of these delusions is the object of the present pages. Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.” Charles Mackay Extraordinary Popular Delusions or the Madness of Crowds (1841)
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