by Chris Waltzek
GoldSeek
David Haggith, head of The Daily Doom, rejoins the show with gold roaring back to near bull market highs this week. In this weekly wrap-up, David reviews the charts with key insights on the economic data.
– David reviews the inflation data.
I’m not really sure what to attribute that much movement to, in terms of the exact trigger. There’s an awful lot going on now with the bond market, with inflation bouncing around, and with wars. My focus, like you say, has been more on the inflation side with the PCE, where I’ve been saying, I was saying last year that we were going to see a rise in inflation. This year, we got it immediately when the year started for the first three months, and even the Fed had to acknowledge it.
And then, when it kind of tapered back off and everybody was saying, ‘Okay, we’re done with it,’ I said, ‘No, we’re not.’ And it’s going to come back again and now, we are towards the end of summer—and here we are, end of summer—it’s coming back again. If you look at the PCE and you look particularly, or look also at producer inflation as well, we saw that, no, it’s not over, it’s coming back…and it keeps coming back stronger and stronger each of the last couple of months and I think that’s what I expected to see.