Gold prices are holding at session highs as the inflation threat in the U.S. continues to growth with producers feeling the heat.
Wednesday, the U.S. Labor Department said its Producer Price Index (PPI) rose 1% in June following May’s 0.8%; the data was stronger than expected with economists’ forecasting an increase of 0.6%.
For the year, producer prices rose 7.3% the largest advance since 12-month data were first calculated in November 2010.
The report said that core producer prices rose also rose 1% last month, up from May’s increase of 0.7%. Economists were expecting to see a 0.5% rise in wholesale inflation.
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Remember, gold is not going up in value, the dollar (and your life’s savings) are going down in value. The government is stealing your wealth through taxation, regulatory fees and hyperinflation.
David DeGerolamo
