Yesterday gold closed below the support level of $1680 closing at $1674. This was the first instance of a close below $1680 since gold broke above that price point in April 2020.

Unless you’ve been living under your computer screen you are well aware of recent price action pressuring gold dramatically lower. Over the last six months since gold hit its highest value this year gold has been devalued by $400 per ounce or 19.45%.

Today the government reported a fractional decline in headline inflation through the release of the August CPI inflation report.