Today the Bureau of Economic Analysis, a division of the US Department of Commerce reported that the cost-of-living has risen at the fastest pace in just under 31 years vis-à-vis the PCE (Personal Consumption Expenditures Price Index).

Both gold and silver prices continue to decline as market sentiment is pricing in the real potential that interest rate normalization will begin as early as next year, and at a much quicker pace than anticipated.

Gold prices fell sharply following an announcement by President Biden to nominate Chairman Jerome Powell to continue to be at the helm of the Federal Reserve for the next four years.