Gold, silver see strong price declines amid another hot U.S. inflation report kitconews gold silver economics metals mining finance investing
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On tap today was the U.S. producer price index report for June, which came in hot at up 1.1% from May and up 11.1%, year-on-year. The figure was expected to see a monthly rise of 0.8% following May's reading of up 0.8% from April. Markets showed little reaction to the data, after Wednesday's CPI report that showed about the same results—problematic price inflation.
Global stock markets were mostly down overnight. U.S. stock indexes are pointed toward lower openings when the New York day session beings. Trader and investor risk aversion is keener late this week, following Wednesday's U.S. consumer price index report that ran hotter than expected at up 9.1% in June, year-on-year, and at a 41-year high.
The other feature is this week's big downdraft in crude oil futures prices, with Nymex futures overnight falling to a three-month low of $93.24 a barrel. January crude oil futures are now trading at $84 a barrel, suggesting the marketplace thinks crude prices will continue to decline in the coming months. Crude's plunge has pulled other major commodity market prices down, too. The weakening raw commodity sector is one significant early clue that inflationary pressures have peaked.
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