Skip to main content

GoldSeek Radio Nugget - David Haggith: Inflation Data and Gold



David Haggith, head of The Daily Doom, brings us "The News, Before the News" with a review of the macroeconomic data, fundamental outlook and technical vantage point.

- Gold finally entered a healthy reaction - will support hold near $2,150 in the new uptrend?

What I talked about then is that I expected gold to put in a dip even though approaching a time that I think is going to be good for gold. In fact, I'm not sure there isn't still more dip to come in spite of that magnificent looking rise there right at the end – because I thought what's going to happen and this is exactly what we saw play out this week.

I mean, just exactly as we're going to start seeing some bad CPI data, bad inflation data that looks all wrong for the Fed and so you're going to start having concern that maybe the Fed's not going to be doing these rate cuts and I think that's what we saw happen. We got two day inflation reports. So both look bad for the Fed's battle on inflation...and stock stalled out for two weeks in a row and gold stalled out for a week or so.

That's what I anticipated to see happen but the little bit of bad news for the short term I think possibly for gold is: I don't think the Fed's done yet. I think these inflation reports are exactly what I expected to see kind of what I've been saying for months we're going to see is that all of this month-on-month inflation that we have is going to keep staffing up until it becomes year-on-year inflation.

- Will the Fed cut rates per the FFF's probabilities - we review the current FFF's rate curve.
- US equities may be entering a correction mode - is this a key top or a pause that refreshes?
- Where will the markets find key support?
- Fibonacci projection levels for gold and silver.
- Will a Fed tightening cycle begin in earnest in 2024 and what are the implications for the markets.
- With inflation down 66% over the past year, will inflation remain high on the Fed's docket?
- Will the cost of essential goods and services continue to soar?
- Is the market always right, like an AGI with a 300 IQ or is it prone to herd-like excesses - the debate continues!

About the author

Average: 5 (1 vote)

Newsletter Signup

GoldSeek Free Newsletters
GoldSeek Daily Edition
Gold & Silver Seeker Report
Gold Seek -- Peter Spina