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Metal Markets: CPI Was Down and Fed Stood Pat. Now It's PPI

Let's go to the metal markets because that's what we're here to talk about. You're still up in gold 1.34%. The dollar got hit and you'll see that at the end of this as the gold market rallied today.. gold got the inflation, it's there – slow, but there and the Fed isn't rushing to do anything at this point in terms of slashing interest rates. We've really gone from the beginning of the year to what we were looking at: 1.5 [percentage] points, 150 basis points of cuts at one point, maybe a little higher down to 1.

I mean, that's fascinating: When you think about it, we're only 6 months in...

When we look, we can see the gold soar. Well, why not the dollar came crashing down on the CPI numbers and it didn't do much recovery one way or the other after the Fed conversation...

[The pattern consists of] lower highs lower and lows, okay? So, the challenge for the market is, can you get back up and over the $2369.60 level?

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