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August 11, 2023

Gold and silver shed 1.5% and 4.1% respectively this week as inflation data did little to ease investors’ minds about further 2023 rate hikes. Both CPI and PPI were relatively tame in July and in line with expectations. However, even as prices continue to cool, the rate at which they are leaves room for further Fed tightening. Stocks closed mixed on Friday, with the Dow up 105 points and the S&P 500 and Nasdaq negative for the day. FOMC minutes from July are due out next week and should provide greater insight into where the Fed stands regarding policy decisions in the coming months.