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June 12, 2024

Gold and silver popped Wednesday after inflation data showed prices rose less than expected in May, fueling rate cut hopes for later this year. Both CPI and core-CPI came in cooler than expected, rising 3.3% and 3.4%, respectively (vs 3.4% and 3.5% expected). Gold is up $25.00, trading at $2340 and silver is up nearly a dollar, regaining the $30 threshold. Today’s Fed decision could further the rally, or undo Wednesday’s gains. No rate cut is expected, but Fed Chair Powell’s press conference will likely move markets sharply in one direction or another