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May 15, 2024

Gold and silver surged Wednesday after new inflation data showed prices continued to cool last month. April’s CPI showed prices rose 0.3% (vs 0.4% expected) and both CPI and Core CPI year-over-year were in line with expectations. Markets reacted positively to the data, bumping the likelihood of a September rate cut to 53% from 45%. Currently, the S&P 500 and Nasdaq are both up nearly 1% on renewed rate cut hopes.  Gold is trading at $2385, a 3-week high, while silver is trading at its highest level in a month at $29.40.