I like to thank Bambi for supporting my podcast HR managers, ain't cheap salaries average

$70,000 a year.

That's why you need Bambi.

So go to bambi.com slash gold to schedule your free HR audit.

On my last podcast, I went over the consumer price index, which for the first time this

year didn't beat expectations.

It actually matched expectations and certain aspects of the report came in slightly cooler

than what the market's expected.

I also discussed the perverse reaction in the gold market, which of course is now par

for this bizarre course that we've been playing on gold rallied on the relief that the inflation

numbers weren't worse than expected because from the trader's perspective, that might

have meant that the Fed would delay its tightening cycle.

And so anything that delays tightening is interpreted as being bullish for gold.

And of course, the reverse is also true.

If something makes tightening slightly more eminent, well, that's automatically a negative

for gold.

And that's exactly what happened on Thursday when we got the release of producer prices.

And unlike consumer prices, the PPI did not break its streak of exceeding expectations

because for the seventh month in a row, the PPI came out hotter than expected.

And in June, the PPI shot up a full 1% during the month, which was more than the markets

expected.

The expectations for July were for the gain to only be 0.6.

...