Good news Bad News… Good news: Gold moved above $1,800 per ounce. Bad news: It’s because inflation is getting out of control. Gold bugs are making “I told ya so” victory laps as the inflation worries have caused many investors to seek out the safe haven asset to protect against the decreasing purchasing power of the Dollar.
Janet Yellen told CNN this weekend that “I don’t think we’re about to lose control of inflation,” which is surprising considering CNN’s history of airing truthful statements, Yellen continued “On a 12-month basis, the inflation rate will remain high into next year because of what’s already happened. But I expect improvement by the middle to end of next year – second half of next year.”