Russia’s invasion of Ukraine has been escalating to accelerated levels of military action.

Federal Reserve Governor Christopher Waller told a conference in Sydney, Australia today, "We're not softening...Quit paying attention to the pace and start paying attention to where the endpoint is going to be. Until we get inflation down, that endpoint is still a way out there."

The U.S. dollar just had its largest weekly drop in 2022. On Monday the dollar index opened at approximately 111.034 and as of 3:23 PM, EST is currently fixed and closed at 106.275. In a single week, the U.S. dollar index lost 4.824 points which is a percentage decline of - 4.286%.

Today’s CPI report came in well underestimates even by the forecast by the Federal Reserve Bank of Cleveland’s Inflation Nowcasting. The Federal Reserve Bank of Cleveland’s forecasting tool as recent as yesterday was projecting that the CPI index for October would come in at 8.09%. This morning the BLS reported that the CPI index for October increased by 7.7% year-over-year.

Financial Market analysts and market technicians understand that it is fundamental events that cause price changes in all asset classes including stocks, commodities, goods, and services.

Gold futures basis the most active December contract opened in trading today at $1678. After trading to a low of $1667, December gold broke strongly above the 50-day moving average in a single hour. The first hour of trading in New York contained almost the entire trading range in gold.

On Thursday, November 11 at 8:30 EDT, the BLS (Bureau of Labor Statistics) will release the latest inflation report vis-à-vis the CPI index for October 2022.

There is a proverb about the weather in the northern hemisphere as each year winter transitions into spring. The proverb says that “March comes in like a lion and goes out like a lamb”.

Nov 3 2022

Gary Wagner, Editor of TheGoldForecast.com, explains how markets reacted to the Federal Reserve's rate hike decision on Wednesday, and discusses his outlook for gold with David Lin, Anchor for Kitco News.

Powell is singularly focused on inflation reduction, disregarding fallout from his strong steps