Silver Tumbles After Inflation Report

Silver today took a tumble today.

It was likely due to the better-than-expected inflation report for April of the Consumer Price Index.

According to Kitco News:

(Kitco News) - Gold prices are moderately higher in early U.S. dealings Thursday, in the immediate aftermath of another U.S. inflation report that came in tamer than market expectations. June gold was last up $9.50 at $2,046.00 and July silver was down $0.448 at $25.22.

The U.S. data point of the day saw the producer price index report for April come in at up 0.2%, versus expectations for up 0.3% from March, and compares to a drop of 0.5% in the March report, month-on-month. Meantime, the weekly U.S. jobless claims report showed claims jumped in the latest week, at up 264,000 versus the expected rise of 245,000. These two reports fall into the camp of the U.S. monetary policy doves, who would like to see the Federal Reserve stop is interest-rate-increase cycle.

Since silver is down, I started buying again.

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