Gold Breaks $4,400, Silver Tops $66 — What's the Pre-CPI Trade?
Gold futures surged 3.32% Monday to $4,484/oz, breaking above $4,400 to hit a seven-week high, while silver jumped 4.70% to $66.31, outpacing gold. The driver traces back to last week's payrolls: jobs fell by 23,000, wage growth slowed to 3.2%, September rate-hike bets were pared, and easing oil prices cooled inflation fears — sending yields and the dollar lower and shifting precious metals' narrative from safe-haven to falling real rates. Wednesday's CPI is the next test for this thesis. With buyers front-running the data, are gold and silver betting on cooling inflation or a policy pivot?
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