Gold Price Slides on Hot Inflation, but Schiff Says It’s a Gift

Gold price slid this week on hotter-than-expected US inflation data. Yet economist Peter Schiff called gold at $4,145 a gift, arguing the Federal Reserve has already lost its inflation fight. On paper, the selloff looks backwards. Gold is a classic inflation hedge, yet three hot price reports in three days pushed it lower. Why Peter Schiff Sees a Gift in the Gold Price Dip The September Consumer Price Index (CPI) came first, with consumer prices up 3.7% from a year earlier. That beat the 3.6% forecast . Wholesale inflation followed a day later. Producer prices jumped 6.3% annually, the biggest gain since 2022. Meanwhile, import prices rose 1.1% in September, above the 0.8% consensus . Even so, traders sold.

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