The CPI Report Causes Market-wide Decline
On February 13, the consumer price index (CPI) report revealed higher inflation figures than expected, leading to a market-wide decline. Gold was one of the first assets to react, experiencing a sharp drop of 1.42% and falling below $2,000 for the first time since December 13, 2024.
Peter Schiff’s Take on Gold’s Decline
Renowned investor Peter Schiff commented on the situation, stating that while the hotter-than-expected CPI caused gold to drop, it actually confirms that the Federal Reserve couldn’t raise interest rates high enough to control inflation. He sees this as a bullish event for gold.
Impact on Other Assets
Gold wasn’t the only asset affected by the CPI report. Silver also experienced a decline, dropping 2.72% to $22.04 per ounce. Bitcoin, often considered as digital gold, fell 2.63% to $48,622 after reaching above $50,000 the previous day.
Stocks Suffer as Well
The stock market also felt the shock from the CPI report. Both the S&P 500 and Nasdaq 100 started the day in the red. The former lost its recently attained record level of 5,000 and dropped 1.34%, while the latter declined by 1.43%. However, it’s worth noting that Nasdaq 100 opened below its latest close but has shown an overall upward trajectory.
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