Inflation Scorecard: In a Word, 'More'
Real-time Monetary Inflation (last 12 months): 1.5%
Gold continued its rise across the reserve currency spectrum this week. The yen yielded 1.1 percent to bullion with the Swiss franc close behind with its 1.0 percent loss. Sterling was off 0.4 percent as the euro fell 0.3 percent.U.S. dollar-denominated asset values also reflected an inflationary bias. For the week ending Thursday:
- Morning gold fixes in London averaged $1,418 and finished 1.1 percent higher at $1,430; COMEX spot was virtually unchanged at $1,416 after averaging $1,420; average daily volume inched up 3.3 percent to 174,439 contracts; open interest was built up by 14,309 contracts to 524,584.
- COMEX gold inventories increased by 67,342 ounces (2.1 tonnes) to 11.147 million; stocks now cover 21.5 percent of open interest; immediate demand for COMEX bullion amounts to no more than 9,800 ounces, while 2.483 million ounces are in a deliverable position.