Gold shot up above its 50-day and 200-day moving averages last week before surging even higher on alarming inflation reports worldwide. The metal closed the week at $1,868.50 per ounce. The U.S. Labor Department last week reported that the consumer price index (CPI) jumped 6.2% from October 2020 (0.9% since September), the biggest annual inflation increase in 30 years. On the same day, reports from China showed a double-digit explosion in its wholesale prices, according to Fortune . This indicates that even more inflation may be coming for the U.S. consumer: “On Wednesday, China’s National Bureau of Statistics (NBS) reported that its producer price index rose by 13.5% in October from one year ago, the largest increase in 26 years. The index measures the prices that wholesalers pay to producers for materials when the goods leave the so-called factory gate, before additional costs like transport or distribution are added. … “China is the world’s largest exporter of goods and a critical link in global supply chains. Rising prices at Chinese factories could fuel ‘upward pressure on global inflation,’ Ken Cheung, chief Asian foreign exchange strategist for Mizuho Bank, told CNN.” Rick Andrews is president of Avant Capital Management.