Last week, gold declined below the 50-day moving average on the weekly chart, found support at $1,750.00 per ounce, and closed the week at $1,769.00 per ounce. Inflation has continued to surge. According to financial commentator Wolf Richter , “The Consumer Price Index jumped 0.6% in May, after having jumped 0.8% in April, and 0.6% in March—all three the steepest month-to-month jumps since 2009, according to the Bureau of Labor Statistics today. For the three months combined, CPI has jumped by 2.0%, or by an ‘annualized’ pace of 8.1%.” The flip side of inflation has followed. Says Richter, “The purchasing power of the consumer dollar … has dropped by 0.8% in May, according to the BLS, and by 2.4% over the past three months, the biggest three-month plunge in purchasing power since 1982.” Rick Andrews is president of Avant Capital Management.