Last week, gold prices retraced back to support levels found at the 50-day moving average. The metal closed the week at $1,792.10 per ounce. Picking up on our discussion of stagflation from last week, a recently released report shed light on the inflation side of the condition. As was pointed out last week, some of the inflation is coming from supply shortages due to supply chain problems. This continues to be the case according to the wholesale pricing PPI (producer price index) report on Friday (September 10) from the U.S. Labor Department, which measures inflationary pressures before they reach consumers. The report showed that inflation increased 8.3% last month from a year ago—the biggest annual increase since the report was started back in 2010. “Since the pandemic, supply chains have never been the same and likely won’t normalize for at least six months. … Only then will we (and, more importantly, the Fed) get a true sense of the trend rate of producer inflation,″ said a report by Contingent Macro Advisors . It may be time to consider fortifying your investment portfolio with gold as a hedge against inflation. Rick Andrews is president of Avant Capital Management.