Last week, gold prices bounced back above the support line at $1,750 per ounce, closing the week at $1,758.40 per ounce. The Federal Reserve is sticking to its belief that the current high inflation rates in the U.S. are transitory, but that they will remain for longer than estimated. CNBC reports, “Federal Reserve Chairman Jerome Powell still expects inflation to ease eventually, but said Wednesday that he sees the current pressures running into 2022. … “‘It’s also frustrating to see the bottlenecks and supply chain problems not getting better—in fact at the margins apparently getting a little bit worse,’ he added. ‘We see that continuing into next year probably, and holding up inflation longer than we had thought.’” This was being said as the nation was confronted with videos of a seemingly endless number of cargo ships stacked high with containers waiting outside of Los Angeles harbors to be unloaded, as shortages grow. For those old enough to remember the pictures of long gas station lines during the 1970s, the enduring images of the crippling inflation of those times, these new images are all too reminiscent. Gold remains a hedge against high inflation now, as it was back then. Rick Andrews is president of Avant Capital Management.