Last week, gold prices slid down to previous support levels. The metal closed the week at $1,808.20 per ounce. The wholesale producer price index (PPI) climbed to 11% in April. The “general” in the continuing battle against inflation, Federal Reserve Chairman Jerome Powell, spoke about the challenges ahead, as reported by CNBC : “Powell said he couldn’t promise a so-called soft landing for the economy as the Fed raises interest rates to tamp down price increases running near their fastest pace in more than 40 years. … “Powell has come under some criticism for the Fed’s delay in raising rates and halting its bond-buying program even as inflation mounted. Moreover, at his post-meeting news conference last week, he made remarks that were interpreted as taking more aggressive steps, like a 75 basis point increase, off the table. “He said … he’s ‘not sure how much difference it would have made’ to act more quickly, adding, ‘we did the best we could’ “‘Now, we see the picture clearly and we’re determined to use our tools to get us back to price stability,’ Powell said.” This kind of leadership does not inspire much confidence for the battle ahead. Investors may want to consider moving now to increase their allocations to gold, a historical hedge against inflation. Rick Andrews is president of Avant Capital Management.