Gold price near session high after Philly Fed survey falls to 20.9 in October - Kitco
Gold price near session high after Philly Fed survey falls to 20.9 in October - Kitco
Source: Kitco
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DW NOTE
The Philly Fed index fell from 30.6 in September to 20.9 in October — a 32% drop in manufacturing sentiment in one month. Gold rose on the print because it confirms the stagflation thesis: growth slowing while September core CPI came in at 2.6% versus 2.5% forecast and the Fed is priced at 50% odds of hiking on October 28th. The market isn't buying safe-haven metal; it's pricing currency debasement as the only way out.