This week, the market got another reminder that inflation is far from defeated. CPI and PPI came in hotter than expected, confirming what most people already feel: the cost of living keeps rising.

I have said for years that official inflation numbers often understate reality. Food, energy, insurance, utilities, and healthcare are still moving higher, and for many households, the real inflation rate is much higher than the government number suggests.

That puts the Federal Reserve in a difficult position. Higher inflation means rates may need to stay elevated, but higher rates make America’s debt burden more expensive to finance. Every percentage point increase adds hundreds of billions in interest expense.

Stocks remain optimistic, but much of that optimism appears tied to liquidity and hopes for future easing rather than fundamentals. Oil also remains a key risk because tight supply and geopolitical shocks could quickly push energy prices higher.

For precious metals, the story remains constructive. Gold continues to serve as a monetary asset and store of value, while silver remains both a monetary metal and a critical industrial metal tied to solar, electrification, AI infrastructure, and advanced manufacturing.

My view remains unchanged: inflation is sticky, bonds remain under pressure, stocks are expensive, oil carries supply risk, and gold and silver continue to provide important financial insurance in an uncertain world.

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