 Dear Money & Crisis Reader,
Managing editor Chuck Dolce back at your service. In a previous lifetime, I had a career in the financial markets on the trading floor of the largest futures exchange in the world. (Impressed? Me neither…) We spent a lot of time analyzing various economic reports. One of them you know as the Consumer Price Index or CPI. What many folks don’t realize is that they calculated a nifty version of that report on which they put a great deal of emphasis. It was called “core CPI.” A more telling name was “ex-food and energy.” It was basically a basket of consumer goods minus anything you need to live. Their rationale was that food and energy prices were too volatile, and considering them in the official measure of inflation would skew the index unreasonably. I guess that makes sense… if you don’t want to know what stuff costs. Today that inflationary denial is still out in full force. The Fed prints money like crazy, denies inflation is anywhere near a problem and hopes you believe them and don’t notice you’re paying $25 for 12-packs of non-pandemic toilet paper. We get it. Inflation is here. It’s working its evil effects on the prices of everything. Graham’s been on about it for months. So you might be wondering, why isn’t gold — the ultimate inflation hedge — through the roof? Great question. Graham has your answer here… Cheers, 
Chuck Dolce
Managing Editor, Money & Crisis | 
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