Tejay, that inventories number was actually worse (higher) than was estimated - by a fair way. It suggests the US economy may still be struggling with excess supply and - dare I say it - deflationary issues ie a lack of pricing power imo. My opinion is that the inflation/economic growth story in the US has been overstated for the last year - might be stating the obvious to many. But many of the gold bugs have bought the inflation story on mere hope alone. Many don't realize that it has been the central bank's monetary policy in reaction to DEFLATION and the printing of US currency that has caused a rise in POG. And the "gold boiling in oil" (inflation) theory is complete rubbish if the oil price has the effect of putting the economy towards a deflationary recession.
