Broken Supply Chains Foment Food Inflation, Precious Metals Gains

by Stefan Gleason
Gold Seek

Foodflation is registering at the checkout lines of your local grocery store – and in a bigger way than has been seen in decades.

On Tuesday, the U.S. Labor Department reported that grocery prices paid by consumers surged 2.6% in April. That’s the largest one-month price spike recorded in 46 years.

[…] The last time a food shock of this magnitude hit consumers was February 1974. Back then, inflation was just starting to heat up following President Richard Nixon’s de-linking of the U.S. dollar to gold – and ahead of a massive run up in precious metals prices that culminated in January 1980.

Could we be headed for a similar outcome in the 2020s? Many economists think it’s likely we are.

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