Gold Suffers Biggest Drop In 15 Years

Gold fell a whopping $43 today to $567. That's a 7% one-day plunge, and takes the yellow metal down 22% from its recent high.

This should be another affirmation that inflation fears have likely peaked. Oil is also trading lower, and looks like it might break below recent support as well. It has been nearly 2 months since oil peaked at $75.

I hope that the Fed will acknowledge the fact that just as they start sounding the inflation sirens, we are getting signs that many inflation indicators (commodities, bond yields, etc.) have already peaked and are now rolling over. If inflation fears continue to subside, and money flows back to the U.S. markets, we could have a nice second half.
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