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Cpi report points to transitory inflation?

[porc2019]

Everyone is talking about high inflation and no way its transitory in the gold forums. Playing devils advocate, if it can't be transitory, why did the month on month inflation rate decline from 0.8% in April to 0.6% in May. If this trend continues it would decline to 0.4% in the next report. That would be the top of the range it has been in over the last decade. In Peter Schiffs latest podcast he twists himself into a pretzel by trying to explain markets move without taking into Co sideration that the markets believe inflation is transitory. He says that gold prices were falling pre announcement of the numbers because the market anticipates hotter than expected inflation forcing the FED to raise rates. At the same time he says yields on the 10y are falling because market fears a recession caused by rising prices. What a contradictory nonsense. How can the market both believe in rising rates and bid up bond prices at the same time. Reality is that traders believe inflation is transitory. Thus when the cpi report confirmed falling mom inflation rate traders bid up gold prices to reflect no rate increase. Also yields were bid down on the news as no rate increase necessary if transitory. Today gold prices again weakish as if transitory high inflation rate is real demand as an inflation hedge falls. I haven't decided either way but look out for the month on month numbers to get a feel for what's going on. If next report mom stands at 0.4% transitory nature thesis growth stronger. If mom rises Shaun the opposite. Don't let people like Peter Schiff with a massive confirmation bias leading to contradictory statements guide you on this. Look at the numbers yourself.