Although the year-on-year inflation data may decline in the next consumer price index (CPI) release given how low the base was last year, the month-on-month increase could spike, triggering gold price rally, said Lobo Tiggre of the Independent Speculator.

“Watch the month-on-month change. Ask yourself, has anything really gotten cheaper over the last month? No, well, maybe lumber, but generally speaking nothing’s gotten cheaper. The month-on-month CPI numbers, numbers the Fed looks at, I think will tell a very strong story that should really send a few tremors of fear to the powers that be,” Tiggre told David Lin, anchor of Kitco News.