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Gold and silver also fell for the week. Silver closed at 55.83, I believe. Now oil prices have risen by 22% in July. Remember, just because gold is lower now than it was at the start of the war, this is the new narrative that war hurts gold. So this is a huge scam that creates a great opportunity for people who missed out on the huge growth to buy both metals and mining companies.
That's what, you know, led to some declines in bond yields , as the probability of a Fed rate hike decreased a little bit based on those numbers. The yield is still very high compared to where we were. Import prices increased by 7.1%, export prices increased by 10.2%. But then again , the reason the government wants to misdefine inflation by claiming that inflation is price increases, not money expansion , is precisely so they can pretend they are not the cause.
So they can try to blame whoever is raising prices and not take responsibility for the inflation they created. But gold and silver also fell over the week. Gold fell 1%. Gold traded below 4,000 for several days, but did not fall below 4,000 for a week. We closed at $4,017.30. Today, the week ended with an increase of just over $40.
Silver closed much worse, down 4% for the week. Silver closed at 55.83, I believe. This is about the lowest weekly close I've seen for silver in a while. And mining stocks performed even worse, or about the same as silver. GDX fell 3.9%, and GDXJ fell almost 5%, to 4.8%. Again, markets are wrong. Markets are reacting to rising bond yields, to the Fed, and I'm going to get into the second part of the war testimony a little later in this podcast, but it's the idea that he's now this hawk who's going to be tough on inflation.
But it was also a real escalation of the war. You know, the war has become a topic of attention again this week. Especially in oil prices. Oil prices closed down about 11.5% for the week. Closed at around $82.50. We are now up 22% in July. As for the price of oil... Remember, we fell 30% in June. We have already grown by 22% in July.
So, that also, uh, lowered the price of gold because again, traders assume that war is bad for gold. The fact that gold is cheaper now than it was at the start of the war is a new narrative that war is bad for gold. Markets are taking fear into account, but they seem to be neglecting the very asset that has historically benefited from it.
Peter Schiff argues that investors are treating rising oil prices and geopolitical tensions as bearish factors for gold, even though these same forces traditionally increase inflationary risks. This contradiction suggests that news headlines influence market positioning more than fundamental indicators.
Long-term investors should pay more attention to institutional behavior rather than short-term price fluctuations. Peter Schiff goes on to explain why this apparent weakness may actually be masking a much larger accumulation phase. This has always been good for gold. This will always be good for gold .
The only reason gold fell when this war started was because it had risen so much before the war started. And partly it was due to the expectation of war. So this is a huge scam that creates a great opportunity for people who missed out on the huge growth to buy both metals and mining companies. And yes, silver is far from its high of $1.25 , down to 55.83, but I'm focusing on the fact that we're above 50.
We had a powerful breakout. You know, there was huge resistance just below 50 starting in 1980 and then again in 2011. So the silver chart looks phenomenal and I think in a couple of years you will barely notice the drop from 125 to 55 where we are now. Uh , this is a great buying opportunity. Bond yields fell slightly during the week, driven by better-than- expected inflation figures.
And I talked about the CPI in my last podcast, it's better than expected. The same thing happened with the CPI. It also turned out better than expected. Actually, I got these numbers right here. Um, producer prices in June fell 0.3% month- on-month, rising only 5.5% from 6.5% the previous month. And the core indicator rose by 0.2%, which is better than the expected 0.4 %.
And year-on-year , excluding food and energy, producer prices increased by 4.7%. And this is better than 4%. The biggest losses often occur when investors mistakenly perceive volatility as permanent damage. According to Peter Schiff, silver's recent decline looks more like a reset after a structural breakout than the end of a bull market.
While softer inflation data may temporarily reassure traders , a single month's report rarely changes long-term monetary trends. Patient investors must distinguish between short-term market sentiment and underlying fundamentals of supply and demand. Peter Schiff goes on to explain what inflation measure politicians rarely emphasize , and why he thinks it tells a different story.
He also discusses how softer inflation data briefly pushed down bond yields as expectations for additional Fed rate hikes eased. So that's what, as you know, has led to some declines in bond yields , as the probability of a Fed rate hike has decreased somewhat based on those numbers. But the yield is still very high compared to where we were.
The yield on the 10- year Treasury bond closed the week at 4.54, and the 30-year bond at 5.06. So, it's still a high yield compared to where we were, not compared to where we're headed. And where we've been, you know, starting in the 90s, 80s, or 70s, they're low compared to that. But, in recent times, since the 2008 financial crisis, this yield is about the highest we've seen.
And it will become much higher. Meanwhile, the news regarding inflation is really not the best. What caused the fall in producer prices?
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