The most consequential week for commodities of 2022

The Consumer Price Index number released on Wednesday marked a turning point in the markets, argued Kitco's mining audiences manager Michael McCrae.On Friday McCrae recorded Roundtable with Kitco correspondent Paul Harris and Exploration Insights editor Joe Mazumdar.The Wednesday inflation news from the Labor Department shows that U.S. consumer prices were unchanged in July. The CPI was flat last month after advancing 1.3% in June. A drop in oil prices were credited. McCrae argued that the inflation narrative has weakened."It's just one month's data, but there was a sea change. Money came back to beaten up tech. The NASDAQ was up 1.51% for the week," said McCrae. "Beaten up copper hit a six-week high on hopes the Fed will stop tightening. It finished the week at the $3.70 pound level.""Although gold was an inflation trade, it had been taken down in the past few months but also rose this week. Gold shot through 1800 on the CPI announcement and finished the week in the 1790s."Companies are releasing their Q2s, and some are indicating that inflation has peaked.Panelists also talked about Barrick's quarter, Gold Fields attempt to acquire Yamana Gold and BHP Billiton's play for Oz Minerals.