Mirroring the stagflation of the early 1980s, consumer sentiment hit its lowest level since that time period this month as short-term inflation continues to ramp up.

Gold took it on the chin after holding near $880 in the far East, falling in London and through most of the New York session on Thursday, before finally finding a bottom at $850 and trading sideways for the afternoon hours, finishing at $851.90, down $24.70. Overnight, gold has been flat.