Gold Rush

France quietly swapped $15.1B in older US-stored gold for newer bullion held in Paris, part of a broader central-bank push to bring reserves home amid...

Gold jumped more than 1% and silver hit decade highs as Middle East war fuels safe-haven demand. Rising oil above $79 is stoking inflation fears that could turn the Fed hawkish and cap further gains.

China's 48 tonnes of identifiable OTC gold demand in May led central bank buying of 81 tonnes, providing a price floor during Fed-related weakness while supporting the $4,900 end-2026 target.

• GDX beats SLV on 5-year returns ($2,339 vs $2,196 from $1k) with lower max drawdown and 0.8% yield
• HMY upgraded to Buy by Wall Street Zen;...

• China OTC buying stays aggressive, underpinning gold amid the correction.
• Iran conflict triggered 1%+ safe-haven rally in gold and silver.
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Central Bank Demand

• 🔥 May Purchases: Central banks purchased a net 41 tonnes of gold in May, the second-highest monthly total this year.
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Central banks are driving structural gold demand through sustained purchases.

• 83% of central banks plan higher gold holdings next year, up from 76%...

Gold mining stocks sit at deeply oversold levels after summer selloffs, positioning them for a strong seasonal rebound as Asian harvest buying and...

The gold-silver ratio measures relative value by dividing gold price by silver price. In mid-July 2026 it stood near 70, with gold at roughly $4,060...

State Street targets $5,000/oz gold by early 2027 (70% baseline: $4,750–$5,500) despite the June correction.

• Near-term headwinds: Rising real...

• Central banks bought a net 41 tonnes in May per WGC data, the second-highest monthly total this year.
• Goldman Sachs estimates 81 tonnes purchased...

• Macro pressures dominate: Softer CPI clashed with rising import prices, geopolitics, and higher-for-longer Fed expectations, pushing gold to $3,980...

Gold mining equities have dropped 35-45% from peaks even as the metal holds near highs, pricing in just $3,200-$3,800/oz versus institutional...

Hawkish Fed signals are hitting both gold spot and mining equities through the same channel: stronger dollar and higher-rate expectations.

• Gold...

Goldman Sachs and DBS independently highlight durable institutional support for gold through central bank flows and portfolio diversification.

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Price Action and Macro Drivers

• 🔥 Gold Closes Below $4,000: Gold closed at $3,973–$3,976 after a 2.2% drop, erasing three-quarters of prior...

Gold closed at $3,976/oz Thursday, its lowest of the year and a 26% drop from the January peak near $5,600.

• Renewed U.S.–Iran tensions pushed oil...

• Manufacturing boom: Philly Fed surges to 41.4, triple the forecast, signaling resilient economy that supports higher real yields
• Warsh's shift:...

Gold is holding above $4,000 despite 10-year real yields at 1.9-2.1% because central bank de-dollarization and physical accumulation have overridden...

Analysts converge on central bank purchases as gold's durable support despite divergent 2026 price targets.

• 60t monthly floor: Goldman projects...