GOLD MOVING ABOVE $4,600 ON HEAVY VOLUME

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August has been an extraordinary month for Gold. It started the month at $4,039 per ounce and reached a high of $4,632 per ounce during US trading this morning. A $593 increase (over 14%) in 21 days. At the start of this month, I stated that Gold would reach $4,500 by month end and $5,000 by year end. I have definitely underestimated the strength of the Gold market. Gold closed on Friday at $4,611 per ounce, up $236 for the week.

One of the facts that has put pressure on the Gold price earlier this year has been Russia selling Gold. The Bank of Russia’s Gold holdings have fallen by roughly 1.6 million ounces (about 50 metric tons), since the start of 2026. As of August 1, 2026, the Bank of Russia's Gold holdings dropped to 73.2 million ounces (about 2,277 metric tons), reaching their lowest level since January 2020. This reduction reflects a steady sell-off by the central bank to help cover federal budget shortfalls. I would expect to see continued selling as their economy suffers. Most of this Gold has been and will continue to be purchased in the open market by the Chinese central bank.

Our national debt reached $40 Trillion last week. This had a positive effect on the price of precious metals. On Friday, the U.S. Treasury Secretary, Scott Bessent, said that the agency will move to ramp up buybacks of long-dated government debt. This news drove down the value of the U.S. Dollar, which also helped precious metals move much higher.

Gold is clearly on a bull move higher, but it would be helpful if this increase could slow down and build a firm base above $4,500 per ounce. If Gold could trade between $4,500 and $4,600 for a few weeks, that would support a move to $5,000 or more by year end. But the Iranian president and its parliamentary speaker said Sunday that Tehran needs to negotiate an exit from the war and shore up its economy. This bullish news could keep the Gold rally much higher.

Key Economic data to watch this week:

• August 24th, Monday:
• August 25th, Tuesday: July New Home Sales
• August 26th, Wednesday: July Durable Goods, July Consumer Spending
• August 27th, Thursday: Aug. 22nd Weekly Jobless Claims, July Wholesale/Retail Inventories
• August 28th, Friday:

Today: This morning in overseas markets, investors feared that the U.S. intervention in the U.S. bond market would lead to a weaker dollar, prompting heavy demand for Gold. Gold reached a high of $4,681 during trading in London, a three-month high. The U.S. Dollar reached a low this morning of 98.76, the lowest it’s been for the past 3 months. Today’s announcement on new sanctions on Iran will have an effect on the Gold price.

This month’s explosive move in the Silver price is extraordinary. Silver started this month at $57.60 per ounce. On Friday, Silver reached a high of $70.14 during early morning trading in London, a $12.54 increase (21.7%) in 3 weeks. Based on past trading, Silver may have a difficult time staying above $70, but demand is growing worldwide (especially from China). Silver is clearly on a bullish move, and if it’s able to stay above $70 per ounce for a week, the next resistance level is $80.

Silver closed on Friday at $69.11 per ounce, up $4.26 for the week.

Today: Last night we saw excellent demand for Silver during trading in overseas markets, as it quickly moved above $65 per ounce. Silver moved above $66 during Chinese trading, reaching a high of $66.35 per ounce. But, saw short-term selling in India and London, taking the price down to $65.26 per ounce. After Silver trading opened in the U.S., the price moved over $66 per ounce.

Later this week, the American Numismatic Association (ANA) will hold its annual summer convention in Pittsburgh, PA. This convention is an excellent indicator of the health of the rare coin market, as hundreds of coin dealers and thousands of collectors/investors attend. With the recent move in bullion and economic news, I would be surprised to hear that the numismatic market isn’t healthy.

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Barry Stuppler has been a professional numismatist for over 60 years and is considered one the nation’s foremost experts in rare coins and precious metals. Mr. Stuppler is a past President of the American Numismatic Association (ANA) and Professional Numismatists Guild (PNG). He is currently chairman of the Federal and California State Gold & Silver Political Action Committees, and president of the
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