Gold & Silver Both Building Firm Base For The Next Leg Higher

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	China’s June Gold Imports Hit Fresh 2-Year High 173 Tons As Lower Prices Boost Demand
	China’s gold imports set a fresh two-year high in June, with the plunge in international gold prices making the yellow metal even more attractive in the world's biggest market for bullion... Ernest Hoffman
	Is The Gold: Silver Ratio Relevant Today?
	A comprehensive study of the gold: silver ratio illustrates the continued relevance of this measure to today’s active precious metals markets... Silver Institute Press Releases
	Central Bank Gold Demand Has ‘Very Long Runway’ As East/West Market Split Returns
	Asian investors continued to buy gold in June even as their Western counterparts exited positions, while central bank gold demand around the globe will likely rise and will support gold prices for many years to come, according to precious metals market analysts at Schroders... Ernest Hoffman
	China Gold Market Update
	Gold jewellery consumption is likely to remain weak during the off-season but we expect the stabilizing gold price to offer some support... Ray Jia
	Goldman Sees Central Bank Demand Providing A Floor For Gold Prices
	Goldman Sachs told clients in a note on Friday that strong central bank gold purchases in May are likely to provide a price floor for gold amid near-term pressure from hawkish Federal Reserve pricing... Sam Boughedda
	The Iran War Is A Gift To China
	As the war with Iran blows up and cools down from week to week, one trend is clear: The biggest beneficiary of this conflict is China... Fareed Zakaria

Last week, the Gold price traded above $4,000 on all five trading days. Gold reached a high of $4,140 during trading in the U.S. last Thursday. Gold closed on Friday at $4,051 per ounce, up $32 for the week.

Gold is showing excellent demand and price support over that key $4,000 per ounce level, as the Iranian war continues to heat up. Last week, the Houthis attacked Saudi Arabian oil vessels in the Red Sea, and Saudi Arabia launched missiles in response.

After two weeks of U.S. strikes on Iran, this weekend there were no strikes by the U.S. military against Iran. It’s unclear whether it’s for the possibility of peace talks or for the U.S. to reload. But with the possibility of some type of ceasefire or peace agreement, I expect to see a precious metal rally on Monday.

China imported approximately 163 tons of Gold in May, according to customs data released in late June. Bullion import volumes totaled around 692 tons through May, a 76% increase from the same period in 2025. With Gold at 2026 lows in June and July, I expect to see Chinese Gold buying increase.

Key Economic data to watch this week:

• July 27th, Monday: June Durable Goods
• July 28th, Tuesday: June Wholesale Inventories
• July 29th, Wednesday: U.S. Interest Rate Decision
• July 30th, Thursday: July Weekly Jobless Claims
• July 31st, Friday: Employment Cost Index

Today: Gold reached a high of $4,119 this morning in early Chinese trading. Gold trading stayed higher as it moved to India and London, but concerns about what is happening caused some selling when trading moved to the U.S.

Last week was good for Silver investors, with Silver up $2.27 per ounce and closing the week at $58.17 per ounce. After reaching a 2026 low of $54.70 per ounce last week, Silver showed excellent demand last week. Silver reached a high last week of $61 per ounce, but mostly traded between $56 and $59 per ounce. The premiums have increased on many of the popular Silver investment bullion items.

Today: Silver briefly moved above $60 per ounce during Chinese trading, but selling came in India and London. Silver is showing good support above the $58 per ounce level.

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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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