Gold & Silver Continue to Test Key Support Levels

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	Why Chinese Silver Imports Hit A Record In 2026
	China’s silver imports in March 2026 hit a record... Reuters, Silver Institute, World Gold Council, & LBMA
	China’s Silver Imports Surge 78% In March As Investors And Manufacturers Scramble To Secure Metal
	A perfect storm of surging demand from retail investors and rapid consumption from manufacturers ramping up solar panel production ahead of expiring tax rebates resulted in the largest single month of silver imports in China’s history, according to a report from The Kobeissi Letter... Ernest Hoffman
	China Is Stockpiling Silver And Gold Like Never Before – Here’s The Data
	The Kobeissi Letter, a widely followed X account focused on global macro trends, just posted a pretty incredible set of data... Petar Jovanović
	Russia Sold 22 Tons Of Gold To Finance Its Budget Deficit
	The Bank of Russia has sold 21.8 tonnes of gold since the start of 2026 to help finance the country’s budget deficit, which had grown to $61.2 billion by the end of March, according to Russian and Ukrainian reports... KITCO News
	Wells Fargo: Gold Price May Soar to $8,000 Currency Depreciation Cycle Not Yet Half
	Wells Fargo Securities' optimistic outlook for gold indicates that after last month's price correction, gold prices could astonishingly soar to... Ohsung Kwon

The Gold price dropped $125 per ounce last week as the Iranian war standing turned negative. Between the U.S. Navy stopping and boarding Iranian oil tankers and the Islamic Revolutionary Guard attacking foreign ships in the Straits of Hormuz, precious metals prices moved lower.

China's Gold imports reached 162 tons in March, marking a two-year high. China’s central bank has increased its Gold holdings for 17 consecutive months, raising its reported total reserves to 2,313 tons. Many precious metal analysts believe the real number of the Chinese central bank’s Gold reserves is five times that amount.

Currently, there are 22 armed naval ships in the attack range of Iran (including 4 aircraft carriers), and I’ll be surprised if Trump doesn’t use this armada in his Iranian war. As I write this weekly report on Sunday, I’m watching Monday’s overseas precious metal trading. Gold trading started in Australia, and Gold moved lower, down $39 per ounce from Friday’s $4,710 close, and reached a low of $4,671. After China opened, Gold moved higher quickly, breaking above $4,700 and reaching a high of $4,730 per ounce.

Key Economic data to watch this week:

• April 28th, Tuesday: April consumer confidence
• April 29th, Wednesday: March Durable Goods orders,
  March Housing starts, and permits
• April 30th, Thursday: Initial jobless claims, March Personal income and spending

Today: As precious metal markets moved into London and the U.S. this morning, Gold fell from the Chinese high of $4,730, below the $4,700 resistance level. With little to no advancement in the Iranian war, the Gold price hasn’t gotten back on the bullish path.

Last week wasn’t a good week for Silver investors, as Silver dropped from $80.80 to $75.65 per ounce. Most of the selling came during U.S. trading and moderate trading volume. Silver did find excellent support above the $75 per ounce level.
During overnight trading last night, Silver reached a low of $74.62 before rallying during Chinese trading.

Today: The Silver price dropped with Gold and is currently testing the key $75 per ounce level. Silver did drop back to the lows this morning in U.S. trading at $74.62 per ounce.

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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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