Gold & Silver React To Tariff Concerns

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	Trump Tariffs Ignite Gold Rush: Chaos Erupts As Physical Metal Soars, Wall Street Scrambles For Real Bullion
	In nutshell - Trump's gold tariffs spark safe-haven demand, trigger global supply shocks, weaken the dollar, and boost inflation risk—powerfully bullish for gold... The Silver Academy
	African Central Banks Are Accumulating Gold And Nationalizing Mines But The Strategies Are Not Without Risk
	Central banks in sub-Saharan Africa are accelerating their gold purchases to hedge against the growing macro instability in the United States and rising geopolitical risks around the world... Ernest Hoffman
	Central Banks Reported 22 Tonnes Of Net Gold Purchases In June 123 Tonnes In H1
	Sovereign demand for bullion remained steady in June to wrap up a strong first half of the year, according to the latest central bank gold statistics report from the World Gold Council (WGC)... Ernest Hoffman
	Citi Raises Gold Forecast To $3,500/oz Over Next 3 Months On Negative U.S. Outlook
	Citi raised its gold price forecast over next three months to $3,500 per ounce on Monday from $3,300, and the expected trading range to $3,300–$3,600 from $3,100–$3,500, on the belief that near-term U.S. growth and inflation outlook has deteriorated... Reuters

Last Friday’s Gold trading started with the Financial Times reporting that the U.S. Customs and Border Protection agency stated that one-kilogram and 100-ounce bars of Gold are indeed subject to 39% reciprocal tariffs. This would put a tariff on Gold coming from Switzerland, London, and Hong Kong. In early trading, the U.S. Gold commodity futures markets reacted quickly with a $40 increase in Gold trading.

In the early afternoon, President Trump made it clear that Gold was not subject to tariffs, and the futures market lost the sizeable increase. The volatility caused on Friday by the idea of tariffs on Gold proves that if Gold becomes a victim of a President Trump tariff, it would send the price higher quickly.

Last week, Gold continued to move toward the $3,400 resistance level on excellent worldwide trading volume. Spot Gold closed on Friday at $3,398 per ounce, up $38 for the week. In the past month, we have seen three attempts for Gold to breakout above the $3,400 resistance level. I believe this month we will see the final break out, and Gold will stay above $3,400 on the way to a new record high above $3,500 per ounce. After last week’s rally, we could see profit-taking on Monday and Tuesday, maybe testing the $3,350 support level. However, many of the indicators are confirming the strength of the Gold price. Those indicators are a weak U.S. Dollar, many Gold equities trading near record highs and central banks’ demand continuing to increase.

Key U.S. Economic data to watch this week:
The week of August 11th to August 15th, 2025
- Tuesday: July Consumer Price Index, July Core CPI and Year-over-year
- Thursday: July Initial jobless claims, July Producer Price Index (PPI)
- Friday: July U.S. retail Sales

Today: This morning, Gold traders are still waiting for clarity from Trump on Gold bars and many of the key economic indicators coming this week. Gold reached a low of $3,341 this morning before seeing sizeable buying. Getting back over $3,350 by the close is very important to short-term trading.

Last week, we saw a major recovery in the Silver price. After reaching the recent low of $36.13 on July 31st, Silver moved higher every day last week. Silver led the precious metals index last week, closing at $38.40 per ounce, up $1.73 for the week. It is clear that Silver is building a firm base for its next move to $40 per ounce. As we start this week’s trading, there are many economic indicators that could positively affect the Silver price, especially the July CPI, PPI, and retail sales. With Silver’s sizeable price increase last week, the Silver-to-Gold ratio dropped on Friday to 86.86-to-1.

Today: Silver followed Gold lower, breaking below the key $38 per ounce level and reaching a low of $37.46. Most of the selling came from the Asian and European markets.

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