Gold & Silver testing Key Support Levels Again

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Last week, Gold tested the key $4,500 per ounce support level and bounced back by the weekend. Gold reached a low of $4,390 on Wednesday and closed at $4,529 on Friday. Gold was up $30 per ounce for the week. With no progress in any Iranian/U.S. peace negotiations, Gold trading has been driven by supply and demand activity. The People’s Bank of China (PBoC) and retail buyers across much of Asia continued to accumulate physical Gold, viewing the pullback not as a warning sign but as an opportunity to add to their long-term holdings.

It was reported last week that the China Central Bank continues massive amounts of Gold buying in 2026. In March, China purchased 47 tons of Gold via Hong Kong, and in April that number increased to 99 tons of Gold. Those Chinese purchases of Gold were just through Hong Kong, purchases through London are not reported. At the same time, it’s been reported that the Russian Central Bank has been selling Gold. Russia is building up its military and selling dollars and Gold.

I believe that once the Iranian War has come to some type of settlement, the Gold price will get back on the bullish track and set a new high by year-end. Many of the world’s largest financial institutions agree with me because of our massive debt and the global de-dollarization movement.

Key Economic data to watch this week:

• June 1st, Monday: ISM Manufacturing, May Auto Sales
• June 2nd, Tuesday: April Job Openings
• June 3rd, Wednesday: April Factory Orders
• June 4th, Thursday: May Initial Jobless claims, U.S. Productivity
• June 5th, Friday: May U.S. Unemployment rate

Today: This morning, without anything firm on Iranian peace negotiations and a strong U.S. Dollar, Gold has traded above and below the key $4,500 support level. Gold reached a low of $4,446 per ounce in early morning U.S. trading, and found bargain buying to rallied $20.

Last week Silver tested the key $75 per ounce support level and bounced back by the weekend. Silver reached a low of $71.75 on Thursday and closed at $75.25 on Friday. Silver was down $0.30 per ounce for the week.

China’s insatiable appetite for Silver resulted in a record import of 790 tons of Silver in just the first two months of 2026. That is a 70% increase in Silver purchases since the start of 2026. A combination of strong industrial and investment demand is fueling this sizeable increase.

Today: Silver reached a low of $73.25 this morning in U.S. trading. Then, rallied back to $75 per ounce on sizeable bargain buying.

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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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