IRANIAN WAR & HIGH INTEREST RATES PUSH GOLD & SILVER LOWER

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	Gold is Throwing Out the Old Rulebook
	By almost every traditional correlation, gold should be substantially lower than it is today. . . . Neils Christensen
	Home Is Where the Gold Is
	Central banks are buying—and moving—more Gold than ever before... Mark Nayler
	China’s Gold Imports Approach 1,200 Tonnes in 2026 as Local Premiums and Strong Yuan Drive Investment Demand
	China’s gold imports hit a monthly high in August . . . . Ernest Hoffman
	Silver Leads Metals Higher As Dollar Strength Caps Gold After Fed Rate Repricing
	Spot Gold prices were modestly firmer and spot Silver prices were sharply higher in late U.S. trading Tuesday, as lower oil prices eased the immediate inflation shock from the Strait of Hormuz while Treasury yields and a firm U.S. dollar kept Gold’s upside contained... Kitco NewsWire
	Goldman Keeps $5,400 Gold Forecast Intact Despite Fed Hike
	Goldman Sachs kept its end-2027 gold forecast at $5,400 an ounce despite this week's Fed hike, saying tighter policy will slow the rally but not derail it. Gold ticked above $4,355 on Friday on a softer dollar and lower oil prices... Eamonn Sheridan

Last week was not a good week for Gold investors, with the U.S. Dollar and oil moving higher and no good news coming on the Iranian war. Many professional commodity traders are concerned about the effect that higher interest rates will have on precious metals. Gold reached a low of $4,244 per ounce last week and closed Friday at $4,288 per ounce, down $98 for the week.

Last week, many financial market analysts were discussing the possibility of the Federal Reserve continuing to raise interest rates this year and beyond. The feeling is that the September Fed increase will do little to stem the inflation rate this year.
With prices for gas, oil, and diesel moving higher and driving up grocery prices and the cost of living, it may take numerous increases to slow the inflation rate.

For years, analysts have felt the interest rate increases slow down lending and economic activity. They also believe it will have a negative effect on the price of precious metals. I believe they could drive the Gold price down to $4,000 per ounce temporarily, but there are many factors that will outweigh that effect.
International de-dollarization, central bank buying, and a $40 trillion national debt will drive Gold to $5,000 per ounce or more regardless of what the Federal Reserve does.

Central Banks around the world hold U.S. Dollars and securities, their domestic currency, and Gold as part of their nation’s reserves. Many of these countries have exchanged their U.S. Dollar securities and currency for Gold. In 2026, the Gold stockpile at central banks has surpassed their U.S. Dollar holdings. Plus, international transactions are now only 50% completed in U.S. Dollars compared to over 90% in 2024. This move away from the U.S. Dollar is just the start of the massive de-dollarization being seen around the world. The September increase by the Federal Reserve has briefly stopped the drop in the value of the U.S. Dollar.

The negative effects that the Iranian war has caused on world economies will last for years, but the lower values of Gold are only temporary and provide an excellent buying opportunity. The record Gold buying by central banks, led by China and Poland, will continue to provide price support.

Key Economic data to watch this week:

• September 28th, Monday:
• September 29th, Tuesday:
• September 30th, Wednesday: Aug Wholesale Inventories and Aug Personal Income
• October 1st, Thursday: Weekly Jobless Claims
• October 2nd, Friday: Sept Employment Report

Today: Last night in overseas trading, Gold traded down to $4,110 per ounce in London. Higher U.S. interest rates, oil prices, and no progress in the Iranian war have caused a negative mindset among traders.

During the month of September, Silver has shown excellent price support above the key $60.00 per ounce level. $60 is the long-term support level. Last week, Silver dropped $2.44, closing the week at $64.15 per ounce on Friday.

Today: Last night in overseas trading, Silver traded down to $60.63 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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