Potential Iran War Drive Gold And Silver Lower

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Last week’s Gold trading was very disappointing, as the price broke below the $4,500 per ounce support level. Gold also fell below its 200-day moving average, closing Friday near the week’s low of $4,330 per ounce, down $199 per ounce.

Missiles continue to fly in and out of Iran, while Trump and Netanyahu argue over retaliation against Iran. Gold then started trading in China last night, down another $15 per ounce. It is frustrating to watch an oversold Gold market decline while the U.S., Israel, and Iran continue arguing over the terms of a peace agreement that has been discussed for the past three months.

Last week, it was reported that Poland, Uzbekistan, and China led central bank Gold buying in 2026, while Turkey, Russia, and Azerbaijan were selling. Middle Eastern countries were not active.

The People's Bank of China (PBOC), the country's central bank, reported that it extended its Gold-buying streak to 19 months in May, while China’s foreign exchange reserves reached the highest level in more than a decade.

According to central bank data released on Sunday, the PBOC added 320,000 ounces to China's official Gold reserves last month, bringing the total to 74.96 million ounces as bullion prices entered a volatile downward trend. Foreign exchange reserves also rose by $31.7 billion to $3.4422 trillion by the end of May.

I believe that once the Iranian war is behind us, many of the world’s largest central banks will aggressively purchase Gold. Many of the world’s largest financial institutions believe Gold will trade between $5,000 and $5,500 per ounce by the end of 2026 due to massive U.S. debt and the global de-dollarization movement.

Key Economic data to watch this week:

• June 9th, Tuesday: April U.S. Trade Balance, May Existing Home Sales
• June 10th, Wednesday: May Consumer Price Index (CPI)
• June 11th, Thursday: June 6th Initial Jobless Claims, Producer Price Index (PPI)

Today: Early this morning in overseas trading, Gold stayed above $4,300 per ounce in China and India. However, when Gold moved to London, and Israeli missiles were flying over Iran, the price dropped to $4,269 per ounce. With concern that the Iranian war may continue for some time and the possibility that the Federal Reserve may raise interest rates at the next meeting, Gold could remain below $4,500 for a while.

Last week, Silver saw significant selling after Gold broke down below the 200-day moving average. Silver closed Monday at $67.60 per ounce, down $7.60, and below the key $70 and $75 per ounce support levels.

China has an insatiable appetite for Silver, resulting in a record import of 790 tons 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 new 2026 low of $66.09 this morning before rallying slightly as Gold moved higher. Silver needs to move back above $70 this week to stay bullish.

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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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