Gold and silver prices finished this past week in positive territory, with gold futures up $14 to $4,738 and silver futures up 92 cents to $76.43.
There aren’t any particularly new and significant war headlines, although I’ll reiterate what I mentioned recentlt about how this recent statement from the Israeli defense minister represents what has been, and continues to be the primary reason I think it’s going to be very difficult for the war to be resolved in the near future
In terms of where that leaves the metals, there’s an incredibly high probability that the Strait remains closed for quite a while longer, which will put upward pressure on the oil market, which leaves an increased probability of downside pressure for the gold and silver prices.
For more color on that dynamic, and what you can expect for the gold and silver prices in the near term, you may enjoy watching this video recap at some point over the weekend, as that’s what I talked about in this one.
The Justice Department is ending a controversial investigation into building-renovation cost overruns at the Federal Reserve, potentially clearing a path to confirmation for Kevin Warsh, President Donald Trump’s pick to be the next chair of the central bank.
This isn’t the most surprising development, and in the end, it clears the path to have someone who will be more accommodative to Trump’s desire for lower interest rates.
I understand Warsh said during his testimony this week that there was no explicit agreement in place, and I’m guessing that is well true. Yet nonetheless, I don’t think Trump was picking candidates who weren’t already predisposed to being on board with lower rates. How the current inflation surge derails that quest will be one of the more fascinating storylines to watch in the second half of the year. Although in either case, we got a step closer today toward the Fed having a more easy-money favorable chairman in place.
Lastly, it’s amazing to think that this column is almost two years old. We’re not there quite yet, although even though it feels like just yesterday that I started doing this, a fair amount of time has gone by.
So I’d really love to get any feedback that you might have on the column. Are there particular elements that do or don’t work? Would the column be better if each day’s recap was slightly shorter and had less discussion? Or do you wish there was even more coverage in each day’s column?
It seemed like a good time to review what I’ve been doing, and I’d love to get your feedback, whether in the comment section below, or if you’d like to send me a direct message through the Substack platform.
But in either case, I hope the column has been a helpful part of your journey through this stunning gold and silver rally we’ve witnessed over the past two years, and I’ll look forward to hearing your feedback.
Sincerely,
Chris Marcus
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