#Gold & #Silver Weekly Recap

Yesterday, rumors out of Iran suggesting the possibility of a more sustained ceasefire helped precious metals and equities rebound from earlier losses. However, there has been no confirmation, and heading into the weekend, oil is higher and the USD is stronger in fear of any actions on the weekend, bringing pressure back to the metals complex.

Adding to that, confirmation of the new FOMC Chair today, along with market rumblings about the possibility of a USD interest rate hike, has pushed both gold and silver lower on the day. Take a look at the 5-day Gold / USD trend chart from WatchGold.org below.

From a volatility perspective, markets have calmed somewhat versus last week: 1-month ATM Gold Vol: ~21% (vs. 22.5% last week) 1-month ATM Silver Vol: ~46.5% (vs. 53% last week)

This moderation in implied volatility is helping narrow the extreme daily price swings and trading ranges we experienced recently.

EFPs are also normalizing: August Gold EFP yield: ~3.97%, now very close to OTC levels July Silver EFP yield: ~4.06%, still elevated but lower than last week vs. OTC one month London silver forward ~3.35%

Silver OTC in London remains in contango from 1 month out to 5 years, reflecting the significant silver that has moved back into London inventories. That said, the silver EFP remains an important metric to monitor closely, as any renewed widening could be an early signal of tariff concerns or renewed market tightness.

As part of the WatchGold.org soft launch, we’ll be continuously adding new data sets, analytics, and research, and your feedback is incredibly important. Our goal is to bring market structure, flows, data, and research into one centralized platform to help users better understand what’s really driving gold, silver, and PGM price action.

Views are my own, for informational and educational purposes only, and not investment advice. Activate to view larger image, graphical user interface, chart