Gold and Silver Industry & Investing News

In a landmark decision for the region, Serbia’s National Bank plans to store all of its gold reserves domestically, eschewing established bullion centers in Switzerland, the U.K., and the U.S. Since 2019, Serbia purchased 17 tonnes on international markets and acquired another 19 tonnes from Zijin Mining’s local unit, bringing its total to 50.5 tonnes—valued at about $6 billion. Repatriation began in 2021 as geopolitical risks rose, especially after Russia’s reserves were frozen in 2022, exposing the political dangers of holding assets abroad. While domestic storage bolsters security during crises, the bank acknowledges that keeping metal in global hubs offers...

Gold fell for a second day as improving trade prospects between the U.S., Japan, and potentially the EU lifted risk appetite and reduced demand for safe-haven assets. Spot gold dipped 0.7% to $3,362.48/oz, while U.S. futures slid 0.9%. Investors are also eyeing Trump’s Fed visit and the July 29–30 policy meeting, where rates are expected to remain unchanged, with cuts penciled in for September.

“On Tuesday, the September copper contract on the CME surged to an all-time high of $5.732 per pound, extending its rally since President Trump’s mid-July tariff announcement. That move vaulted copper above $5/lb. and lifted its gains to more than 40% for 2025—making it the top-performing major commodity this year, even ahead of gold. As the August 1 deadline for a 50% U.S. import levy draws near, traders have pulled back on inbound shipments and are tapping domestic inventories. ANZ Bank analysts told Reuters that this shift may temporarily sustain prices but could create downward pressure once U.S. stockpiles dwindle....

June’s consumer‐price report showed a clear “tariff inflation” effect: overall prices rose 0.3% from May and 2.7% from a year ago. Key contributors included a 1% jump in gasoline, 0.3% in groceries, and continued increases for big‐ticket imports—furniture, appliances, toys, and clothing. AllianceBernstein’s Eric Winograd noted durable‐goods prices rose year-over-year for the first time in three years, reflecting duties on Chinese and other foreign goods. Core inflation hit 2.9% annually, driven by these import costs, even as housing inflation eased. The White House downplayed the impact—pointing to cheaper car prices despite auto and steel levies—and Trump again demanded rate cuts...

In June, U.S. existing-home sales dipped more than analysts anticipated, declining 2.7% from May to a seasonally adjusted annual rate of 3.93 million homes sold. Economists had forecast only a slight pullback to 4 million. High mortgage rates—hovering in the high 6% range—and record home prices continue to dampen what is normally the market’s peak season. The National Association of Realtors’ chief economist, Lawrence Yun, attributed the sales slump to “affordability challenges,” noting that even robust job growth hasn’t spurred buying.

In a recent client note, Goldman Sachs’ chief economist Jan Hatzius argues that President Trump’s escalating tariffs are set to weigh heavily on the U.S. economy. After a 0.5% annualized GDP contraction in Q1—despite a modest 0.5% rise in consumer spending—Goldman sees growth slowing to just 1.1% through 2025. They blame tariff-related price increases for sapping real incomes, pointing out that consumer spending has effectively stalled over the past six months, a pattern typically seen only in recessions. Under their base-case scenario, reciprocal tariffs will push the average effective rate up by 14 percentage points this year and another 3...

Silver stayed above $39 an ounce on Wednesday, near its highest level since 2011, as a weaker U.S. dollar and falling Treasury yields made precious metals more attractive. Investors were also digesting President Trump’s new 15% tariff deal with Japan and the likely extension of the U.S.–China tariff truce ahead of talks in Stockholm. Meanwhile, Trump’s renewed barbs at Fed Chair Jerome Powell—blaming him for keeping rates too high and predicting his departure in eight months—added to uncertainty over U.S. monetary policy.

Bank of America strategists now believe the Federal Reserve won’t cut interest rates in 2025. Citing slower-than-expected job growth and a gradually rising unemployment rate—forecast to reach 4.4% by year-end—the team argues there’s little “compelling case” for rate reductions. With tariffs possibly lifting consumer prices and core inflation poised to hit 3% this summer, the Fed is likely to keep its policy rate at 4.25–4.50% until at least next year.