Gold and Silver Industry & Investing News

President Trump announced he has narrowed down his list to “three or four” candidates to replace Federal Reserve Chair Jerome Powell when his term expires in May 2026. Speaking at a NATO summit press conference, Trump called Powell “terrible” and expressed eagerness for his departure. Despite previous speculation about firing Powell early, Trump has stated he has “no intention” of doing so, though he continues to hint at the possibility. The two remain at odds over interest rate policy, with Powell recently suggesting rates will stay steady to combat potential inflation from Trump’s tariffs.

Germany and Italy are under pressure to bring home $245 billion worth of gold currently stored in US Federal Reserve vaults. European politicians and taxpayer groups worry that President Trump’s criticism of the Federal Reserve could threaten their gold’s safety. Germany has about 1,200 tonnes (one-third of its reserves) in New York, while Italy stores 43% of its gold there. Critics argue that keeping gold in America under the current political climate poses unnecessary risks to European financial sovereignty.

Platinum hit $1,400.75 per ounce—its highest price in over 10 years—driven by supply shortages and speculative buying. The London and Zurich markets are extremely tight, with borrowing costs spiking to 13% annually (versus near-zero normally). Chinese investors and jewelry buyers are fueling demand, while palladium rose 5% alongside platinum since both metals can substitute for each other in automotive catalysts.

New applications for unemployment benefits fell to their lowest level in six weeks, providing reassurance that the U.S. job market remains stable despite economic headwinds. The drop of 10,000 claims to 227,000 suggests employers are reluctant to cut staff, even as trade wars create uncertainty. The decline was widespread, with 38 states reporting fewer claims, particularly those that had seen spikes after schools let out for summer. However, there are some concerns: the number of people receiving ongoing benefits reached 1.97 million, the highest since late 2021, indicating job seekers are taking longer to find work. While economists expect slower...

US markets showed mixed reactions Thursday as stocks and bonds rose while the dollar weakened. The moves came after disappointing economic data showed the trade deficit widening unexpectedly and first-quarter GDP contracting by 0.5%. Adding to market volatility, reports emerged that President Trump is considering naming a new Federal Reserve Chair months before Jerome Powell’s term ends, potentially as early as September or October.

Goldman Sachs’ Richard Chambers predicts the dollar will continue to weaken as foreign investors increase their currency hedges due to market volatility. The Bloomberg Dollar Index has fallen over 8% this year—its worst start ever—amid policy uncertainty. Chambers expects reduced foreign demand for US bonds as European investors focus on their home markets, forcing the US to rely more on domestic buyers. Meanwhile, gold emerges as a key beneficiary as governments worldwide increase borrowing.

Gold prices advanced on Thursday, benefiting from a weaker U.S. dollar as markets grappled with uncertainty over Federal Reserve policy direction. Spot gold rose 0.2% to $3,339.38 per ounce, while U.S. gold futures gained 0.3% to $3,352.30. The dollar’s decline made gold more attractive to international buyers, while President Trump’s public criticism of Fed Chair Jerome Powell raised questions about the central bank’s independence. Powell has indicated that Trump’s tariff plans could create persistent inflation, warranting caution on future rate cuts. Market analysts expect gold to remain range-bound between $3,000-$3,500 until there’s more clarity on Fed policy. Traders are closely...

China has opened its first offshore gold vault in Hong Kong through the Shanghai Gold Exchange (SGE), marking the exchange’s first expansion outside mainland China. The new facility will allow trading in Chinese yuan rather than US dollars, supporting China’s efforts to reduce dollar dependence. As the world’s largest gold producer and consumer, China aims to gain more influence over global gold pricing through this strategic move.