Five Things Moved Gold and Silver This Week. Only One Was Kevin Warsh.

Gold and silver fell as Kevin Warsh’s Jackson Hole speech landed today. Four other stories moved gold and silver markets this week for entirely different reasons.
Hormuz. ISM. Hecla. Barrick. Five Things Moved Gold and Silver Today.

Gold is up 4% and silver is up 4% as the gold September Fed hike 2026 premium unwinds from five directions at once. A Hormuz deal takes shape, ISM services misses, Hecla posts record silver output, Barrick’s cost outlook improves, and hike odds drop 15–18 points in five sessions. Here is what moved markets today.
Oil Spiked 7% Yesterday. Silver Sold Off. Today Physical Buyers Are Doing Something Different.

Silver recovered on Friday, July 24, 2026, after falling roughly 3% the prior session when Brent crude surged 7% above $100. Brent retreated below $100 on Friday as physical buyers stepped back in ahead of the July FOMC meeting. Here is the mechanism — and what the paper-vs-physical divergence tells you about where silver goes next.
Silver’s Breakout: Why the Next Move Could Shock Everyone

Silver is heating up like never before. Prices are within striking distance of record all-time highs, and multiple forces — technical, fundamental, and supply-driven — are aligning to suggest the rally may just be getting started. In his latest update, Mike Maloney lays out why he’s personally adding to his silver position, even at levels above $33 (a price point he’s never paid before). Here’s what you need to know about silver’s setup — and why it could be on the verge of an historic breakout. Silver Nears Record Highs On the heels of a stunning rally, silver has jumped […]
