Advisor Metals Precious Metals Market Update for August 2, 2026
The DOW, Gold, and Silver did what this week?
I am glad you asked!
For the week gold was up 1.28%, silver was down .71%, and the Dow Jones Industrial Average (DJIA) was up 1.04%.
Additionally, the DJIA bounced off of and above its 50-day moving average on both Wednesday and Thursday. Portending potential higher prices ahead. We had written several weeks ago that the index had gotten ahead of itself and would eventually revert to the mean which it did.
On Friday, July 24th, I was on the SCIF podcast of Creative Destruction Media (CDM) hosted by Todd Wood, CDM’s CEO. I described how I believe gold and silver are backing and filling (a trader’s term) meaning they are creating a bottom here in anticipation of moving higher. If you have not tuned in to any of CDM’s podcasts or gone to their website (cdm.press), I suggest to take a look as there is a lot of value and insight in what they have to say. Their motto is “Human Reporters Not Machines”
On Wednesday, July 29th, the Federal Open Market Committee (FOMC) had their policy meeting announcement and left interest rates unchanged. Three of the 12 voting members voted for a Federal Funds increase. Something to watch for at their next meeting on September 16th.
On Thursday, July 30th, the Gross Domestic Product (GDP) (Advance Estimate) for the second quarter of 2026 came in softer than anticipated at an increase of 1.5% against a forecasted increase of 1.8%. Softer economy, more possibility to lower interest rates and have higher metals prices.
Also on Thursday, The Core (less food and energy) Personal Consumption Expenditures Price Index (PCE) for June, the FED’s favorite inflation gauge, was in line with expectations at +3.3% on an annual basis.
However, and here is something you won’t see in the mainstream media, The Trimmed Mean PCE from the Dallas FED. It takes off a percentage of the high prices and a percentage of the low prices. That number comes in at an annual inflation rate of 2.4% closer to the FED’s 2% inflation target. Ah Ha! Lower inflation can equate to lower interest rates, to a lower dollar, and to higher metals prices.
Until next time…