James Anderson

Gold and silver closed a volatile week with silver holding near $66.22 per ounce and gold finishing around $4,430 as U.S. investors weighed rising Treasury yields, mounting federal debt concerns, and shifting global demand for bullion. The Netherlands’ decision to relocate a significant portion of its gold reserves underscores growing attention to geopolitical and sovereign risk. Meanwhile, central banks, including China, continue to add gold during price pullbacks. UBS strategist sees gold potentially reaching $5,000 while forecasting silver could outperform gold through year-end. Learn more about the forces shaping gold and silver prices and what investors should be watching next.

Value chart of all American Silver Eagles and the value they have according to the most prestigious grading companies.

Gold and silver ended a volatile week lower after Fed Chair Kevin Warsh struck a hawkish tone at Jackson Hole, raising the possibility of higher rates and helping push gold to $4,456 and silver to $66.22 per ounce. Warsh’s inflation warnings could create near-term pressure through higher yields and a stronger U.S. dollar. Meanwhile, Treasury Secretary Scott Bessent escalated economic pressure on Iran, potentially increasing geopolitical uncertainty and safe-haven demand for gold. David McAlvany offered a bullish longer-term view, forecasting gold could reach $6,875 by the end of 2027 and discussing a scenario for silver near $200. Watch this week’s full market update for more on these events and what they could mean for gold and silver prices.

Gold and silver moved higher last week, with silver closing at $68.81 per oz and gold finishing at $4,608 per oz, as investors focused on mounting U.S. fiscal pressures and developments in the Treasury market. The U.S. national debt officially surpassed $40 trillion, more than doubling since 2017, while rising interest costs continue to place additional pressure on federal finances. Against that backdrop, the Treasury announced plans to double buybacks of longer-dated government debt, initially pushing yields lower before the 10-year Treasury yield rebounded above its pre-announcement level by Friday. Treasury Secretary Scott Bessent defended the government's actions, discussed fiscal consolidation and argued that stronger economic growth can help address America's growing debt burden. Watch Last week’s market update to hear Bessent’s commentary on last week’s Treasury actions and what these developments could mean for the bond, gold and silver markets.

Gold and silver pushed higher again last week, with gold finishing near $4,375 per oz and silver at $64.55 per oz as momentum returned to the precious metals markets. Gold’s breakout from its summer consolidation range has shifted attention toward renewed Chinese demand, elevated U.S. bond yields, and mounting sovereign debt concerns. Meanwhile, silver demand is building across Asia, with Indian ETF buying surging and China on pace to import more than 4,000 tonnes of fine silver in 2026. Against that backdrop, increasingly aggressive forecasts calling for $300 to even $1,000 silver are reigniting debate over how far the next major silver run could ultimately go. Watch last week’s video for the full market breakdown and to review the charts illustrating the gold breakout, Asian silver demand, and the historical price relationships behind these extraordinary silver forecasts.

Gold and silver rally last week as shifting expectations for interest rates, currency instability, and renewed investment demand put gold and silver back in focus. Gold finished the week at $4,341 per oz, while silver climbed to $63.30 per oz, pushing the gold-silver ratio down to roughly 68:1. China’s central bank added nearly 20 metric tons of gold in July, extending a broader trend of central-bank accumulation. Meanwhile, India may need to import another 135 million ounces of silver by year-end to meet current demand forecasts. Watch last week’s Bullion Market Update for the key forces driving gold and silver—and what could come next.