Precious Metal Market Outlook & Bullion Trading Economic Trends

Exclusive Precious Metals Market Outlook and Recommendations

Index updated August 3, 2026

Blanchard's Bi-weekly Index

The Blanchard Bi-weekly Index is a roll-up of industry news and economic trends affecting the precious metals market and trading world.

Check back often for insights and commentary from our leading experts and contributors.

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Market Movers

Precious Metals

Gold traded quietly within recent ranges as hopes for Mideast diplomacy climbed. Oil prices fell after President Trump said the U.S. would restart talks with Iran to reopen the Strait of Hormuz. The U.S. war in Iran has now entered its six month and has raised gas prices and destabilized the Middle East.

While the broader stock market is higher to start the week, when you look inside the market the picture is different. Technology and chip stocks posted sharp declines in recent weeks as concerns over an AI bubble remain. By late July, the technology heavy Nasdaq-100 index officially fell into so-called “correction” territory. The Nasdaq closed just over 11% below it’s all-time high hit in early June.

In global currency news, the U.S. helped Japan defend the weakening yen from a four-decade low. In April, Japan spent nearly $74 billion to support its currency following two months of big declines. The rebound in the yen was short-lived and by late July the Japanese currency dropped to its weakest level against the U.S. dollar since 1986. It’s not currently publicly available how much the U.S. spent to help lift the yen.

Key Takeaway:

Japan is the world’s largest foreign holder of U.S. Treasuries. The U.S. intervention may have stalled the need for Japan to sell Treasuries to support its currency. Unlike the yen, Gold is a currency without a country and without obligations or debt attached to its value. Owning gold gives investors confidence they possess an asset that’s value is independent from government meddling or sovereign obligations.

Economic Update

U.S. manufacturing activity grew in July, it’s fastest pace in over 4 years. The Institute for Supply Management’s July manufacturing gauge jumped to 55.6, the ISM said. Readings above 50 indicate growth. The ISM report on business covers July, which gives us our first peek into third quarter economic activity.
Fed Chairman Kevin Warsh wants to cut the number of Fed meetings. The Fed currently meets 8 times each year and the new chairman would like the committee to meet less.
The national average price of gasoline stands at $4.05/gallon on Monday. The national average is up 28.5 cents per gallon from a month ago and has soared 94 cents per gallon higher than a year ago, according to GasBuddy data.

Key Takeaway:

The new Fed Chairman is trying to keep the central bank out of the spotlight. The proposal is in line with Warsh’s views that the Fed should speak less, provide less forward guidance to the markets and command less attention from the markets. This creates the opportunity for increased market volatility as investors are less prepared for what may come next. With the markets on edge about inflation, a potential AI bubble and ongoing wars, gold is well positioned to offer investors safety and security. Gold has built a base above $4,000 and is poised to move higher in the second half. Last week, State Street Investment Management predicted that the next $1,000 move in gold will likely be higher.

In the News

Tether Steps Up Gold Buying Again as Prices Drop During Iran War – Bloomberg, July 31.

Tether bought 14 tons of gold for its reserves in the three months to June. The cryptocurrency firm is the world’s largest known holder of bullion outside of central banks and sovereign nations. They now own 146 tons of gold, worth $18.8 billion at the end of June.

Gold is still in its ‘explosive phase,’ says Deutsche Bank, as it sticks to year-end target – MarketWatch, Aug 3.

Gold gains as Iran talks East Concerns Over Interest Rate Hike – Bloomberg, Aug 3.