Precious Metal Market Outlook & Bullion Trading Economic Trends

Exclusive Precious Metals Market Outlook and Recommendations

Index updated August 17, 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 and crude oil are up and stocks and bonds are down to start the week. President Trump threatened to bomb Oman if it “gets in the way” of the Iran conflict, as hostilities remain high in the Middle East.

Iran continues to fire at ships attempting to move through the Strait of Hormuz without its permission as it seeks to maintain its grip on oil tanker traffic in the region. U.S.-Iran talks remain focused on reopening the Strait, where 20% of the world’s oil and gas regularly transited prior to the U.S. war on Iran.

The weakness in the bond market is reflecting investor concern over surging government date, a flood of new Treasury bonds that have hit the market and inflation that remains above the Federal Reserve’s target of 2% for the past five years. The 30-year U.S. Treasury yield climbed to 5.31% to start the week, its highest level in almost 20 years, as bond prices tumbled. (When bond prices go down, their yield goes up). The rise in Treasury rates impacts the cost of mortgages and other loans—keeping borrowing costs high for Americans.

Key Takeaway:

Gold is climbing as stocks and bonds tumble. Investors are flocking to the safety of precious metals as investors are increasingly concerned over the sustainability of the U.S. government’s borrowing costs on its massive $39 trillion debt—and the economic impact of the ongoing U.S. war in Iran.

Economic Update

Retail Sales dropped 0.6% in July—the first decline in nine months. Retail sales disappointed in July, posting an unexpected monthly decline. Americans dialed back on discretionary spending as the rising cost of gas and other energy prices continues to strain the cost of living.
The national average price of gasoline jumped 7.7 cents per gallon in the last week, averaging $4.02/gallon on Monday. The national average stands 93.1 cents per gallon higher than a year ago, according to GasBuddy. “Average gasoline prices climbed back above $4 per gallon over the last week, as rebounding oil prices driven by the continued closure of the Strait of Hormuz and ongoing Ukrainian attacks on Russian oil refineries kept upward pressure on the market,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
The Housing Market Index edged up 1 point to 35 this month. A reading under 50 indicates more builders see conditions as poor than good. The latest building survey reveals weakness in the home building market as high mortgage rates are slowing home sales, while the high materials costs eat into builder’s profits.

Key Takeaway:

Gold extended a two-week rally on Monday as weak U.S. economic conditions stoke ideas the Fed may need to cut interest rates. Gold has soared from just below $4,000 in recent weeks and is now trading above $4,400 an ounce. Gold’s recent gains signal the correction and consolidation phase over the last several months has ended. The near-term trend points higher and momentum is kicking into high gear for precious metals.

In the News

Gold Has Been in Bull Market for 25 Years, Wilson Says – Bloomberg, Aug. 14.

Mike Wilson, Morgan Stanley chief US equity strategist and CIO talks about using gold as a defensive asset to protect your portfolio. He spoke on Bloomberg Money.

Wall Street goes full-bull on gold as rate-hike bets recede – Kitco, Aug. 14.

The latest Kitco News Weekly Gold Survey showed Wall Street experts overwhelmingly bullish on the precious metal’s prospects, while Main Street sentiment also held in firmly bullish territory heading into next week.

Construction workers uncover $10 million in gold while building sewer under former brewery – Fox News, Aug. 14

Construction workers in Belgium this week uncovered $10.4 million in gold while building a new sewer below a former brewery, according to local police.Police in Sint-Gillis-Dendermonde, a Flemish community outside Brussels, said the workers contacted them immediately about the find, which officers cataloged, then placed in a “high-security federal government vault.”