Blanchard Index
Exclusive Precious Metals Market Outlook and Recommendations
Index updated May 11, 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.
The Blanchard Economic Report
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Market Movers
Economic Update
- Kevin Warsh has been sworn in as the 17th Chairman of the Federal Reserve. What can investors expect from the new Fed chair? Warsh said that he believes that AI technology will boost productivity, lower inflation, and create a path for the Fed to cut rates.
- U.S. consumer confidence fell in May. Americans worrying about the economy and rising prices from the war in Iran increased. The Conference Board’s confidence reading fell 0.7 point to 93.1. Two thirds of consumer reported they had cut back on spending due to higher prices, the report said.
- • The national average price of gasoline has fallen 6.6 cents per gallon in the last week, averaging $4.45 gallon on May 26, according to GasBuddy data. The national average jumped 41.0 cents a gallon from a month ago and stands $1.32/g higher than a year ago.
Key Takeaway:
During his confirmation hearings, Warsh said he believes members of the Fed should speak less frequently, pull back forward guidance, and stop telegraphing what the central bank will do before interest rate meetings. Also, Warsh did not commit to holding a press conference after every policy meeting. Bottom line? Investors will have less transparency under the new Fed leadership, and Warsh has shared a bias toward lower interest rates ahead. Lower interest rates would be supportive to gold.
In the News
Uzbekistan Resumes Gold Export with $1.5 Billion Through April – Bloomberg, May 26.
Uzbekistan, one of the world’s largest gold producers, has resumed full scale gold exports in April after a half-year pause.
Gold climbs as Middle East peace hopes push oil and dollar lower – Reuters, May 25.
Gold rose more than 1% on Monday as hopes of a peace deal to end the Iran war sent the dollar and oil prices lower easing fears of inflation and higher-for-longer interest rates.
This Summer’s Teen Job Market Is the Toughest in Decades – Wall Street Journal, May 24.
Many seasonal jobs at summer camps and small businesses have evaporated this year.
Market Snapshot
Gold/Silver ratio: 59 oz. silver = 1 oz. gold:
How to use it: This ratio reveals the number of ounces needed to buy one ounce of gold, and it measures the relative value of these two metals.
- A ratio higher than 80:1 signals that silver is undervalued relative to gold.
- A ratio below 40:1 suggests silver is overvalued.
Market Performance Year-To-Date
- Crude Oil up 66%
- Gold: up 3%
- Silver: up 7%
- S&P 500 up 9%
Short-term Trend
- Gold: Neutral
- Silver: Neutral
- S&P 500: Up
Long-term Trend
- Gold: Up
- Silver: Up
- S&P 500: Up
Monetary Policy
- Fed funds rate: 3.50-3.75%
- Next Fed meeting: June 16-17
