Precious Metal Market Outlook & Bullion Trading Economic Trends

Exclusive Precious Metals Market Outlook and Recommendations

Index updated December 23, 2025

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.

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Market Movers

Precious Metals

Gold and silver hit new record highs in late December, as geopolitical tensions rise and on increased expectations for further U.S. interest rate cuts in 2026. Gold climbed to a record at $4,438.40, gaining 69% this year. Silver also vaulted to a new all-time high and is approaching the $70 an ounce level, up 123% this year.

Investors are buying precious metals as the U.S. stepped up an oil blockade against Venezuela. U.S. forces seized a second tanker in December accused of transporting sanctioned oil. Now, the White House reported that the Coast Guard is in active pursuit of another tanker in international waters near Venezuela for “flying a false flag and under a judicial seizure order.”

This U.S. oil blockade is intended to increase pressure on Venezuelan President Nicolas Maduro, whose regime was recently designated a Foreign Terrorist Organization by the U.S. government. Investors are turning to the safety of gold and silver as the risk of global escalation rises in this conflict—especially if Venezuelan allies such as China or Russia were to get involved.

The U.S. military campaign against Venezuela comes as the Administration signals that it wants Venezuelan president Nicolas Maduro out of power.

Elsewhere, in the Mediterranean, Ukraine attached a Russian oil tanker for the first time ever, signaling an expansion of military hostilities in that region.

Key Takeaway:

Looking into 2026, geopolitical instability remains a risk for equity markets. Global tensions remain high around the Russian war in the Ukraine, instability in the Middle East, and now a growing conflict between the United States and Venezuela. Also, concerns around cyberattacks, terrorist attacks, U.S.-China competition, a Russia-NATO conflict, or even a North Korean conflict are boosting the appeal of the safety of gold and silver.

Precious metals are a time honored safe-haven in times of war and military instability and have a long history of preserving and growing in value during war, because they are not tied to any one government’s financial system.

Economic Update

The U.S. labor market has seen broad layoffs in the fourth quarter and hiring has slowed or stopped. The U.S. economy added just shy of half a million jobs this year, a sharp drop from 1.6 million jobs added in the first half of 2024. The unemployment rate has climbed to 4.6% in November, the highest level since 2021.
The rate of inflation increases cooled slightly in recent months. The CPI averaged a 0.1% increase in October and November, according to the Bureau of Labor Statistics. The November annual CPI rate dropped to 2.7% from 3% in September. Economists were expecting a 0.3% increase in CPI inflation and a 3.1% annual reading.
U.S. retail sales were unchanged in October, according to a government-shutdown delayed report.

Key Takeaway:

Recent economic data revealing cooling inflation and labor market weakness boosted probabilities for three Fed interest rate cuts in 2026 to nearly 40%. Non-yielding assets like gold and silver perform well in low-interest rate environments and the latest data helps sets precious metals up for a strong start to the New Year.