1. Stocks came into 2026 riding AI momentum, a more stable trade environment, and hopes for lower interest rates. The S&P 500 hit a record high in late January. With two trading days left in the first quarter, the situation looks significantly more challenging. The stock market looks broken, and it’s far from clear as to how to fix it. The S&P 500 is down over 7% for the year. The Nasdaq is in correction territory. The VIX, known as Wall Street’s “fear index”, is trading at its highest level in a year, cresting the 30 mark. Bond yields are soaring. Gold is off $500 from its record high reached in January. Bitcoin is languishing. International stocks are underperforming U.S. stocks once again. And markets have taken the possibility of rate cuts this year completely off the table; a rate hike in 2026 now seems more likely than a cut. An outline of what’s happening in markets right now doesn’t have much good to offer but putting it all down in one place does offer a glimpse of what is needed to turn things around.
2. Stock market bulls should show a little more caution, given how past oil price shocks have impacted the economy. Every U.S. recession, excluding the COVID-19 pandemic, was preceded by an oil price shock, BCA Research chief global strategist Peter Berezin said in a new note. “The current macro environment is a toxic brew of many of the same vulnerabilities that haunted the global economy in the lead-up to past recessions: Rising oil prices, an unsustainable tech capex boom, elevated equity valuations, excessively high homes prices, and brewing stresses in private credit and other parts of the financial system,” Berezin wrote. He added, “Stocks look increasingly oversold in the very near term but will still finish the year below current levels.” Brent crude oil prices are up 45% to more than $100 per barrel, with Citigroup not ruling out $150 per barrel. U.S. gas prices have, on average, crept up to $4 per gallon.
3. Gold and silver prices are higher in early U.S. trading, as traders and investors stepped up their safe-haven buying as the war in the Middle East is still running hot. Down-ticks in global government bond prices and higher crude oil prices today are also supportive for the two precious metals markets. June gold was last up $44.10 at $4,568.50. May silver prices were up $1.22 at $71.06. Technically, June gold futures bulls’ next upside price objective is to produce a close above solid resistance at $4,750.00. May silver futures bulls see their next upside price objective is closing prices above solid technical resistance at $80.00.
4. U.S. private employers added 62,000 roles in March in a steady gain from the month prior, according to the payroll processor ADP. Economists surveyed expected an increase of 40,000 jobs after February posted the best monthly gain since July, with a revised boost of 66,000 positions. March’s better-than-expected payroll growth was driven by small businesses as well as education and health services providers, ADP said, while sectors like manufacturing shed positions. Hiring in trade, transportation, and utilities also continued to slide.
5. New applications for U.S. unemployment benefits fell last week amid low layoffs, suggesting labor market conditions remained calm in March, though economists have warned that a prolonged war in the Middle East posed a downside risk. Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 202,000 for the week ended March 28, the Labor Department said on Thursday. Economists polled had forecasted 212,000 claims for the latest week.
6. The cost of U.S. crude oil continued pushing higher to more than $111 per barrel, up nearly 12% since Wednesday, its biggest one-day price jump in six years. For the year, it’s now up 94%. Brent, the international oil benchmark, rose nearly 8% to more than $109 per barrel. For the year, the price of Brent has surged nearly 80%.
7. EUR/USD trades in a tight range on Friday as a stronger-than-expected U.S. Nonfarm Payrolls report lends support to the dollar, while the Euro holds relatively steady amid thin liquidity conditions due to the Good Friday holiday. At the time of writing, the pair trades around 1.1534, remaining on the back foot for the second straight day after rising to a one-week high of 1.1627 on Wednesday.
8. USD/JPY remains in the positive territory for the third successive day after registering over 0.5% gains, currently trading around 159.60 during the Asian hours on Friday. However, the pair moves little due to thin trading activity amid the Good Friday holiday.
A gold IRA is a retirement account that holds physical metals rather than financial securities. Most IRAs hold assets that exist on a statement. A gold IRA holds physical metals. The tax rules are the same. The system around the assets doesn’t. Opening a gold IRA follows a defined process with several required roles. The account holder doesn’t directly buy or store the metals. The roles are separate. The custodian administers the account and executes transactions. The dealer supplies the metals. The depository stores them. Each function is distinct, and the account operates through that structure. The metals are then shipped to an approved depository, a secure storage facility that meets IRS requirements for holding retirement assets. The metals remain there for the duration of the investment. The account holder doesn’t take physical possession of the gold while it’s inside the IRA. Taking possession is treated as a distribution and may trigger taxes and penalties depending on timing and account type. Not all precious metals qualify for inclusion in a gold IRA. The IRS defines both the types of metals and the required purity standards. Eligible metals generally include gold, silver, platinum, and palladium. Each must meet minimum fineness standards. For gold, that typically means 99.5% purity or higher. The other metals have their own thresholds. Both coins and bars can qualify, but they must meet these standards and come from approved sources. Many collectible coins don’t qualify, even if they contain gold. The rules focus on standardization and verifiable value. They ensure assets can be consistently valued and securely stored.
The U.S. economy added 178,000 jobs in March, soaring past expectations, the Labor Department said Friday. The unemployment rate edged down to 4.3%. Economists surveyed had expected a gain of 65,000 jobs, reversing February’s drop. That month’s loss grew even bigger with revisions: from 92,000 to a new figure in Friday’s report of 133,000. Economists had projected no change in the unemployment rate from February’s 4.4%.
U.S. retail sales increased by the most in seven months in February as motor vehicle purchases rebounded and temperatures warmed up, but surging gasoline prices because of war in the Middle East were expected to crimp spending in the months ahead. A prolonged war and further increases in gasoline prices could offset some of the anticipated boost to consumer spending and the overall economy from tax cuts, economists warned. They expected the conflict to weigh on growth in the second quarter. “I expect consumer spending to be softer in the first half of the year than would have been the case in the absence of the surge in gasoline prices, but I project that energy prices will recede significantly within a few months, allowing real outlays to rebound in the second half of the year,” said Stephen Stanley, chief U.S. economist at Santander U.S. Capital Markets.
Volatility should be expected to remain high as investors will be closely watching for hints on the upcoming monetary policy direction. Many investors have redoubled their efforts to ensure that their portfolios are sufficiently diversified in the hope that they will be able to withstand corrections in multiple market sectors. Many of these investors have included physical precious metals as part of their diversification plans, given their long history as a hedge against both inflation and during times of economic turmoil. Remember, the key to profitability through the ownership of physical precious metals is to own the physical product and hold it for the long term. Always remember that you should never overextend your ability to maintain ownership of your precious metals over the long run.
Trading Department – Precious Metals International Ltd.
Friday to Friday Close (New York Closing Prices)
| Mar. 27, 2026 | Apr. 3, 2026 | Net Change | ||
| Gold | $4,488.04 | $4,648.43 | 160.39 | 3.57% |
| Silver | $69.60 | $72.32 | 2.72 | 3.91% |
| Platinum | $1,870.47 | $1,981.45 | 110.98 | 5.93% |
| Palladium | $1,383.51 | $1,501.96 | 118.45 | 8.56% |
| Dow | 45166.33 | 46504.67 | 1338.34 | 2.96% |
Month End to Month End Close
| Feb. 27, 2026 | Mar. 31, 2026 | Net Change | ||
| Gold | $5,234.04 | $4,654.45 | -579.59 | -11.07% |
| Silver | $93.66 | $74.84 | -18.82 | -20.09% |
| Platinum | $2,367.78 | $1,960.41 | -407.37 | -17.20% |
| Palladium | $1,791.08 | $1,483.24 | -307.84 | -17.19% |
| Dow | 48983.89 | 46341.51 | -2642.38 | -5.39% |
Previous Year Comparison
| Apr. 4, 2025 | Apr. 3, 2026 | Net Change | ||
| Gold | $3,025.77 | $4,648.43 | 1622.66 | 53.63% |
| Silver | $29.57 | $72.32 | 42.75 | 144.57% |
| Platinum | $922.42 | $1,981.45 | 1059.03 | 114.81% |
| Palladium | $928.50 | $1,501.96 | 573.46 | 61.76% |
| Dow | 38274.61 | 46504.67 | 8230.06 | 21.50% |
Here are your Short-Term Support and Resistance Levels for the upcoming week.
| Gold | Silver | |
| Support | 4398/4193/3894 | 68.47/62.28/57.78 |
| Resistance | 4697/4901/5201 | 75.97/82.15/89.65 |
| Platinum | Palladiumn | |
| Support | 1868/1729/1593 | 1397/1310/1239 |
| Resistance | 2004/2142/2279 | 1467/1554/1625 |