1. The stock market’s first week after the Big Tech earnings extravaganza went about as well as any investor could have hoped. The initial mixed bag of earnings gave way to general bullishness as AI’s spending worries receded somewhat. And with Friday’s jobs report surprise, Fed rate bets were recalculated, sending stocks to the weekend on a high note. As we putter through the back nine of this quarter’s earnings season, our focus will continue to be split between the drip of more companies opening their books and the economic data that will hopefully calibrate the Fed on the edge between holding and hiking rates. Every inflation print can change the narrative. But this week’s CPI and PPI readings are even more important. The new Fed Chairman’s challenges resemble those Powell faced. But with a subdued labor market still giving little meaningful signal (i.e., more than one report) that it’s too hot or too cold, stubborn pricing pressures are likely to again play the deciding factor.
2. Gold just posted its best week since February. The investors who once crowded into the trade have mostly left. The metal gained nearly 7% last week, reclaiming its 50-day moving average and breaking the downtrend that had controlled prices since March. Wednesday’s 4% surge was its biggest one-day jump since February and carried gold futures to a seven-week high. Now the first buyers are returning. Chinese gold ETFs recently attracted money for 14 straight sessions, collecting about $1.2 billion during the streak. Central banks have also remained a steady source of demand. In the World Gold Council’s latest survey, 89% of reserve managers expected global official gold holdings to rise over the next year, while a record 45% expected their own institutions to buy more.
3. The closely watched Consumer Price Index rose 3.4% in July from a year ago, down slightly from June’s 3.5% annual increase. On a monthly basis, prices rose 0.1% from June, after a surprise 0.4% drop. Both the annual and monthly readings matched economists’ expectations. Energy prices rose over the course of July after a ceasefire between the U.S. and Iran fell apart and oil prices moved higher, but prices at the pump remained slightly lower on average than they were in June. Gasoline prices fell 2.9% from a month earlier, though they’re up 24.6% in the last year, and broader energy prices declined 1.5%. Core inflation, which strips out volatile food and energy prices, was up 2.5% from a year ago, and 0.2% from June. Inflation in line with expectations will likely keep the Fed divided over whether to hike interest rates at its September meeting, even as the labor market shows signs of weakening.
4. Wholesale prices eased in July from June’s levels, the Labor Department reported on Thursday but were hotter than expected. The Producer Price Index minus food, energy, and trade services advanced 4.7% in July, compared with expectations of 4.6%, but was down from 5.1% in June. Month over month, PPI clocked in 0.4% higher, compared with expectations for an uptick of 0.3%, and up from 0.1% in June. All in, accounting for volatile energy prices, wholesale prices rose 0.2%, matching the increase in June. “Core” PPI, which excludes food and energy but not trade, rose 0.2%, cooling from June’s pace, which was revised higher to 0.4%. Core producer prices rose 4.2% year over year, cooler than June’s 4.7%.
5. Mortgage rates edged down this week, snapping a six-week streak of gains, after weak jobs data and signs of cooling inflation lowered the odds that the Federal Reserve will hike benchmark interest rates next month. The average 30-year mortgage rate was 6.67% this week through Wednesday, according to Freddie Mac data, from 6.69% a week earlier.
6. The dollar fell to its lowest since May after an unexpectedly weak reading of U.S. retail sales. The Dollar Spot Index fell as much as 0.4% on Friday to touch its weakest level since May after the latest evidence that shoppers are curbing their spending habits. The declines leave the dollar on course for a sixth week of losses out of the past seven. An unexpectedly weak labor market report released last Friday, followed by tame inflation readings this week, has contributed to the latest dip.
7. In the week ending August 8, the advance figure for seasonally adjusted initial claims was 209,000, an increase of 9,000 from the previous week’s revised level. The previous week’s level was revised up by 1,000 from 199,000 to 200,000. The 4-week moving average was 199,000, unchanged from the previous week’s revised average. The previous week’s average was revised up by 250 from 198,750 to 199,000.
8. Crude oil prices were on course to add 4% this week. At the time of writing, Brent crude was trading at $87.12 per barrel, and West Texas Intermediate was trading at $81.36 per barrel. The rise of both benchmarks was driven by low tanker traffic through the Strait of Hormuz, which remains at a fraction of pre-war levels, and the United States’ threat to keep its naval blockade of Iran in place “indefinitely” and exert more economic pressure on the country.
9. EUR/USD rallies on Friday, erasing all the losses recorded earlier this week as broad-based weakness in the U.S. Dollar lifts the Euro. At the time of writing, the pair trades around 1.1580 near its highest level since June 17.
10. USD/JPY trades on the back foot on Friday, pressured by a weaker U.S. Dollar, while the Japanese Yen draws support from a more hawkish Bank of Japan outlook. At the time of writing, the pair trades around 158.85, down 0.40% on the day.
Gold prices have opened above $4,400 on Tuesday for the second day in a row, even as the U.S. and Iran become more entrenched in their respective demands, eroding the chances for a near-term end to the months-long war. Gold prices are hanging around levels last seen in early June, and we’ll get a true sense of their staying power following two important inflation reports set to be released Wednesday and Thursday. Despite the high prices, there are positive dynamics in play for the precious metal. Gold is recovering from decades of low prices, and it’s an increasingly popular diversification asset for central banks and individual investors.
Suburban communities in the Midwest and the Northeast are the hottest housing markets in the U.S., as homebuyers prioritizing older neighborhoods with manageable downtown commutes compete for limited supply. They also tend to be larger and pricier than other homes in their area. “This year’s hottest ZIP codes tell us that buyers aren’t simply chasing the lowest price tag anymore — they’re chasing space, character, and a manageable commute to a major job center, and they’re willing to pay a premium to get it,” Hannah Jones, senior economist, said in a statement.
Home sales declined for the second straight month in July as rising mortgage rates and high prices discouraged buyers. Sales of existing homes slid 1.7% in July from a month earlier to a seasonally adjusted annual rate of 4.06 million, according to National Association of Realtors data released on Tuesday. Economists had been expecting a smaller 1% decline. Mortgage rates rose from 6.43% to 6.66% over the course of July, while home prices were up 2% from a year ago to a median of $434,100.
Michael Saylor’s Strategy Inc. spent another week revising the company’s capital structure by selling more Bitcoin and common shares to boost its cash reserves. The largest corporate holder of the digital asset on Monday said that in the seven days ended Aug. 9, it sold $108.6 million of Bitcoin, offloaded 6.6 million common shares worth around $653 million and repurchased $108.6 million of its Stretch, or STRC, preferred shares. The company, which grew to prominence with its years-long Bitcoin-accumulation tactic, has sold around $432 million of Bitcoin since Saylor pivoted to capital management at the end of May. Saylor had earlier sought to ease concern over dilution to the common shares by making sales of STRC the company’s main source of funding.
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)
| Aug. 7, 2026 | Aug. 14, 2026 | Net Change | ||
| Gold | $4,340.01 | $4,377.96 | 37.95 | 0.87% |
| Silver | $63.34 | $64.80 | 1.46 | 2.31% |
| Platinum | $1,753.80 | $1,746.56 | -7.24 | -0.41% |
| Palladium | $1,385.20 | $1,319.87 | -65.33 | -4.72% |
| Dow | 54036.52 | 53726.35 | -310.17 | -0.57% |
Previous Year Comparison
| Aug. 15, 2025 | Aug. 14, 2026 | Net Change | ||
| Gold | $3,336.14 | $4,377.96 | 1041.82 | 31.23% |
| Silver | $37.98 | $64.80 | 26.82 | 70.62% |
| Platinum | $1,342.39 | $1,746.56 | 404.17 | 30.11% |
| Palladium | $1,120.20 | $1,319.87 | 199.67 | 17.82% |
| Dow | 44946.12 | 53726.35 | 8780.23 | 19.54% |
Here are your Short-Term Support and Resistance Levels for the upcoming week.
| Gold | Silver | |
| Support | 4245/4117/3892 | 61.76/58.36/53.15 |
| Resistance | 4470/4598/4823 | 66.97/70.37/75.58 |
| Platinum | Palladiumn | |
| Support | 1717/1643/1538 | 1280/1178/1114 |
| Resistance | 1821/1895/2000 | 1446/1511/1612 |