Housekeeping: Good Morning.
“Comex is dying”
Topic:
Gold and Silver Price Drivers for Rest of 2025.
Market Analysis:
Gold and Silver Outlook for Rest of 2025
Gold's ascent toward $3,500/oz this year has been driven by global trade uncertainty, but macroeconomic data are now expected to become the primary catalyst for price movement, according to our observations tracking reaction functions to tariff policy, inflation, and Fed action.
Going forward, we believe macroeconomic data and Fed policy are seen as the most likely catalysts for the next leg higher in gold. A strong upside trigger will be required to break all-time highs for now. While that seems improbable in the short term, if we have learned nothing these past few years, we have learned not to underestimate the political inclination to snatch defeat from the jaws of victory.
Topics covered include: Where We Are and How We got Here Positioning Remains Light Despite Eastern Buying, China's white metal demand Geopolitical Drivers Tamped Down, Political Incompetence
Continues in Premium : Gold and Silver Outlook for Rest of 2025
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MONDAY, JUNE 23 10:00 am Existing home sales
TUESDAY, JUNE 24 10:00 am Fed Chair Powell testifies to House
WEDNESDAY, JUNE 25 10:00 am New home sales
THURSDAY, JUNE 26 10:00 am Pending home sales
FRIDAY, JUNE 27 8:30 am PCE index
Full calendar1
Charts and Final Market Check
MONDAY, JUNE 239:45 amS&P flash U.S. services PMIJune53.053.79:45 amS&P flash U.S. manufacturing PMIJune51.552.010:00 amExisting home salesMay3.95 million4.0 million
TUESDAY, JUNE 249:00 amS&P Case-Shiller home price index (20 cities)April--4.1%9:15 amCleveland Fed President Beth Hammack speaks10:00 amConsumer confidenceJune99.198.010:00 amFed Chair Powell testifies to House Financial Service Committee
WEDNESDAY, JUNE 2510:00 amNew home salesMay689,000743,000
THURSDAY, JUNE 268:30 amAdvanced U.S. trade balance in goodsMay---$87.6B8:30 amAdvanced retail inventoriesMay---0.1%8:30 amAdvanced wholesale inventoriesMay--0.0%8:30 amInitial jobless claimsJune 21248,000245,0008:30 amDurable-goods ordersMay6.5%-6.3%8:30 amCore durable-goods ordersMay---1.3%8:30 amGDP (second revision)Q1-0.2%9:00 amCleveland Fed President Beth Hammack speaks10:00 amPending home salesMay0.0%-6.3%
FRIDAY, JUNE 2710:00 amConsumer sentiment (final)June59.560.58:30 amPersonal incomeMay0.3%0.8%8:30 amPersonal spendingMay0.2%0.2%8:30 amPCE indexMay0.1%0.1%8:30 amPCE (year-over-year)2.3%2.1%8:30 amCore PCE indexMay0.1%0.1%8:30 amCore PCE (year-over-year)2.6%2.5%
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