Gold, Silver, Oil: What the Data Says as Geopolitics and the Fed Collide
Gold is holding $4,006/oz by its fingernails. The metal peaked above $4,100 in early July and has given back roughly 2.5% as Fed Chair Kevin Warsh's revised inflation numbers hit the wires: 2026 PCE now at 3.6%, up sharply from the prior 2.7% forecast. Rates stay at 3.50%-3.75% through year-end, per Chase strategists. Non-yielding metals hate that environment. And yet gold has not broken. The reason is Beijing. Key Takeaways China bought 48 tonnes of gold through London OTC markets in May 2026, the largest monthly purchase in over a year, per Goldman Sachs. WTI crude surged from $68.55/bbl to $83.69/bbl in under three weeks as Strait of Hormuz disruption risk re-entered the market. Silver at…
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