-
Gold and silver: still boxed in, waiting for the next catalyst
Gold (+26% YTD) and silver (+30%) continue to trade in tight ranges, with low summer liquidity and a mixed macro backdrop keeping realized volatility muted. Both metals remain well-supported but without the clear trigger needed to break higher. Traders are left scanning the horizon for the next catalyst, with this week’s Jackson Hole gathering and Fed Chair Powell’s keynote speech likely to be the immediate focus. In recent weeks, some key U.S. economic data have surprised to the downside, while a stronger-than-expected PPI print reminded markets that inflationary pressures may still emerge from Trump's tariff ... (full story)