I am not worried at all by the reduction of the gold and silver prices. I look at the fundamental picture and hold my physical gold and silver tighter.
Last Friday’s price falls appear to have been triggered by the algorithms misreading Kevin Warsh’s chat about hiking in the mountains, as hiking interest rates, and immediately triggering sell orders on gold and silver.
I see cup-and-handle patterns forming in both gold and silver on the weekly charts, which would be very bullish. There is no guarantee of the completion of these patterns, but it looks encouraging for now.
Last Friday, Federal Reserve Chairman Warsh spoke; gold and silver fell, and suddenly the summer gold and silver price run was declared over by commentators.
The derivatives desks are actually pricing in higher odds of a rate hike in order to quell burgeoning inflation. (Correctly, in my opinion).
Hiking rates, risks stalling the economy and increasing the debt burden. Dropping rates risks stoking more inflation. A tough spot for the FED to navigate
When the monetary policy story stops making sense, that’s usually a signal that someone is managing the narrative, not the economy. Last week we showed a table of gold and interest rates rising together.
And the physical market is telling its own story. This week, GLD had its best month ever while Comex delivery and inventory And the physical market is telling its own story. This week, GLD had its best price to NAV performance ever while Comex delivery and inventory activity was unusually low.
The largest paper traded gold product on earth GLD backed by physical, prints record sales, while the delivery mechanism of the exchange it’s supposedly backed by goes quiet. In my opinion, that’s the paper/physical disconnect playing out in real time. The paper market is run by hedgers, market makers and short-covering desks. The physical market is run by central banks and quiet buyers in the East, who don’t announce their intentions. Which one of those prices are you actually trusting?
Is the paper price discovering the value of gold and silver, or is it overwhelming the physical price through leverage?
Shanghai, for the record, had silver up more than 3% this week, a second straight gain for the precious metals sector on the exchange. Even though Tuesday morning’s Asian session saw gold, silver, platinum and palladium slip.
The East keeps accumulating while the West argues about whether the Fed is hiking or cutting. Goldman now sees gold at $4,900 by year end, others see it much higher, (don’t forget the December options trades at $10,000.00, $20,000.00 and $30,000.00), and their main thesis rests on central banks diversifying away from the dollar.
One of the more interesting numbers this week: the same central-bank demand Goldman is citing is being supplied by mines with diminishing reserves, miners are looking to explorers which is why miners are the story with the greatest upside.
Geopolitically, the week was quiet on the surface and loud underneath. The SCO (Shanghai Cooperation Organization) summit wrapped up with Modi, Xi, Putin and Pezeshkian signing a declaration covering AI, energy and security cooperation. That’s a bloc that explicitly does not necessarily need the dollar. War remains a tool of economic policy, and a world reorganising itself into trading blocs is a world where the reserve currency is slowly being deconstructed, one settlement system at a time.
In my opinion, pullbacks like this one are how the trap is set for the weak hands. The summer run didn’t die in a rate decision. It paused for a breath while the paper market re-set its position. The fundamentals, central bank buying, mining supply constraints, a dollar losing its monopoly has not moved one millimetre. The question isn’t whether the direction has changed. The question is whether the sellers this week had physical metal to sell, or whether they were just pressing buttons.
In my opinion, at this time, I would not be releasing my physical gold or silver for anything. Pulling back in price is a buying opportunity. Even if prices fall, the fundamental picture remains. National banks are exchanging currencies for gold and there is a real shortage of silver.
Stocks:
The market is in a precarious situation. Being held up by smoke and mirrors until after the mid term elections. Let’s see how long it holds up.
The seven major stocks account for about 33.9% of the market. That is a scary statistic and is dangerous for the average investor.
I could not resist this:
From Robert Kiyosaki:
$186 BILLION.
That is what the federal government “improperly paid” last year. Not “lost.” Not “stolen.” Improperly paid. That is the polite phrase they use when they have no idea where the money went.
This is not a small accounting error. It is more than the entire annual GDP of Hungary. Gone. In one fiscal year.
$3 trillion. That is how much the federal government has “improperly paid” since 2003. Twenty-three years. Republican administrations. Democrat administrations. Every audit. Every reform. Every Inspector General
Between 2018 and 2022 alone, the federal government lost an estimated $233 to $521 billion per year to outright fraud. That is from the GAO’s own fraud risk study. A range that wide means they genuinely do not know. They are guessing at their own theft.
Does this make any sense when an individual’s mis reported interest earned of a few hundred dollars is easily picked up by the IRS?
PLATINUM
SELL: On the Daily chart (29 August 2026).
URANIUM
SELL (29 August 2026) URA.
BITCOIN AND GOLD
Bitcoin outperforms Gold (19 August 2026). 17.63 One ounce gold coins buys one bitcoin, this was over 41 ounces August 2025. Weakening.
ETHUSD: SELL: ( 29 August 2026)
BTCUSD: SELL: 29 August 2026. NASDAQ (Cyan).
GOLD AND SILVER STOCKS
02 September 2026 Gold outperforms gold stocks.
Silver stocks outperform silver (03 August 2026).
GOLD AND SILVER
Silver to Gold Ratio
Silver outperforming Gold. (22 July 2026) Silver is coming out of the ground at about 8:1 and the Gold: Silver ratio is 67.18:1.
GOLD TO USD
USD outperforms Gold, (29 August 2026).
Copper (SELL: 30 August 2026)
GOLD AND SILVER CHARTS
| Today | Last Week | |
|---|---|---|
| Gold Price | $4,486.00 | $4,572.00 |
| Silver Price | $66.54 | $67.94 |
| Gold:Silver ratio | 67.41:1 | 67.24:1 |
| Gold Miners bullish percent index | 66.22 | 67.57 |
| Dollar Index | 99.98 | 99.14 |
| Dow:Gold Ratio (BahaUS 53,384.00 Gold price, 4,486.00) | 11.90 | 11.69 |
| Current USA inflation rate (Dept. of Statistics) | 3.4% | 3.5% |
| Mannarino Market Index | 291.0 | 287.0 |
| Buffet Index -strongly overvalued markets 2.1 standard deviations above normal | 195% | 195% |
| 10 Year Yield | 4.74% | 4.66% |
Gold’s low of the week was $4,282.00 and the high was $4,495.00 now trading at around $4,481.00.
- Gold Monthly: is an OUT. (25 March 2026). Looking more positive. Signals are turning positive.
- Gold Weekly: (HOLD: 13 August 2026) A very early buy signal.
- Gold Daily: (SELL 02 September 2026).
The low for Silver this week was $63.30, and the high was $67.46, trading around $66.42 at present.
- Silver Monthly: (OUT: 20260430. ( Buy $24.00 in March 2024 to sell in May 2026: $73.13 = 204% Gain in 2 years 2 months). A couple of indicators are pointing up. No buy yet.
- Silver Weekly: (HOLD: 20 August 2026). A little weaker. No sell signals.
- Silver Daily: SELL (01 September 2026). I have taken the sell signal because the system says so. I am not totally convinced. The system has proven to be more accurate than my gut. The same goes for gold daily above.
Fort Kobbe International Vaults provides secure storage services only and does not buy, sell, broker, recommend,
or act as an intermediary in precious metals transactions.
Clients who request an introduction to an independent precious metals supplier may contact our preferred partners by clicking here.
Any purchase or sale is conducted solely between the client and the selected supplier.
A video by Mike Adams on the Goldbacks. Well worth a look. watch here
On the Stockcharts.com charts above, the blue vertical lines are our proprietary system buy signals and the red vertical lines are system sell signals – for information purposes only
An interview with Josh, owner of Scottsdale Mint: watch here
Please contact us to arrange the purchase and storage of your gold and silver requirements in a safe, insured location outside of your jurisdiction.
If you are interested in an overview of Fort Kobbe, you may want to have a look at this video: Mike Brown, Director, Fort Kobbe, International Vaults, A DotCom Magazine Exclusive Interview
This is my interpretation of the market and is not to be taken as financial advice. Before making any buy or sell decisions, I recommend that you consult with your professional financial advisor.
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