Nugget News July

30 Day Market Moves

Gold Outlook...Ongoing geopolitical risks and potential trade disruptions from U.S. tariffs could sustain safe-haven demand. For example, the war in Ukraine is ongoing, with the potential to escalate. Likewise, plenty of uncertainty remains around tariffs. Last week, the markets were roiled by the announcement of a 50% tariff on imported copper, commencing in August. Central banks are expected to continue to stockpile gold. This, along with investment demand from institutional buyers around the world suggests global demand will remain strong.

-A stronger U.S. dollar could pressure gold prices. So far this year, the U.S. dollar has had its worst performance in 52 years relative to other major currencies.

Silver Outlook...Silver has officially broken out in a big way, kicking off its bull market. Silver still has plenty of fuel left in the tank. While gold soared over the past year, silver lagged behind, repeatedly held back by two major resistance zones which stopped multiple breakout attempts and kept it in a prolonged consolidation phase. That finally changed a month ago when silver decisively broke through these critical levels. This past Friday, that surge finally arrived, marking a true breakout into the $50's and the official start of silver’s bull market.

-This is a highly positive development signaling that silver’s bull market is just getting underway. With this strong momentum, silver is likely to make a rapid run at $55 next — and then $60 soon after.

Who's Buying Gold?..The National Bank of Kazakhstan was the biggest buyer of gold in May, adding 7 tonnes of gold to its reserves. Since the beginning of the year, Kazakh gold holdings are up by about 15 tonnes. The Central Bank of Turkey expanded its gold reserves by 6 tonnes, Turkey was one of the biggest buyers in 2024. Poland continued increasing its gold holdings, adding another 6 tonnes to its reserves. The People's Bank of China reported an increase in its official reserves for the seventh straight month, adding another 2 tonnes to its reported holdings. That pushed its gold holdings to 2,296 tonnes, about 6.5 percent of its total reserves. Many other countries added around 1 -2 tonnes to thier stockpiles as well.

-On net, central banks officially increased their gold holdings by 1,044.6 tonnes in 2024. It was the 15th consecutive year of expanding gold reserves.

Canadian Big Five Banks Disappoint...Yes, your bank cares more about its sales targets than your retirement savings. Following an investigation into sales practices at Canada’s Big Five banks, the Ontario Securities Commission teamed up with federal regulators to conduct an exhaustive review of more than 2,800 mutual fund dealers. The results were both sobering and unsurprising: 54% reported feeling pressure from bosses to prioritize sales over quality advice, 23% admitted recommending products or services that weren’t in clients’ best interests, and 23% couldn’t even explain the standard fees they charge.

-Sadly it's safe to say a large portion of Canadians have retirement savings with these institutions.

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