Nugget News June

30 Day Market Moves

Gold Outlook...Gold prices are steady this week as heightened geopolitical tensions between Iran, Israel and the US offset pressure from the US Federal Reserve’s hawkish stance on cutting interest rates. Israel bombed nuclear targets in Iran and Iranian missiles hit an Israeli hospital overnight, as the week-old air war escalated with no sign yet of an off-ramp. Gold is considered a safe-haven asset during times of geopolitical and economic uncertainty. But a higher interest rate environment dulls its appeal as it yields no interest.

-So far, Gold has rallied 30% in 2025, including a 13% gain over the past three months.

Silver Outlook...Rocket is the only word to describe the performance of Silver this month. An impressive rally fueled by a mix of structural supply tightness, elevated safe-haven demand, and a broadly softer US dollar. Heightened tensions between Israel and Iran have kept geopolitical risks on the radar, prompting steady haven flows into Silver alongside Gold. The latest retreat primarily reflects healthy profit-taking and a modest rebound in the US dollar, as traders digest the Fed’s cautious tone and recalibrate their near-term risk appetite. Despite the dip, Silver remains up sharply for the month.

-CitiBank is forecasting Silver prices to rise to $55 per ounce over the next 12 months, boosted by tightening availability and robust demand.

Gold Overtakes Euro..Due to a combination of central bank gold buying and the surging price of gold, gold has overtaken the euro as the world’s number two reserve asset. Based on data released by the European Central Bank, at the end of 2024 gold made up 19.6 percent of global reserves, with the euro accounting for 15.9 percent. Gold’s share of global reserves has increased rapidly over the past several years. In 2018, it was only 11.6 percent of total reserves. Central bank gold demand topped 1,000 tonnes for the third straight year in 2024. To put that into perspective, central bank gold reserves increased by an average of just 473 tonnes annually between 2010 and 2021.

-Gold is neither exposed to counterparty risk nor to international sanctions.

Fort Knox Audit..The initiative, known as the Gold Reserve Transparency Act of 2025 (House Bill 3795), was introduced by US Congressman Thomas Massie alongside three co-sponsors. The bill calls for a full, modern audit of America's gold holdings, something that hasn't occurred in over 65 years. Prior audits were largely ceremonial, involving inspections of storage containers rather than the actual gold bars. While not yet formally endorsing the bill, former President Donald Trump has voiced support for an audit of Fort Knox. Likewise, Elon Musk stirred social media interest earlier in the year by suggesting a livestream of the U.S. gold reserves. Past audits failed to meet basic transparency or accounting standards, with reports now missing and no comprehensive assaying, weighing, or transactional history available to the public.

-The bill also seeks to eliminate federal capital gains taxes on gold and silver—one of the biggest legal and financial barriers to treating bullion as money.

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