Blanchard Index
Exclusive Precious Metals Market Outlook and Recommendations
Index updated January 5, 2026
Blanchard's Bi-weekly Index
The Blanchard Bi-weekly Index is a roll-up of industry news and economic trends affecting the precious metals market and trading world.
Check back often for insights and commentary from our leading experts and contributors.
The Blanchard Economic Report
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Market Movers
Economic Update
- Traders are looking ahead to Friday’s release of the December jobs data. The next jobs report is expected to reveal a slowdown in hiring in the final month of 2025. Economists expect non-farm payrolls to grow by 55,000. That would bring the total number of new jobs created in 2025 to around 670,000, far below the 2 million jobs created in the U.S. economy in 2024.
- The U.S. condominium market saw a 1.9% price decline this fall, the biggest decline since 2012. As homeowner association fees, insurance premiums and maintenance costs rise, its making condo purchases less affordable for many Americans. Over 10% of condos had a lower estimated value in November than their last sale price, with some metro areas seeing over 25%, the Wall Street Journal reported.
Key Takeaway:
The outlook for the U.S. economy remains uncertain heading into the new year with conflicting forces at work. Talk of a so-called “K shaped” economy is growing, which refers to a situation where the wealthy are doing well amid rising stock prices, but middle and lower income Americans struggle as the job market weakens, hiring slows and inflation remains high.
The Fed is expected to lower interest rates possibly later this month to support the flagging jobs market, which will be supportive to precious metals. Historically, gold has climbed throughout Fed’s easing cycles. Economists believe the central bank will continue lowering rates this year, especially with President Trump’s coming appointment of a Fed Chairman, who is expected to favor lower interest rates.
In the News
Why Gold and Silver Are Getting a Boost From Arrest of Venezuela’s Maduro – Barron’s Jan 5.
“Trump told Fox News that “American dominance in the Western Hemisphere will never be questioned again,” adding that “something will have to be done about Mexico” and the drug cartels that operate there. Administration threats also were aimed at Cuba and Colombia.
“While this can be read as a shift towards a more overtly hemispheric approach to managing geopolitical relations, with the U.S. asserting greater control over developments in its own backyard, it is equally possible to interpret events through the lens of U.S.-China fracturing,” said Nel Shearing, group chief economist at Capital Economics.
Gold hits one-week high after US strikes in Venezuela – Reuters Jan. 5
Silver and gold are the big winners as investors look for safety following the U.S. intervention in Venezuela – MarketWatch, Jan 5.
Market Snapshot
Gold/Silver ratio: 58 oz. silver = 1 oz. gold:
How to use it: This ratio reveals the number of ounces needed to buy one ounce of gold, and it measures the relative value of these two metals.
- A ratio higher than 80:1 signals that silver is undervalued relative to gold.
- A ratio below 40:1 suggests silver is overvalued.
Market Performance Year-To-Date
- Silver: up 7.7%
- Platinum: up 11%
- Gold: up 3%
- S&P 500 up 0.89%
Short-term Trend
- Gold: Up
- Silver: Up
- S&P 500: Neutral
Long-term Trend
- Gold: Up
- Silver: Up
- S&P 500: Up
Monetary Policy
- Fed funds rate: 3.50-3.75%
- Next Fed meeting: Jan. 27-28
