Precious Metal Market Outlook & Bullion Trading Economic Trends

Exclusive Precious Metals Market Outlook and Recommendations

Index updated October 14, 2025

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.

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Market Movers

Precious Metals

The U.S. government is still shut down. House Speaker Mike Johnson warned the current shutdown could be the longest in history as a stalemate continues over funding American government operations. Since the government shut down on Oct. 1, gold climbed from $3,863 to a new record at $4,166. Concerns over dysfunction and fiscal management at the top levels of our government drove fresh safe-haven buying in gold and silver. Unlike the U.S. dollar, or U.S. Treasuries, precious metals have no obligation or debt tied to the U.S. or any government.

Stocks staged a broad market sell-off following threats from President Trump to China over significantly increased tariff rates. Stocks have been priced to perfection, with many on Wall Street warning that the inflated stock prices are in bubble-territory. Stocks remain vulnerable to increased volatility ahead.

The historic run in gold and silver continues to catapult precious metals to new records in October. The dramatic rally has been fueled by investors rushing to safe havens amid global wars, economic uncertainty as tariffs shake up the global trading order and as a hedge with the stock market climbing in what many call a bubble. Gold has soared 55%, silver has skyrocketed 70% and platinum is up 77%.

Gold surpassed stocks as the best long-term investment option, according to U.S. American adults in a new 2025 Gallup survey. Gold leapfrogged above stocks this year as 23% of Americans now believe gold is the best long-term investment, better than stocks. Real estate scored the top place at 37%.

Key Takeaway

Gold’s appeal as a long-term investment has increased in 2025 with investment demand driving the yellow metal above the $4,000 milestone in October. Spot silver blasted above the $50 mark for the first time in over four decades, touching $53.82 an ounce.

This week, Bank of America increased its price forecasts for precious metals, raising its 2026 outlook for gold to $5,000 an ounce and for silver to $65 an ounce.

Economic Update

With the U.S. government shut down, most economic reports are not being released. This leaves the Federal Reserve, corporations, business owners and individuals flying blind when it comes to making economic decisions. It also increases the scrutiny on the private reports that are released, like the University of Michigan’s Surveys of Consumers.

In October, the University of Michigan’s Survey of Consumers found that American’s five-year outlooks for their household finances dropped to its lowest level in over a decade.
The Index of Consumer sentiment stood at 55.0 in October, which is down 22% from a 70.5 reading in October 2024.
Companies shed 32,000 jobs in September, the biggest decline in 2 ½ years in September, according to payrolls processing firm’s ADP report.

Key Takeaway

Americans largely have a glum outlook on the economy given the high level of everyday consumer prices, combined with rising levels of concerns over the job market. “It’s very clear consumers don’t feel like they’re thriving,” said Joanne Hsu, the survey’s director.

Given the economic conditions, traders are pricing in a 97% of a Fed rate cut at the October meeting. Both gold and silver perform well in low-interest rate environments and Fed rate cuts are expected to continue to keep the rally going in precious metals.