Precious Metal Market Outlook & Bullion Trading Economic Trends

Exclusive Precious Metals Market Outlook and Recommendations

Index updated September 25, 2026

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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.

High: — |
Low: — |
Current: —

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.

High: — |
Low: — |
Current: —

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.

High: — |
Low: — |
Current: —

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.

High: — |
Low: — |
Current: —

The Blanchard Economic Report

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Market Movers

Precious Metals

Yields on nearly all U.S. Treasuries have climbed above the 5% as worries about the record $40 trillion U.S. government debt load, combine with oil above a $100 a barrel and a Federal Reserve intent on cooling U.S. inflation with higher interest rates.

Gold is consolidating in a sideways to lower pattern, trading around $4,272 an ounce as investors face the potential for another round of Fed rate hikes in the months ahead.

The S&P 500 is trading near record highs, but fewer stocks are participating in the rally. A few mega-stocks continue to hold up the key stock market index. Beneath the surface market breadth has deteriorated sharply. Since late July, the percentage of S&P 500 stocks trading above their 200-day moving average fell 73% to 51%, a big drop in market participation.

Key Takeaway:

Stocks face headwinds from higher interest rates and declining market breadth. The latest stock rally has been fueled by a handful of mega-cap companies. Historically, healthy and sustainable stock advances reveal expanding, not declining market participation. This leaves stocks vulnerable to a pullback. Gold is consolidating as the Iran war and the energy shock drags on. The longer inflation remains elevated, the more pressure will emerge on the Fed to hike interest rates to attempt to battle inflation. Higher interest rates are a headwind for bullion, which pays no interest.

Economic Update

The University of Michigan consumer sentiment index slid to a four-month low at 48.1 in September. Consumers are worried about rising prices and the economy.
U.S. 30-year mortgage rates jump above 7%. The rise in mortgage rates dealt another blow to the struggling housing market.
U.S. industrial production was unchanged between August and July, according to the Federal Reserve. Economists had expected a 0.3% increase.

Key Takeaway:

Consumers remain weighted down by high prices and economic worries. Consumer spending is a key driver of economic growth and sliding sentiment could drag down economic growth if it continues.

In the News

Hedge Fund with 235% Return Says Gold Decline is Temporary – Bloomberg, Sept. 24.

Australian hedge fund manager Raphael Lamm sees the recent decline in bullion as temporary, arguing that the key forces underpinning the long-term rally remain intact.

Gold’s bull run isn’t over: TD Securities sees next leg above $5,000 – Kitco, Sept. 23.

Ryan McKay, Senior Commodity Strategist at TD Securities, said that although gold continues to face headwinds from higher interest rates, underlying investment demand remains resilient and is starting to strengthen across several important segments of the market.

“The time is coming for the next leg higher in gold,” McKay said. “The yellow metal has shown the ability to hold strong despite Fed hikes, and with investor and central bank appetite growing again, gold looks poised to make a renewed run at prices north of $5,000/oz into 2027.”

China spends record amount importing over 1,000 tonnes of gold this year – Financial Times, Sept 22.

China has spent a record sum importing more than 1,000 tonnes of gold this year as the central bank and local investors pour cash into bullion amid rising geopolitical tensions abroad and poor returns on local assets.

The world’s second-largest economy spent $158.8bn on gold in the first eight months of the year. That compared with spending of $96.5bn for all of 2025 on 886 tonnes of gold.