Commentary for Friday, Aug 28, 2026 – Today gold closed down $151.10 at $4458.60, and silver closed down $2.94 at $66.48. The price of gold fell out of bed this morning, testing support around $4526.00 as traders brace themselves over Warsh’s bearish comments that inflation is a bigger concern than the slowing labor market. At the same time, he seems optimistic about economic activity, which might give the FOMC a little bit of wiggle room relative to changes in interest rates as the holiday season approaches. The issue of who controls the Strait of Hormuz is still not close to being resolved as the US verses Iran war is now 6 months old, and Trump claims he is in no hurry to do anything. Investors should consider two issues. First, higher interest rates tend to pressure gold prices lower. And second the explosive consequences of an ongoing war in the Middle East will spur fresh safe haven demand. Last Friday gold closed at $4624.10, and silver closed at $69.47. On the week gold was down $165.50, and silver was down $2.99.
Please note that FedEx is no longer asking for delivery signatures. They are scanning IDs. We have complained to FedEx, but they remain resolute. Scanned identification is safer, but if you have a problem with this decision, please make your feelings known to FedEx. The present delivery time for the USPS alternative is 2-3 weeks. Please note this new change – we can only ship heavy silver orders (over 200 ounces) to your home address – you can no longer use your P.O. box for heavy silver orders. If you are a regular buyer of heavy silver bullion, contact your representative and authorize address changes.
Should you decide to use our Delayed Delivery Program please talk with your service rep and understand how this program works. It is handy if you want to lock in the price “now” and insist on a new product – but is not for everyone. Just like us – you must pay upfront to “lock in” prices and you can’t “change” your mind. So, unless God has blessed you with patience, please ask your rep for other options and thank you for understanding.
On Monday (8/24/26) the price of gold tested overhead resistance at $4672.00 this morning, the highest level seen since it tested support levels around $4500.00 a week ago. Add this bullish news to the fact that recently gold broke above its 200 Day Moving Average ($4500.00) and it’s easy to see positive sentiment continues to grow even as higher interest rates threaten to spoil the party. So, there may be a tradeoff here, at least for the time being, which could produce a kind of sideways pricing action which promises no fireworks until the interest rate question is answered by FOMC Chief Kevin Warsh. This may take some time as our government drags its feet waiting for inflation to further cool, but we have seen few bullion sellers even at higher prices. The public is not selling and in fact some very large buyers have returned this past week. If you believe that gold is overbought at these levels, consider these comments by US Treasury Secretary Scott Bessent. Bessent has threated Iran with “the single greatest financial offensive ever”, claiming the US-Israel war with Iran was “entering its endgame”. Bessent said the US would sever all economic ties with the country in “an economic D-Day” and that any nation partnering with Iran financially would also be isolated. Bessent’s threat to the Iranian regime follows several U-turns and extended deadlines from US President Donald Trump’s administration on previous threats. Iran dismissed Bessent’s comments and said it would shut down all oil exports from the region “if the war continues”, according to Reuters. The Iranian regime has also issued a new warning to shipping not to pass through the Strait of Hormuz without its permission. One fifth of the world’s oil and gas passes through this waterway south of Iran, but the flow has been effectively blocked since the conflict began at the end of February. All that being said, the price of gold actually yawned, finishing the day only mildly higher.
Reuters – Gold prices pushed to their highest in more than three months on Monday, as technical buyers piled into a rally driven by the U.S. Treasury’s recent buyback announcement and a weaker dollar ahead of this week’s inflation data and Jackson Hole Symposium. Spot gold rose 1.6% to $4,677.14 per ounce by 1334 GMT (9:38 a.m. EDT), hitting its highest level since May 14. U.S. gold futures for December delivery rose 1.2% to $4,734.70 per ounce. “The fundamentals and technicals are kind of lining up bullish for the gold market here to start the trading week,” said Jim Wyckoff (Kitco). He also said that bond yields “have stabilized, even dipped a little bit today”, supporting the metal. With prices trending higher, Wyckoff said the path of least resistance for gold “will continue to be sideways to higher” in the coming weeks, barring a technical reversal signal. Gold broke above its 200-day moving average last week, further strengthening the upward price momentum. Gold-backed ETFs also attracted inflows of 46.7 metric tons ($6.4 billion) last week, which was their largest weekly demand in 10 months, according to the World Gold Council, with North American and Europe-listed funds leading the inflows. Bullion rose more than 5% last week after the U.S. Treasury Department’s buyback support plan pushed the dollar to multi-month lows, making greenback-priced bullion cheaper for foreign buyers. The U.S. dollar hovered near multi-month lows as traders awaited details of Iran-related sanctions from Treasury Secretary Scott Bessent who promised to reveal severe measures on Iran. He is expected to announce more details at a 1 p.m. EDT (1700 GMT) press conference. Market focus is also on policy speeches this week in the U.S. and Japan. Markets are awaiting the Federal Reserve’s favored inflation gauge, the Personal Consumption Expenditure price index, due on Wednesday and Chair Kevin Warsh’s debut speech at the Jackson Hole Symposium on Friday to gauge the outlook on interest rates. Spot silver inched 0.8% up to $69.52 per ounce, platinum gained 0.7% to $1,891.43, and palladium rose 0.7% to $1,359.41.
On the day gold closed up $16.70 at $4640.80, and silver closed down $0.93 at $68.54.
On Tuesday (8/25/26) the price of gold was modestly choppy on the open but finished the day almost unchanged. So, this market looks like it might be losing some momentum. Which figures when you consider the possibly of $4700.00 gold, created by rising Middle East tension. For now, there appears to be little chance that interest rates will soon move lower so traders will settle for less fireworks. But the “tough talk” US sanctions imposed on Iran may blow the top off overhead resistance if either party starts shooting over who controls the Strait of Hormuz. There are plenty of reasons for investors to at least consider $5000.00 gold before the end of this year.
Reuters (Pablo Sinha) – Gold retreats as upward momentum hits pause ahead of US inflation data – Gold dropped on Tuesday after scaling a more than three-month high earlier in the session, as the rally lost momentum near a key psychological resistance level and ahead of the release of U.S. Federal Reserve’s preferred gauge of inflation this week. Spot gold was down 0.6% at $4,622.01 per ounce by 1334 GMT (9:34 a.m. EDT), after hitting its highest level since May 14. U.S. gold futures fell 0.4% at $4,678.10. “I think this is just a drop in momentum. If anything, you can probably attribute this to gold moving to a strong resistance level at $4,700 or so,” said Bart Melek, global head of commodity strategy at TD Securities. Bullion rose to as high as $4,696.18 an ounce earlier in the day, as investors continued to parse the U.S. Treasury Department’s recent decision to double the size of liquidity support buyback operations for longer-dated notes and bonds, that drove the dollar to an over 3-month low last week. Markets are now focused on Wednesday’s U.S. Personal Consumption Expenditures (PCE) inflation report for July and Fed Chair Kevin Warsh’s remarks at the Jackson Hole symposium on Friday for further clues on the central bank’s monetary policy outlook. While Fed tracks the PCE data for its 2% inflation target, soft producer and consumer inflation figures this month diminished chances of imminent U.S. rate hikes. Traders are currently pricing in only a 38% chance of a U.S. interest rate hike in September, according to the CME FedWatch Tool. Gold loses its appeal in a high interest rate environment as it does not yield any interest. Meanwhile, China’s net gold imports via Hong Kong in July rose about 11% from a month earlier, data showed on Tuesday, supported by an uptick in investment demand. On the geopolitical front, Iran pledged to fight against U.S. sanctions aimed at isolating its economy, expressing confidence that trading partners will resist the pressure campaign and saying that Washington was keen to revive talks.
On the day gold closed down $2.70 at $4638.10, and silver closed up $0.10 at $68.64.
On Wednesday (8/26/26) the price of gold trended lower, testing support around $4609.00 in the early morning trade finishing solidly in the red on the close. Not a surprising pricing pattern as most traders considered yesterday’s action a simple pullback as overhead resistance at $4700.00 produced a round of profit taking. Everyone will be watching and listening to what Fed Chief Kevin Warsh has to say about inflation at Jackson Hole this Friday. The smart money is betting that the FOMC will stand pat with interest rates. This may or may not open the door to some kind of change before the end of the year. If Warsh remains hawkish it is likely that interest rates will remain unchanged, gold prices will hold steady and traders will focus on the Middle East. Whether or not US sanctions directed at Iran will eventually bring peace to this troubled area remains to be seen. But we have been at this impasse before and have had little success using the stick and carrot approach because Iran remains resolute about her nuclear ambitions.
FXEmpire (Christopher Lewis) – Gold Price Pullback Puts $4,500 Support in Focus – Gold price retreats from $4,700 as profit-taking emerges. Technical analysis highlights $4,500 support and $4,800 as the key breakout level. Technical Analysis – The gold market has fallen a bit early during the trading session here on Wednesday, as the $4,700 level continues to offer a little bit of resistance. The market has been a little stretched recently, and with core PCE coming out as expected, there was not that early catalyst in New York trading. That being said, we do get a speech by Kevin Warsh, the Federal Reserve governor at Jackson Hole on Friday, that could determine what the next move is or at least give us hints by the Federal Reserve. Profit-Taking and Key Support at $4,500 – The market being a little stretched means that a pullback makes a certain amount of sense. I do think that the $4,500 level will continue to be important, mainly based on market memory, as it had been resistance previously. I suspect a lot of value hunters might be interested in buying the market down there. If gold were to break above $4,800, that’d be a major breakout. But with rates elevated the way they are and so many questions about what the Federal Reserve may or may not do, I don’t know what the catalyst would be for the next day or two. This might just be a little bit of an opportunity for profit-taking for those who have bought gold recently and realized pretty decent gains, so be aware of that. I don’t necessarily think gold is bearish by any stretch, but I also recognize that it would make a certain amount of sense for those who have been so positive here to trim their positions and reduce risk here. Silver Price Faces $70 Breakout Test With $65 Support in Focus – Silver price tests $70 resistance ahead of Jackson Hole. A breakout could revive the uptrend, while rejection may expose the 200-day EMA near $65. Technical Analysis – The silver market has been somewhat positive during the early part of the trading session here on Wednesday but has found the $70 level to be like a brick wall again. Ultimately, this is a market that continues to see a lot of back-and-forth type of grinding trading, with the $70 level a bit of a short-term ceiling. If we can break above the $70 level, perhaps even the $71 level, that might give buyers a little bit of momentum in this environment to go looking to higher levels and recapture the overall uptrend again. The $70 Resistance Level and Jackson Hole Catalyst – A pullback from here could have the market testing the 200-day EMA near the $65 level. This is a market that remains very noisy, and this makes a certain amount of sense as there are a lot of questions about Federal Reserve policy. The PCE numbers came out as expected early in the session, and now markets will start to focus on the speech at Jackson Hole by Kevin Warsh, Chairman of the Federal Reserve, for clues about the next policy move. This will be an important speech to watch for most traders. If the Federal Reserve starts to sound a bit more dovish, that could provide a little bit of fuel to the fire here for silver to continue correcting. If the Federal Reserve Chairman sounds hawkish, that could be a problem. So, the next couple of days could very well be important for the future direction of this market. Until we reach resolution, it might be a bit difficult to trade with confidence.
On the day gold closed down $39.90 at $4598.20, and silver closed down $0.65 at $67.99.
On Thursday (8/27/26) – Today the price of gold wobbled to some degree, bouncing on both sides of $4595.00 and at the same time testing support around $4570.00. It finished the day slightly in the green. I think the jury is still out as to an ultimate price range on the shorter term. This will be determined by how the FOMC accounts for inflation and interest rate adjustments between now and the holiday season. All in all, however, the bulls lean towards being a bit nervous. Why is not exactly clear because rising tension in the Middle East is sufficient to support the current pricing range. Personally, I don’t see a break to the upside in gold because overhead resistance ($4700.00) is tough and interest rates remain steady. At the same time, I do not envision any large or volatile downside because Middle East tension remains an enigma.
FXEmpire (Christoher Lewis) – Gold Price Faces $4,700 Resistance With $4,500 Support in Focus – Gold price struggles at $4,700 resistance ahead of key Fed signals, with $4,500 offering support while a break above $4,800 could revive momentum. Technical Analysis – The gold market initially tried to recover and go looking to the $4,700 level but only found it as resistance. The $4,700 level has been important multiple times in the past. And as we are stretched, it does make a certain amount of sense that we are going to continue to see the $4,700 level cause a bit of a headache. Ultimately, if the market does pull back from there, and it looks like it’s trying to at the moment, it could be a situation where we are just simply covering longs heading into the speech coming out of Jackson Hole by Kevin Warsh, Chairman of the Federal Reserve. This speech could give us a “heads up” as to where the monetary policy is heading in America, a major driver of gold at times. Debate Over Policy – The Federal Reserve interest rate policy is something that’s being debated at the moment, and now it looks very much like a situation where his speech could set the tone for the next several months. If we do fall from here, the $4,500.00 level is an area where I’m very interested in as support. And if we were to see that play out, then I will be buying the dip in gold at that point. But if the market were to break out to the upside and break above the $4,800 level, then you could see a little bit of FOMO, I think, come in as people will chase returns. This speech should be very important. If he sounds dovish, that will be good for gold, all things considered. If he sounds hawkish, that could rattle nerves. Silver Price Struggles at $70 as Fed Catalyst Looms – Silver price repeatedly fails at $70 resistance as traders await the Fed catalyst. A dovish signal could revive the breakout, while the 200-day EMA offers support. Technical Analysis – The silver market initially rallied a bit during the trading session here on Thursday but gave back gains as we got to the $70 level yet again. That’s been the story all week, where $70 has been like a brick wall. Now traders are going to have to ask questions as to whether or not we are seeing a serious change in attitude or maybe just a little hesitation. And I think the idea of hesitation makes a certain amount of sense, considering that we have the speech by Kevin Warsh from the Federal Reserve on Friday that will be a major indication of where the Federal Reserve may be going with its interest rate policy, which is a major influence on silver. Interest Rates Can Matter Here – The silver market, of course, is one that typically is sensitive to interest rates and the value of the US dollar. And he could say something to rattle the markets. If he sounds more hawkish than people anticipated that really could play havoc with not only silver, but just the markets in general. If he sounds more dovish, then historical correlation suggests that silver might be able to finally break the $70 level. Ultimately, I do think silver is bullish long-term, but long-term might be something that we have to wait 6 months for, so I’m a little hesitant to get involved here. A pullback towards the 200-day EMA could be interesting if we get a bounce, but I think this is a situation where a lot of traders are probably going to be waiting to see how the Friday action plays out.
On the day gold closed up $11.50 at $4609.70, and silver closed up $1.44 at $69.43.
On Friday (8/28/26) the price of gold trended lower, finishing the day significantly in the red so bullish sentiment has taken a modest hit this week. Still, the technical guys claim that a possible $4800.00 break to the upside may be in the making because optimists see a “golden cross” in the trading pattern. This bullish technical sign is created when the 50 Day EMA breaks above the 200 Day EMA (Exponential Moving Average). I’m not sure I even understand this latest technical insight, but it has created a stir for insiders in a market starving for fresh news which might provide some edge to price movement in the short term. For my money I think these latest crosswinds basically provide a “push-pull” situation which portends a rather flat trading range.
FXEmpire (Christopher Lewis) – Gold Price Eyes $4,800 Breakout as Jackson Hole Decision Looms – Gold price approaches a key inflection point as $4,800 resistance and a new golden cross meet the Jackson Hole catalyst, with $4,500 support at risk. Technical Analysis – The gold market has been very noisy during trading here on Friday, but in a relatively tight range. It doesn’t surprise me much, considering that we are waiting on a speech by Kevin Warsh at the Jackson Hole Symposium later that could give traders an idea as to what the Federal Reserve may do going forward. After all, the markets are trying to price in the idea that the Federal Reserve won’t be raising rates later this year, and if that is going to be the case, then it makes a lot of sense that the traders will have to see some type of certainty, as this idea of no more interest rate hikes this year is fairly new one. At one point, we had 2 hikes priced in. We continue to get a little bit of noisy economic data, but at the same time, we have to worry about the Middle East and energy inflation, so this will be an interesting one. Nonetheless, gold looks good, and I do like gold long term, but that doesn’t mean that it has to take off here. Technical Levels and Policy Inflection – To me, from a technical analysis standpoint, a clearance of the $4,800 level would be crucial to really get the upside going. We’ve recently had the so-called golden cross with the 50-day EMA breaking above the 200-day EMA, so that’s a good sign as well. But a pullback to the $4,500 level is a very real possibility as well, especially if Warsh sounds more hawkish than people anticipate. We are at a major point of inflection, so this is a market worth watching late today. Silver Price Breaks $70 as Jackson Hole Tests Bullish Momentum – Silver price breaks above $70 ahead of Jackson Hole, with Fed policy set to test the breakout as long-term demand and tight supply support the bullish outlook. Technical Analysis – The silver market has rallied a bit to break above the $70 level early on Friday, as we continue to see a lot of noisy behavior in general. But the biggest thing about Friday is going to be waiting to find out where the speech leads us from Kevin Warsh later at Jackson Hole. After all, monetary policy from the Federal Reserve will have a major influence at times for the metal markets, and with that, I think we have to be cognizant that there could be quite a bit of volatility later. Nonetheless, we are sitting just above the $70 level. That’s an area that’s been a major barrier, and now that we are above there, that certainly has caught my attention. If we get some type of dovish behavior, then in theory, that should be good for silver. We’ll just have to see how it plays out. We’ve been waiting all week for this speech, as evident by the fact that we could not break much higher. Jackson Hole Catalyst and Long-Term Fundamentals – Overall, this is a market that should get some answers later in the day, and in fact, if we do get some type of certainty, you could see momentum pick up. I do like silver longer term, as I do think that the overall electrification of the overall economy will continue to be a major driver of demand for silver. We also have to keep in mind that the silver supply isn’t expanding rapidly to keep up with it. So, I do like this from a longer-term standpoint. A breakout would not be a huge surprise to me, but this speech could throw a lot of questions into the market for the short term at least.
On the day gold closed down $151.10 at $4458.60, and silver closed down $2.94 at $66.48.
Platinum closed down $$15.00 at $1829.95, and palladium closed up $86.38 at $1423.98.
Jim Wycoff (Kitco) – Technically, spot gold bulls’ next upside price objective is to push prices back above the $4,604.00 resistance level, with a sustained move targeting $4,640.00 and then $4,698.00. Bears’ next near-term downside price objective is a break below $4,575.00, with deeper downside targets at $4,546.00 and then $4,511.00. First resistance is seen at $4,604.00 and then at $4,640.00. First support is seen at $4,575.00 and then at $4,546.00. Spot silver bulls’ next upside price objective is to drive prices back above $70.60, with a move above that level targeting $71.16. The next downside price objective for the bears is a break below $67.69, with deeper downside targets at $66.55 and then $65.66. First resistance is seen at $70.60 and then at $71.16. Next support is seen at $67.69 and then at $66.55.
Brothers and Sisters, thank you for your friendship. If you have unusual circumstances, need cash or a special favor – talk to Eric or Ken Slater. Please remember that the famous Harry Johnson has officially retired! We all wish him the very best. Richard Schwary
Risk Disclosure – The content in this newsletter and on the GoldDealer.com website is provided for informational purposes only and our employees are not registered financial advisors. The precious metal and rare coin markets are random and highly volatile so they may not be suitable for some individuals. We suggest before deciding on a course of action that you talk with an independent financial professional. While due care has been exercised in the development and dissemination of our web site, the Almost Famous Gold Newsletter, or other promotional material, there is no guarantee of correctness so this corporation and its employees shall be held harmless in all cases. GoldDealer.com (California Numismatic Investments, Inc.) and its employees do not render legal, tax, or investment advice.