08/21/2026
MIDSTATE MARKET UPDATE | GOLD & SILVER
Precious metals have made a significant move over the last several days.
As of Friday afternoon, gold was trading near $4,624/oz and silver near $69.62/oz, with both metals posting another strong week.
So what happened?
Tuesday actually saw metals pull back as long-term Treasury yields surged and rising oil prices increased inflation concerns. That changed dramatically Wednesday when the U.S. Treasury announced an expansion of its long-term Treasury bond buyback program. Long-term yields dropped sharply and the U.S. dollar weakened, helping trigger a powerful move back into precious metals.
Gold jumped more than 3% Wednesday, while silver gained nearly 4%. Momentum continued into Friday as the dollar fell toward a three-month low and gold broke above important technical resistance, including its closely watched 200-day moving average.
There is still a tug-of-war in the market. Inflation and higher energy prices could keep interest rates elevated, which can pressure metals. At the same time, concerns surrounding U.S. debt, the dollar, Treasury markets and geopolitical uncertainty continue to strengthen demand for tangible assets.
The takeaway: this week’s rally wasn’t caused by one headline. It was a combination of a weaker dollar, changing bond-market dynamics, reduced expectations for additional Fed tightening, fiscal concerns and renewed investor demand for precious metals.
MIDSTATE PRECIOUS METALS
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