Uploaded August 2026 | Updated September 2026, 1 week ago
On Friday, the Bureau of Labor Statistics reported the US economy lost 23,000 jobs in July. Wall Street was expecting a gain of 83,000. That's a 106,000 gap between forecast and reality, and gold and silver responded almost immediately.
Megan King Diaz walks through the three stories that dominated trading desks this week: the jobs report nobody saw coming, the Strait of Hormuz standoff pushing oil higher, and gold and silver putting in one of their strongest runs of the year. Each one connects back to the metals, because this week they weren't reacting to the headlines. They were the headline.
In this update:
Why the unemployment rate improved for the wrong reasons, with participation at a five-year low
What Wells Fargo's chief economist found when he stripped healthcare out of the jobs numbers
Why a divided Fed with three dissents makes a September cut easier to justify the optimistic read on a cooling labor market, and what would change it
Why weaker jobs data lowers the opportunity cost of holding gold and silver
Where the Strait of Hormuz negotiations stand after the June memorandum broke down
Gold's December futures at $4,400 and silver touching $65.05
Why roughly 55% of this rally is physical demand rather than paper positioning, and why that matters for durability
Central banks buying about 1,000 tons a year for four straight years
0:00 This Week's Three Stories
0:51 The Jobs Report That Blindsided Wall Street
2:31 The Optimistic Take
3:03 What Weak Jobs Mean For Metals
3:37 Oil And The Strait Of Hormuz
5:38 Gold And Silver This Week
6:28 What's Actually Driving The Rally
7:20 Central Banks Keep Buying
7:41 Putting It All Together
Buy Precious Metals at: goldsilver.com
Learn about Gold & Silver: goldsilver.com/learn
Subscribe to our channel: youtube.com/c/goldsilver?sub_confirmation=1
Get Essential Gold & Silver News—Delivered Twice a Week: goldsilver.com/join-our-newsletter
Follow us on Twitter: twitter.com/GoldSilver_com
Follow us on Facebook: facebook.com/GoldSilverDotCom
As always, thank you for your support.
The GoldSilver Team
On Friday, the Bureau of Labor Statistics reported the US economy lost 23,000 jobs in July. Wall Street was expecting a gain of 83,000. That's a 106,000 gap between forecast and reality, and gold and silver responded almost immediately.
Megan King Diaz walks through the three stories that dominated trading desks this week: the jobs report nobody saw coming, the Strait of Hormuz standoff pushing oil higher, and gold and silver putting in one of their strongest runs of the year. Each one connects back to the metals, because this week they weren't reacting to the headlines. They were the headline.
In this update:
Why the unemployment rate improved for the wrong reasons, with participation at a five-year low
What Wells Fargo's chief economist found when he stripped healthcare out of the jobs numbers
Why a divided Fed with three dissents makes a September cut easier to justify the optimistic read on a cooling labor market, and what would change it
Why weaker jobs data lowers the opportunity cost of holding gold and silver
Where the Strait of Hormuz negotiations stand after the June memorandum broke down
Gold's December futures at $4,400 and silver touching $65.05
Why roughly 55% of this rally is physical demand rather than paper positioning, and why that matters for durability
Central banks buying about 1,000 tons a year for four straight years
0:00 This Week's Three Stories
0:51 The Jobs Report That Blindsided Wall Street
2:31 The Optimistic Take
3:03 What Weak Jobs Mean For Metals
3:37 Oil And The Strait Of Hormuz
5:38 Gold And Silver This Week
6:28 What's Actually Driving The Rally
7:20 Central Banks Keep Buying
7:41 Putting It All Together
Buy Precious Metals at: goldsilver.com
Learn about Gold & Silver: goldsilver.com/learn
Subscribe to our channel: youtube.com/c/goldsilver?sub_confirmation=1
Get Essential Gold & Silver News—Delivered Twice a Week: goldsilver.com/join-our-newsletter
Follow us on Twitter: twitter.com/GoldSilver_com
Follow us on Facebook: facebook.com/GoldSilverDotCom
As always, thank you for your support.
The GoldSilver Team
