Gold outlook after the 2026 pullback, July 2026

By Trey Reik, Chief Economist, GBI. Data as of July 31, 2026. Gold fell about 25% from its January peak. We think the reasons for owning it have not changed, that the market expects Fed rate hikes that are very unlikely, and that gold miners look cheap against gold and the S&P 500.

Gold and silver outlook, February 2026

By Trey Reik, Chief Economist, GBI. In 2025, spot gold rose 65% and silver 148%, their strongest advances since 1979. The note argued that deteriorating U.S. finances, anti-dollar sentiment and eroding Fed credibility would keep supporting gold in 2026.