Gold & Silver Weekly Watchouts: 10 Events That Could Move Precious Metals This Week! (July 20–26, 2026)
- International Stacker
- 2 days ago
- 9 min read
Every Sunday, I publish the International Stacker Gold & Silver Weekly Watchouts to help the Crustacean Nation stay ahead of the biggest events that could impact gold, silver, mining stocks, and the broader financial markets.
This week's economic calendar is lighter than usual... But don't mistake "lighter" for "less important."
Markets are entering one of the final—and most important—weeks before the July 28–29 Federal Reserve (FOMC) meeting, meaning every economic report, Treasury auction, and geopolitical headline could shift interest rate expectations.
Gold and silver remain caught between competing forces:
Inflation expectations
Interest rate outlook
Treasury yields
The US dollar
Safe-haven demand
Physical buying
Ongoing geopolitical tensions
With markets entering the final stretch before next week's Federal Reserve meeting, expectations—not just headlines—could drive the biggest moves in gold and silver.
🔥 Quick Summary – My Biggest Watchouts This Week
🥇 Markets Positioning for Next Week's FOMC Meeting
🥈 Flash Manufacturing & Services PMI (Silver's Industrial Demand)
🥉 Initial Jobless Claims
🏅 Treasury Yields & Bond Market
🏅 US Dollar Index (DXY)
🏅 Iran & Strait of Hormuz Developments
🏅 COMEX Deliveries & Physical Demand
🏅 China & Shanghai Gold Exchange Activity
🏅 Central Bank Gold Buying
🏅 Treasury Auctions
Why This Week Matters for Gold & Silver
While this week's economic calendar isn't packed with blockbuster reports, markets are already positioning for next week's Federal Reserve meeting. History has shown that expectations often move gold and silver before the Fed actually makes its decision.
One of the biggest mistakes investors make is assuming markets only react after major events happen.
In reality, markets spend weeks pricing in future expectations. That's why a seemingly "minor" economic report this week could spark a major move if it changes expectations for interest rates.
With summer trading volumes also tending to be lighter, market reactions can become even more exaggerated as lower liquidity amplifies the impact of breaking news.
🚨 My Biggest Concern This Week
While many investors will be focused on Thursday's Initial Jobless Claims and Friday's Flash PMI reports...
I'm watching the bond market. Treasury yields—and even more importantly, real yields—have become two of the biggest drivers of gold and silver prices over the past several years.
If yields or real yields begin climbing because of stronger economic data or weaker demand for US government debt, precious metals could face short-term pressure. On the other hand, if yields and real yields begin falling while the US dollar weakens, it could provide the fuel for gold and silver to make another run higher heading into next week's Federal Reserve meeting.
But right now, one thing is overshadowing nearly everything else: geopolitics. The escalating conflict involving Iran has become the market's biggest wildcard. Any major escalation could quickly move oil prices, inflation expectations, Treasury yields, real yields, and safe-haven demand—creating sharp moves in both gold and silver.
This week, I'll be paying closest attention to Treasury yields, real yields, and developments surrounding Iran and the Strait of Hormuz.
This Week’s Key Events
Monday, July 20
Leading Economic Index (LEI): The Conference Board's Leading Economic Index attempts to forecast where the US economy may be headed over the coming months.
Why It Matters
A weaker reading could increase recession concerns, while strengthening expectations for future Federal Reserve rate cuts.
Historically, both have been supportive for precious metals.
Tuesday, July 21
China & Physical Demand Watch: China remains one of the world's largest buyers of physical gold and one of the largest consumers of silver.
I'll be watching:
Shanghai Gold Exchange activity
Physical gold premiums
Chinese demand
Silver imports
Central bank purchases
Strong Asian buying has frequently provided support for gold and silver during periods of Western investor selling.
Wednesday, July 22
Federal Reserve Watch: There are no major scheduled economic reports... But don't expect a quiet day. Markets will continue digesting previous data while positioning ahead of Thursday and Friday's releases.
I'll also be watching for:
Market positioning ahead of next week's FOMC meeting
Interest rate expectations
Treasury yields
CME FedWatch probabilities
With the Federal Reserve in its pre-meeting blackout period, markets will instead focus on incoming economic data, Treasury yields, and changing expectations for next week's policy decision.
Thursday, July 23
Initial Jobless Claims: One of the fastest indicators of labor market strength.
Higher Claims
✅ Can increase expectations for future rate cuts
✅ Often supportive for gold and silver
Lower Claims
❌ Can strengthen the US dollar
❌ May pressure precious metals
Bond Market Watch: One of the most overlooked drivers of gold and silver is the US bond market. Treasury auctions provide one of the best real-time gauges of demand for US government debt. Weak demand can push Treasury yields higher, strengthening the US dollar and creating headwinds for precious metals. Strong demand often has the opposite effect, helping lower yields and supporting gold and silver.
Friday, July 24
⭐ Flash Manufacturing PMI: This may be the week's most important scheduled economic report for silver investors. PMI measures the health of the manufacturing sector, which directly impacts industrial silver demand. Strong manufacturing supports demand from industries needing silver including:
Solar
Artificial Intelligence
Data Centers
Electronics
Electric Vehicles
Advanced Manufacturing
A stronger-than-expected PMI could reinforce silver's industrial demand story. A weaker reading could pressure silver more than gold.
*PMI (Purchasing Managers' Index) measures manufacturing activity. A reading above 50 signals expansion, while below 50 signals contraction.
⭐Flash Services PMI: Together with Manufacturing PMI, this provides one of the best snapshots of the US economy before next week's Federal Reserve meeting. Markets will quickly adjust interest rate expectations based on these reports.
New Home Sales: Housing remains one of the sectors most sensitive to interest rates. Weak housing data could strengthen expectations for future monetary easing, while stronger data could support higher Treasury yields.
Throughout The Week
🌎 Middle East Watch
This remains my biggest wildcard. I'll continue watching developments involving:
Iran
Strait of Hormuz
Commercial shipping
Oil prices
US military activity
Any ceasefire or escalation headlines
Cascading effects from the conflict. (2nd, 3rd & 4th order effects)
One geopolitical headline could outweigh every scheduled economic report this week!
COMEX & Physical Market Watch
📈 Gold & Silver Open Interest
📉 Registered & Eligible inventories
📊 Delivery notices
🛢️ ETF inflows and outflows (GLD & SLV)
⚠️ Physical premiums
🥇 Gold/Silver Ratio
⚠️ Fed Repo Facility Activity: I'll also be monitoring activity at the Federal Reserve's Overnight Repo Facility. A pickup in usage can be an early sign that parts of the financial system are seeking additional short-term liquidity.
Large institutional positioning often changes before retail investors notice.
Central Bank Gold Buying
Central banks have remained one of the strongest sources of gold demand in recent years—and 2026 is no exception.
Official sector purchases totaled 244 tonnes in the first quarter, exceeding both the previous quarter and the five-year average. In May alone, central banks added another net 41 tonnes, led by Poland (+18t), China (+10t), Uzbekistan (+9t), and Kazakhstan (+7t).
The trend also shows no signs of slowing. A recent World Gold Council survey found that 89% of central banks expect global gold reserves to increase over the next 12 months, while a record 45% said they expect to increase their own gold holdings.
Any additional major purchases announced this week would further reinforce one of gold's strongest long-term demand drivers.
Five Things I'll Be Watching Every Morning
✔ Gold Price
✔ Silver Price
✔ US Dollar Index (DXY)
✔ 10-Year Treasury Yield & Real Yields
✔ Middle East & Oil Headlines
These five indicators often provide the earliest clues about where precious metals may head next.
Markets I'll Watch Daily
US Dollar Index (DXY)
10-Year Treasury Yield
10-Year Real Yield
Oil Prices
VIX
Gold/Silver Ratio
What Could Push Gold & Silver Higher?
✅ Softer-than-expected economic data
✅ Falling Treasury yields
✅ Lower real yields
✅ A weaker US dollar
✅ Favorable geopolitical developments that reduce pressure on Treasury yields and the US dollar
✅ Strong Asian physical demand
✅ Central bank buying
✅ ETF inflows
What Could Push Gold & Silver Lower?
❌ Stronger-than-expected economic data
❌ Hawkish Federal Reserve commentary
❌ Rising Treasury yields
❌ Higher real yields
❌ A stronger US dollar
❌ Profit-taking during thin summer trading
❌ Increased geopolitical risk (this is unique during this conflict)
Silver-Specific Watch
Silver is unique because it benefits from both monetary demand and industrial demand.
This week I'll be closely watching:
Manufacturing PMI
AI infrastructure expansion
Solar demand
COMEX positioning
China's physical market
The Gold/Silver Ratio
Ongoing structural supply deficits
Silver price relative to gold
If manufacturing data surprises to the upside while investment demand remains strong...
Silver could once again outperform gold.
Bottom Line
This week may look lighter on paper... But history has shown that some of the biggest market moves happen during weeks when investors are focused on what's coming next.
With the July 28–29 Federal Reserve meeting just around the corner, every economic report, Treasury auction, Federal Reserve comment, and geopolitical headline has the potential to shift expectations—and expectations often move gold and silver before the Fed ever makes a decision.
I'll also be closely watching the bond market, the US dollar, COMEX positioning, physical demand from Asia, and developments in the Middle East. Sometimes the weeks with the fewest scheduled events produce the biggest surprises.
Crustacean Nation 🦀
Which event do YOU think has the biggest chance of moving gold & silver this week?
🥇 Flash PMI
🏦 Federal Reserve Expectations
📉 Treasury Yields
🌎 Iran & the Strait of Hormuz
🇨🇳 China's Physical Demand
🥈 COMEX Activity
👇 Drop your thoughts below! As always—I read every comment.
Stay consistent. Stay stacked.
— International Stacker
Not financial advice. Just some dude on the internet with Crabs!
Research & Data Sources
FAQ: Gold & Silver Weekly Watchout
What is the biggest event for gold and silver this week?
This week's biggest scheduled events are Friday's Flash Manufacturing & Services PMI reports and Thursday's Initial Jobless Claims. With the July 28–29 Federal Reserve meeting approaching, investors will also be closely watching Treasury yields, the US dollar, and any geopolitical developments involving Iran and the Strait of Hormuz.
How important is the Iran / Strait of Hormuz situation right now?
Very important. While economic reports are scheduled events, geopolitical headlines can move markets at any time. Any escalation involving Iran, commercial shipping, or the Strait of Hormuz could quickly increase demand for safe-haven assets such as gold. However, during the current conflict, some escalations have also triggered short-term sell-offs in precious metals as Treasury yields and the US dollar strengthened.
Why is next week's Federal Reserve Meeting So Important?
Markets are already pricing in what the Federal Reserve may do at its July 28–29 meeting. This week's economic data could shift expectations for future interest rates before the Fed announces its decision.
Why does inflation matter for precious metals?
Gold and silver generally perform best when real interest rates are falling. Inflation reports heavily influence those expectations.
Why do Treasury yields matter for gold?
Treasury yields (especially real yields) are among the most important short-term drivers for gold and silver. Higher yields generally make non-yielding assets like physical gold and silver less attractive, while falling yields often provide support. This relationship is worth watching closely all week.
Why is silver often more volatile than gold?
Silver serves two roles.
It is both:
a precious metal
an industrial metal; Because of this dual demand, silver often experiences larger price swings than gold during both bull and bear markets.
Why should stackers watch China this week?
China is one of the world's largest consumers of silver for manufacturing, electronics, and solar production. Strong physical demand from China and activity on the Shanghai Gold Exchange can have a meaningful influence on global precious metals markets.
How important is the US Dollar this week?
Highly important. Gold and silver normally move inversely to the DXY. A weaker dollar tends to support higher precious metals prices.
Why is everyone watching Iran and the Strait of Hormuz?
Any escalation could affect oil prices, inflation expectations, global shipping, and safe-haven demand for gold.
What should stackers focus on during volatile weeks?
Long-term stackers often focus less on day-to-day price swings and more on consistent accumulation, risk management, and preserving purchasing power.
What is the best strategy for stackers right now?
Stay consistent through Dollar Cost Averaging (DCA). Focus on your long-term plan rather than trying to time every headline. Physical gold and silver remain excellent financial insurance during periods of uncertainty, inflation risks, and geopolitical tension.
What is Dollar Cost Averaging (DCA)?
Dollar Cost Averaging is an investment strategy where you purchase a fixed dollar amount of gold or silver on a regular schedule regardless of price. This helps remove emotion from investing while reducing the impact of short-term market volatility.
Why do many stackers use Dollar Cost Averaging?
Many long-term stackers use Dollar Cost Averaging because it avoids trying to perfectly time the market. When prices fall, the same dollar amount purchases more troy ounces. When prices rise, fewer ounces are purchased. Over time, this can lower the average cost per troy ounce.
Disclaimer: This website and my YouTube channel/social media are for entertainment and educational purposes only. I am not a financial advisor, investment professional, or licensed expert. Everything I share is my personal opinion as just some dude on the internet with crabs. None of the content is financial, legal, tax, or investment advice. Past performance does not guarantee future results. Always do your own research and consult a qualified professional before making any financial decisions. You are solely responsible for your own investment and financial choices. I am not liable for any losses or decisions you make based on this content.
Important Opinion: Never go into debt to buy gold or silver. Do not use leverage, margin, or loans to purchase precious metals.