Key Factors for Gold and Silver Through the End of July

Precious metals markets will be watching three major developments:

1. Hong Kong’s gold clearing exchange is set to become fully operational on July 24, 2026, with plans to significantly expand its physical gold holdings. This could strengthen China’s influence over global gold pricing while reducing reliance on paper gold trading.
2. India’s silver inventories remain low, and a resumption of imports could trigger a sharp increase in physical silver demand, putting renewed pressure on COMEX inventories.
3. USMCA negotiations between the U.S. and Mexico will take place from July 22–24. As the world’s largest silver producer, Mexico could discuss critical minerals, mining, and refining, even if these topics have not been officially announced.

Overall, the outlook for silver remains bullish. Low prices could encourage stronger physical buying, renewed pressure on available inventories, and increased short covering. With bond and oil markets also appearing fragile, both gold and silver continue to look significantly undervalued.

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