Monthly market reports
Monthly reports on gold and silver. What moved prices, where they might go, and what it means if you're buying. Each report is available as a PDF.
2026
Gold monthly: April 2026
Gold barely moved in April — a -1.9% month that felt like a victory after March's carnage. Dip-buyers returned, gold hit $4,831 before fading as Iran talks stalled and the Fed held for a third time. Here's what happened and what May holds.
Silver monthly: April 2026
Silver barely moved in April — down 1.7% and stuck in a $73–76 range — its most stable month of 2026. The World Silver Survey confirmed a fifth consecutive structural deficit widening to 46.3 million ounces. Physical tightness is real. The question is whether it matters before the Iran deal changes everything.
Gold monthly: March 2026
Gold suffered its worst month since 2008, falling 12.2% as the Iran war drove oil above $100 and killed rate-cut hopes. Technicals are deeply oversold, and a fragile US-Iran ceasefire sets up a pivotal April. Here's what happened and what's next.
Silver monthly: March 2026
Silver fell 15.9% in March — its worst month since 2020 — as oil-driven inflation killed rate-cut hopes and ETF holders headed for the exit. But the structural deficit deepened, COMEX vaults drained further, and the paper market is now deeply disconnected from physical reality.
Gold monthly: February 2026
Gold survived its worst day in 40 years, recovered every penny, and closed February up 7.5% as US-Israel strikes on Iran closed the Strait of Hormuz. Here's what happened and what comes next.
Silver monthly: February 2026
Silver crashed twice in February - falling from $121 to $64 - then clawed back to close near $93. The thrifting threat is now real, the Strait of Hormuz is closed, and the structural deficit continues. Here's what it means for silver investors.
Gold monthly: January 2026
Gold's historic rally continued in January with prices breaching $5,500. Our analysis examines the structural drivers, the risks, and what to watch — not what to do with the information.
Silver monthly: January 2026
Silver broke $100 and hit $120/oz in January 2026. We explain what's driving the rally, the China export ban, and how UK investors can navigate VAT and volatility.
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