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Weekly Survey of Gold and Silver Prices
Single Ounce Silver Market Price Benchmark
Money Daily has been providing business and financial market news, views, and coverage on a nearly continuous basis since 2006. Complete archives are available at moneydaily.blogspot.com.
PRIOR COVERAGE:
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Friday, May 29, 2026, 9:05 am ET With just one more trading day in the week and the month, the advantage of owning equities appears unshakable. For the week through Thursday's close, the Dow has added 80 points but is also at a record high. The NASDAQ is up 573 points (2.18%) in just three sessions, and the S&P 500 is ahead by 90 points (1.21%). All in all, index funds continue to look like the proverbial cat's meow, even with conflicts in the Middle East and Ukraine and high inflation in the U.S. As of Thursday's close the Shiller PE stands at 42.55, just more then 1.5 points from the all-time high of 44.19, set back in December 1999. Without taking into account the nuances of computing the Shiller PE (aka CAPE) and its 10-year earnings structure, the S&P would have to gain another 250-300 points to break the record, or, a record high close to 8,000 on the 500-stock index. Considering the degree to which stocks are currently in favor, that doesn't seem too far-fetched, despite the absolute bubbliest overview. A target of 8,000 on the S&P might be sometime between late July and early October, conveniently just in time for the midterms. It was recently exposed that Warren Buffett's Berkshire Hathaway had taken about a 1% stake in the quintessential retail chain, Macy's (M), which also owns Bloomingdales and an impressive real estate portfolio estimated at around $3 billion. Buffett may have made the call on this himself, which adds to the intrigue. On the surface, the Macy's purchase seems to be a pretty shrewd move. The fact alone that Buffett sees value will draw in more investors, pushing the stock higher. Buffett will no doubt continue buying in measured fashion or possibly tender a buyout offer and take the company private under the Berkshire Hathaway umbrella. With the current market cap just above $5 billion, Buffett could offer $10 billion or more without batting an eyelash. He has a war chest of nearly $400 billion on hand, so it wouldn't be a significant move. Macy's could be sold out with a share price of $40 or higher. It's a pretty safe bet, plus, there's the annual dividend of 77 cents per share and a PE ratio kicking around 9 or 10. Retail has been whipsawed in recent years due to trends toward e-commerce and the lackluster reputation of many regional malls. Macy's owns a load of properties and they're undergoing a major restructuring, closing many of under-performing stores while adding new initiates to those kept open. Retail hasn't been announced dead and buried. It may be just hibernating through a tech winter. People still like the idea of hands-on shopping, especially for apparel, an area in which Macy's excels. There's a lot to like in Buffett's bold move. He and his company haven’t invested in a retailer in about 60 years. The timing and strategy seem elegant with a tinge of contrarianism.
After the close on Thursday, these companies announced first quarter results: A little deeper look at Dell's outrageous rise this morning reveals record revenue of $43.8 billion, up 88% year over year, record diluted earnings per share (EPS) of $5.24, up 282% year over year, and record non-GAAP diluted EPS of $4.86, up 214%, record first-quarter cash flow from operations of $4.1 billion. The company benefitted from a close association with President Trump and this week, the company was awarded a $9.7 billion Pentagon contract to provide a suite of software to the U.S. military. While Dell's results reek of insider activity and self-dealing, there's nothing fake about banking enormous profits. There is likely to be some pullback following the initial euphoria from this blowout quarter, though the stock could rampage higher, given current momentum. One-day gains such as this are truly astonishing and aligned entirely with Trump's vision of a growing U.S. tech base. Whatever comes of it, this will be the headline going into the weekend, suggesting massive gains to close out the week and the month. As the opening bell approaches, futures ar higher, though uneven. Dow futures are up 115 points, S&P futures gaining 6-10 points, while the NASDAQ lags, up only 20 points after its big run-up Thursday. With President Trump nixing the latest peace offering from Iran, once again on the nuclear issue, the rhetoric doesn't change from the hope and fear that's been narrated from the White House for the past month. The situation in the Middle East remains in doubt, seemingly suitable to institutional investors. Who knew that uncertainty would drive markets higher? Gven the chokehold Iran and the U.S. have created over the flow of Persian Gulf oil, it's astonishing to see WTI futures ranging lower, around $87 per barrel prior to the opening bell. Meanwhile, executives at Chevron and ExxonMobil are warning about extremely low inventory levels. The U.S. strategic reverses are being drained, gas prices reamin stubbornly high (national average $4.37). Something has to give, or, maybe not. The stalemate could continue for months given the vagueness of the ongoing peace/war process. None of this has helped precious metals, with both gold and silver trading near recent lows; gold around $4,500 and silver in the $75 range. Stocks are moving higher and treasury yields have dipped below 4.50% on the 10-year and 5.00% on 30-year bonds. The weekend and June dead ahead, end-of-month window dressing is on the menu to close out a solid week on Wall Street.
At the Close, Thursday, May 28, 2026:
Thursday, May 28, 2026, 9:22 am ET Stocks made another move slightly higher on Wednesday. Against a backdrop of rising inflation and renewed attacks by the U.S. against Iranian targets in the Gulf of Hormuz, the Dow, S&P, and NASDAQ all closed at record highs. The euphoria may be wearing a little bit thin as stock futures heading into Thursday's session were trending lower, though release of GDP and Capital Goods Orders sent futures higher after 8:30 am ET. Any losses in the indices are likely to be short-lived as the rally has not been negatively affected by either geo-politics or domestic data. Thursday morning brings a handful of useful data, led by the monthly PCE Price Index, second estimate of first quarter GDP and Durable Goods orders. Labor gets numbers from the weekly jobless claims. Real GDP was unchanged from the initial estimate of 1.6%, and, according to the BEA:
The price index for gross domestic purchases increased 3.5 percent in the first quarter, revised down 0.1 percentage point from the previous estimate. The personal consumption expenditures (PCE) price index increased 4.5 percent, the same as previously estimated, and the PCE price index excluding food and energy increased 4.4 percent, revised up 0.1 percentage point. Durable Goods Orders were an out--of-the-park hit:
New orders for manufactured durable goods in April, up two consecutive months, increased $25.5 billion or 7.9 percent to $346.0 billion, the U.S. Census Bureau announced today. This followed a 1.3 percent March increase. Excluding transportation, new orders increased 1.1 percent. Excluding defense, new orders increased 8.1 percent. Transportation equipment, also up two consecutive months, led the increase, $23.1 billion or 21.5 percent to $130.9 billion. Weekly initial and continuing unemployment claims were static, with the latest initial claims figure at 215,000, well within the current range.
First quarter earnings continue to trickle forward. After the close Wednesday, these companies reported:
On Thursday, before the open, Wall Street, largely giddy over the morning's data drops and corporate earnings, continues to pile into stocks willy-nilly. a host of retail investors and skeptics continue moaning about high valuations, but the real money isn't holding back. Heading toward Thursday’s open, futures have flattened out, gold and silver are lower, oil steady at around $90-91 and bitcoin continuing to drop, below $73,000 earlier this morning. With institutions calling, "everybody into the pool; the water's fine," is this time, with stocks at record highs, the right time to take the leap? The right time was six months to a year or two ago, but retail is always the last to know and the last to move. When retail, always late to sense the obvious, does finally relent and join the party, then will be the correct time to take profits. Until then, onward and upward.
At the Close, Wednesday, May 27, 2026:
Wednesday, May 27, 2026, 9:13 am ET After a long weekend of back-and-forth, peace or war rhetoric with Iran, the U.S. decided to take "defensive" action by bombing the port of Bandar Abbas in southern Iran, near the Straight of Hormuz around midnight Monday. President Trump had already warned Iran that the alternative to accepting a peace plan would foment more destruction. The president also insisted upon the U.S. taking control of Iran's stockpile of enriched uranium, scuttling the hopeful deal that has been in negotiation for the better part of three weeks. The heinous tactic of the U.S. - promise, promise, negotiate, escalate - has grown old. The U.S. citizenry has caught onto the rogue, barbaric teasing and attacking, calling the other side out for violations of the ceasefire and negotiating in bad faith. Somehow, the mainstream U.S. press continues to overlook the obvious. Whether it be war of peace, Wall Street appears to be satisfied with either condition. While the Dow on Tuesday dropped back from its record high, the NASDAQ and S&P each ended the session at record closing levels. The Shiller PE rose to 42.32, continuing a ramp-up that has risen relentlessly since January of 2023.
Some first quarter company results were announced Wednesday morning prior to the open: After the close Wednesday, Salesforce (CRM), HP (HPQ), and Marvell (MRVL) report. On Thursday, before the open, Hormel Foods (HRL), Kohl's (KSS), Best Buy (BBY), and Burlington (BURL) highlight the earnings parade. Stocks are looking for a positive start Wednesday morning. Dow futures are up 75 points; NASDAQ futures are adding 205; and S&P futures are up 19 a half hour before the bell. Precious metals are taking their usual mid-week beating with gold at $4,430 and silver at $74.36. WTI crude oil had risen above $94 on Tuesday, but is currently leveling off just above $88. Give peace a chance?
At the Close, Tuesday, May 26, 2026:
Sunday, May 24, 2026, 11:48 am ET With everything on hold over the Memorial Day weekend according to the latest tweets, truths, and messaging from the White House, a positive vibe seems to be the dominant expression, with a "solution" being suggested by politicians and the media. A subtle shift is taking place, one in which "Iran cannot have a nuclear weapon" is being replaced with "we must open the Strait of Hormuz." The president is on his back foot in terms of negotiating power, and the very real possibility that the Strait of Hormuz could reopen with only a commitment from Iran that they will continue to "negotiate" over the nuclear issue. Such an outcome would give the president two things he sorely needs: a near-term win, lowering the price of oil and gas; and, time to set the agenda through the midterms, with the possibility of resuming hostilities after the elections. This agenda would likely be positive for stocks and fixed income, considering that the government might find it within its best interests to lower the price of gas at the pump (buy votes) and have Trump and the Republicans appear as heroes and deal-makers. While one can't make this stuff up, politicians believe they can and will likely try. Good luck. Stocks The week just past was solidly positive for industrials and only marginally appealing to tech. The Dow was up well more than double that of the S&P in percentage terms, and held a five-fold edge over the NASDAQ. The Dow made all-time closing highs on Thursday and again on Friday, with the other indices within spitting distance of their record highs. Bubble markets being what the name implies, there's little doubt as to the direction of all stocks. The piling on and crowding of trades is nearing an "all in" condition, which is the normal set-up for a rapid correction, though that moment still seems far away. Momentum and political ties will take stocks higher unless something disruptive and unexpected - a black swan - occurs. With the government's near-complete control of the media narrative, even nuking New York City would probably be spun as a positive development, sending stocks even higher. There's no fighting it. Nobody wants protections. Puts are pretty cheap because they usually end up at zero come maturity. The week ahead offers only a few stragglers reporting first quarter 2026 results with the focus on retail: Tuesday: (before open) Elbit Systems (ESLT), AutoZone (AZO), Champion Homes (SKY); (after close) SilverCorp Metals (SVM), Box (BOX) Wednesday: (before open) Abercrombie & Fitch (ANF), Bath & Body Works (BBWI), Dick's Sporting Goods (DKS); (after close) Salesforce (CRM), HP (HPQ), Marvell (MRVL) Thursday: (before open) Hormel Foods (HRL), Kohl's (KSS), Best Buy (BBY), Burlington (BURL); (after close) Costco (COST), AutoDesk (ADSK), Gap Inc. (GAP), Dell (DELL) Friday: (before open) BitFuFu (FUFU), Knot Offshore (KNOP) Relevant data releases can be found at Trading View. Here are a few relevant data drops for the four-day week ahead: Tuesday brings the back-dated S&P Cotality Case-Shiller 20-City Composite Home Price Index, Wednesday has the Richmond Fed Manufacturing Index, Johnson Redbook Index, and the ADP weekly Employment numbers. Inflation is on review Thursday with the monthly PCE Price Index and employment gets numbers from the weekly jobless claims. Thursday will be notable for the second estimate of first quarter GDP and Durable Goods orders. Friday provides the Goods Trade Balance, and Retail and Wholesale Inventories. The outlook for weeks and months ahead are cloudy, as the political levers being pulled relate significantly to inflation, employment, and making new all-time highs in stocks. Every move higher in stocks has to be questioned from a fundamental standpoint. The U.S. cannot continue to price stocks in bubble-land. Valuations are material; prices, ephemeral. Treasury Yield Curve Rates
Yields fell overall this week for maturities longer than five years, though not substantially. The 30-year bond yield has held over five percent for two weeks running. While interest rates are assumed to have something to do with the Middle East conflict, they have more to do with general U.S. monetary policy, which is still considered to be very loose, the government continuing to borrow and raise the overall debt to nearly $40 trillion. It doesn't go unnoticed that U.S. debt to GDP is 137% while Russia's is 14%. After a while - a condition currently underway - lenders to the U.S. are demanding higher returns and the reserve status of the dollar is in severe decline. The dollar index has wavered between 96 and 101 for the past year, but it's down substantially since January, 2025, just prior to Trump's inauguration, of 110. Erosion of confidence in a reserve currency is not something that happens overnight unless it is caused by government dictate or devaluation. The long term trend remains to the downside as the reality of inflation ramps up. Another financial crisis could take the DXY to below 70, at which point the U.S. goose may be fully cooked. It's somewhat heartening that the free-spending U.S. government has managed other keep some buyers of its debt happy, but the costs are enormous. Interest on the debt is likely to become the largest expenditure - it's already #3 or #4, behind medicare/medicaid, social security, and the military, depending on the upcoming 2027 budget, which is soon to be negotiated. While the president may wish for lower interest rates, wishing would be the appropriate term, as there is little to appetite at the Fed - even with the changing of the guar from Jerome Powell to Kevin Warsh - because inflation numbers continue to rise. Ending the Iran conflict would be a short-term patch, as the latest CPI and PPI inflation figures were tied, in large part, to oil and gasoline. Bringing down those prices are high on the president's agenda and could influence upcoming FOMC policy. For now, however, 4.50% on the 10-year note and 5.00% on the 30-year bond are appearing as bottoms. The White House, stuck between surrender of principles in the Middle East and rampaging inflation at home, will likely make the political decision to back down on demands against Iran and get the gas at the pump price down. Midterms are less than six months away and a chorus of Republicans up for re-election are piping their tune directly into President Trump's ear. Spreads took a bit of a breather from the high end, with 2s-10s dropping to +43 and the 30-days-30-years full spectrum dropping six basis points to +135, though the potential for spreads to run hotter is, at the same time, beneficial to banking interests, but harmful to the currency, as yield gains would likely occur at the long end of the curve under current and expected conditions. Spreads:
2s-10s
Full Spectrum (30-days - 30-years) Oil/Gas Thanks to the ongoing White House narrative of "nearing a deal" in the Iran conflict, WTI Crude Oil finished the week in New York at $97.00, 101.16, down from last Friday’s New York closing price of $101.16, though remaining in the recent range of $90-110. Supposedly, resumption of regular flows from the Persian Gulf would clip the price per barrel by $15-20, perhaps more, depending on the strength of commitment on both sides of the conflict to adhere to general outlines. Over the Memorial Day weekend, word continues to emanate from Trump Palace that negotiations with Iran are proceeding and nearing a conclusion, a draft proposal acceptable to not just Iran and the U.S., but to other countries in the region. This same game continues to play out, with hopes dashed on a regular basis and the price of oil rising again. To Trump's credit, he's kept the price in a range that isn't too damaging to U.S. consumers. Average price for a gallon of unleaded regular gasoline in the U.S. was $4.50 last week and $4.50 this week, no change. Americans, having been through gas hikes and energy crises before, are adjusting and conserving wherever possible, though further increases in food and energy prices may be too much too bear and the politicians are acutely aware of that. Prices in key states:
California (leader): $6.10 (-0.03) On Sunday, May 24th, there are just five (5) states with average prices below $4.00 (Oklahoma, Indiana, Louisiana, Mississippi, and Georgia, same number as last week, with Indiana replacing Texas, 43 above the $4 threshold, not including Hawaii ($5.68) and Alaska ($5.32), four above $5 (California, Nevada, Washington, Oregon), and one above $6 (California). The Southeast has become the lowest region overall over the past week as a gallon of unleaded regular is averaging right around $4.00 in places like Tennessee, Georgia, Texas, and Mississippi. Bitcoin
This week: $76,800.00 Any purchase of bitcoin since mid-November, 2024 - a period of 18 months and counting - has resulted in a loss if still held today. This artificial currency is worth cow turds. Ask a car dealer if they'll take a bitcoin for a new Ford F-150 or a bank to use your bitcoin as a down payment on a house. The answer will be the same: convert it to U.S. dollars and you've got a deal. Why bother, when just holding cash for the last 18 months would have saved money. Thanks to inflation, bitcoiners are losing purchasing power on a regular basis and that subtraction is gearing up to be even worse. Precious Metals Gold:Silver Ratio: 59.73; last week: 59.75 Futures, per COMEX continuous contracts:
Gold price 4/24: $4,725.40
Silver price 4/24: $76.19
SPOT: (stockcharts.com)
Silver 4/24: $75.63 Silver and gold finished out the week nearly unchanged, though both metals experienced considerable, range-bound volatility. Gold traded as high as $4,598 and as low as $4,453. Silver hit $78.88 and bottomed at $73.06. There are opposing forces tugging at precious metals. With interest rates on the rise, some investors might opt for the 4+ percent return on treasuries or corporate bonds. At the other end, inflation erodes purchasing power, making PMs an obvious choice for wealth protection. In addition to the usual strangulation tactics in COMEX futures, these forces are keeping PMs stuck in a range, for now. Premiums are still at high levels for physical with bullion (bars), charging higher as opposed to specie (coins). The usual spread between bars and coins has shrunk considerably to a point at which they are nearly equal, around $200 per ounce. The spread on silver has regularly favored bars, premia now roughly higher by $4-5. Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):
The Single Ounce Silver Market Price Benchmark (SOSMPB) rose modestly, to $87.45, a gain of 37 cents from the May 17 price of $87.08 per troy ounce, well within the recent range. WEEKEND WRAP Happy Memorial Day. Summer approaches post haste. Keep your friends close and your powder dry.
At the Close, Friday, May 22, 2026:
For the Week:
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