Summary

• The narrative around precious metals has reversed sharply. Gold and silver both surged to start the year following already strong runs in 2025, but the momentum to start 2026 quickly stalled.
• At their January highs, gold and silver were up 29% and 72% YTD, respectively. Today, the “sell America” trade has turned to "buy America," causing the dollar to strengthen and precious metals to lose their luster.
• Warsh’s perceived hawkishness at last week’s Fed meeting only added to the recent weakness, and both metals have given up their earlier YTD gains and more, with gold now down 6.5% YTD and silver down more than twice as much, with a drop of 15.7%.

Originally published on June 24, 2026

Narratives have a way of shifting quickly in the market.

Heading into last week’s Federal Reserve meeting, new Chair Kevin Warsh was viewed by many as a dove who would