To say that 2024 has been an interesting year is quite the understatement. After all, who would have had “Trump assassination attempt” on their 2024 bingo card? What promised to be a heated Presidential election will likely be even more so. And with over three months still to go before the elections, there’s no telling what will happen between now and then. But it isn’t just political events that are impacting precious metals prices today, it’s financial events too. While the summer normally is a time when things get quiet due to so many people being on vacation, this summer has been an exciting one so far for gold and silver. Here’s how recent events have impacted gold and silver prices. Attack on Trump Boosts Gold Price As safe haven assets, gold and silver are assets that people tend to demand during times of heightened uncertainty. And what could drive uncertainty higher than an assassination attempt on a former President who is running to retake his office? While the election is still too far out to predict, many polls had Trump moving ahead recently, due to President Biden’s numerous and much publicized foibles. But all it takes is one bullet and all of that goes up in the air. It’s only natural that many people would react by buying gold, sending gold prices higher to new all-time highs. Despite some profit-taking in the interim, gold still looks like a pretty strong candidate to hit $2,500 in the near future, and $2,600 wouldn’t even be out of the question either. Silver jumped quite a bit too, although profit-taking there has been a little bigger than with gold. Still, given the heightened uncertainty surrounding the election, that could keep silver and gold prices staying elevated for at least the next few months. Fed Comments Getting More Dovish While political uncertainty has been a major driver in gold and silver prices, recent comments from a number of Federal Reserve officials have been interpreted as meaning the Fed is leaning towards easing monetary policy in the near future. First there was Fed Chairman Jay Powell, who stated that the Fed’s next move would more likely be to start easing policy, which he thinks the Fed could do at the right moment. Then came Fed Governor Christopher Waller, who stated that he believes the “time to lower the policy rate is drawing closer.” Finally, New York Fed President John Williams also threw his hat into the ring, adding to the chorus of voices expressing the view that monetary easing could be coming sooner rather than later. While Williams and others think that it’s still not time to cut rates, a few more months of “good” data on inflation would likely nudge them to consider rate cuts. That means that a rate cut is all but out of the question at this month’s Federal Open Market Committee. But with the next meeting after that taking place in September, after two more months of Consumer Price Index (CPI) data, there could be more momentum for a September rate cut. If headline CPI drops below 3% for the next two months, and if core CPI remains low, there could be a rate cut in September. Markets are already starting to try to price in one or two rate cuts that could cut the federal funds rate below 5% by the end of the year. Again, as with the election, there’s a lot of time between then and now. And there are a lot of things that could change between now and then that could derail whatever the Fed thinks it may end up doing in September. But markets are almost universally certain that rate cuts will be beneficial for gold and silver prices. How You Can Prepare As we’ve said before, gold and silver have been trusted as safe haven assets for hundreds of years. When times get tough, and people get fearful, gold and silver become some of the most demanded safe haven assets around. The only thing that seems to be certain about this year is that nothing is certain. From Iran and Israel exchanging missile attacks, banks failing, and now President Trump getting shot, this year has been wild. And given the possibility of another “October surprise,” can you afford to be caught flat-footed if something crazy happens in the next few months? Aside from being safe havens and hedges against inflation, gold and silver can be just an all around hedge against uncertainty. They can help diversify portfolios that may be unbalanced or in need of diversification. And gold and silver can provide peace of mind when things get topsy-turvy, which could very well end up being the case this fall. When it comes to buying gold and silver, many people prefer the benefits conferred by physical gold and silver coins or bars. Whether it’s through a gold IRA or silver IRA, or through a direct purchase of precious metals delivered to your door, owning physical gold and silver provides a tangible asset that will remain in existence through just about anything short of nuclear war. Some people prefer to hold their gold and silver at home, making cash purchases of gold and silver a popular choice. They believe that a bird in the hand is worth two in the bush, and that if you don’t have the ability to physically touch your gold and silver, you don’t really own it. Others want to protect their tax-advantaged retirement savings in 401(k) and similar accounts, and trust gold IRAs and silver IRAs to do that. These precious metals IRAs offer the same tax advantages as any other IRA account, but hold physical gold and silver coins and bars that are stored securely in a bullion depository. Whichever way you choose to buy gold, Goldco can help. With over $2.5 billion in precious metals placements and thousands of satisfied customers, Goldco has worked hard to establish itself as one of the best and most trusted gold companies in the country. If you’re worried

While this year’s Presidential election was always going to be highly charged, the events of the past two weeks have really shaken things up. First came the assassination attempt against President Trump, then came the sudden announcement by President Biden that he was dropping out of the race, after having strenuously denied that he was going to drop out. Now we’re faced with Vice President Kamala Harris facing off against President Trump, with the Democratic VP pick likely not to be announced until the Democratic convention. To say that things have been turned upside down in the past two weeks is an understatement. Harris has received a bounce in the polls, no doubt due to happiness that Biden is finally out of the picture. But will that honeymoon last? And more importantly from our perspective, how will the outcome of the election impact the prices of gold and silver? Key Takeaways What If Trump Wins? Since a lot of prediction markets still expect Trump to win the election, let’s take a look first at what might happen to gold and silver if Trump gets elected. Many people speculate that a Trump win would be good for the economy, as he would institute pro-growth policies, lower taxes, etc. And if the economy gets stronger, people are less likely to want to buy gold. Gold sees its strongest demand when people are uncertain about the future, fearful of the future, and expecting recession or some other economic malaise. So you normally might expect the gold price then to rise less under a Republican than under a Democrat. However if you look back at gold’s price performance, it rose 53% under President Trump. So far under Biden, gold is only up 30%. Silver’s performance is similar, having risen 51% under Trump but only 13% thus far under Biden. While past performance is no guarantee of future performance, there’s certainly reason to hope that under another Trump presidency both gold and silver might see better gains than they saw under Biden. What If Harris Wins? It’s a common belief that precious metals are in greater demand under Democratic administrations than under Republican ones. And the statistics seem to back that up. The World Gold Council recently published its analysis of the election, and showed that demand for gold bars and coins has doubled under Democrats, US Mint gold coin sales are stronger with a Democrat, and demand for physical gold is stronger under Democrats. Since many gold buyers skew conservative, and since Democratic policies are harmful to the economy, that could explain why gold demand is stronger under Democratic administrations. So in that sense we might expect to see gold demand to pick up even more if Kamala wins. But if demand is stronger under Democrats, and stronger demand often translates to higher prices, what explains gold’s significantly better performance under Trump than under Biden? Certainly COVID played a role, as both gold demand and gold prices increased significantly in 2020. But COVID doesn’t explain everything. If you compare the pre-COVID part of Trump’s term from January 2017 to January 2020, through the first three years of their terms the gold price increased 28% for Trump but only 9% for Biden. So obviously there was something there that helped boost gold under Trump, even though the economy was strong and stock markets were soaring, conditions that would normally be seen as conducive to lower gains for gold. And even with high inflation and a faltering economy, gold didn’t fare as well under Biden, although it did hit multiple all-time highs. So should we expect muted performance if Kamala wins and for gold to take off if Trump wins? What Is Likely to Happen In all likelihood gold is going to do what it’s going to do regardless of who becomes President. And there’s a good chance that both gold and silver are going to increase in price regardless of who becomes President. The US economy is facing significant headwinds, with continued elevated inflation and a weakening labor market. Markets are now starting to price in a near-certain Federal Reserve rate cut in September. Rate cuts and easy monetary policy are generally considered good for gold and silver, and beneficial to pushing up their prices. The last two series of major rate cuts began just before the dotcom bubble collapse and the 2008 financial crisis. If the pattern holds, and the next rate cut is the first in a series, it could mean that the US economy is on the verge of recession. And once the recession begins, that could boost demand for gold and silver and send prices soaring. Whoever the next President is won’t be able to stop the next recession. That cake is baked in already, just like every recession before it. It’s the result of overly loose monetary policy, malinvestment of resources, and a subsequent credit-induced boom phase that will eventually give way to bust. Just like 2008 and the dotcom bubble before it, the next recession will be a crisis that we’ll have to ride out. The difference between Trump and Harris could be between how they react to the crisis, and the type of pressure they put on the Fed to intervene. You would certainly expect Harris, as a Democrat, to push for more monetary intervention than a Republican. But Trump is no ordinary Republican, and if he were to approve an approach to the next recession that mirrored that of 2020, it could end up being just as big as Harris’ potential moves. In any case, the next recession appears to finally be on the horizon, something we’ve been expecting for a while. And the Fed, as a one trick pony, will respond to the recession with some sort of easing, whether it’s rate cuts, quantitative easing, a combination of the two, or perhaps even something no one really expects. How You Can Prepare With Gold and Silver So how can you protect yourself? Starting thinking today about what’s

After the horrors of World War II, Europe went to great lengths to ensure that such a conflict never again ravaged the continent. Despite the constant threat from the Soviet Union during the Cold War, European countries continued working together to ensure that they remained united. And once the Cold War ended, everyone thought that the possibility of major power war was over. With the US as the world’s hegemon and the Soviet Union consigned to the dustbin of history, many people thought that war was largely a thing of the past. Sure, minor conflicts might erupt in less developed countries, but the threat of war was thought to be something that First World nations had overcome. Now we know better, of course. Decades of war on terror and now more recent conflict in Europe and the Middle East have reminded us that war is a threat that can resurface at any time. War has a significant effect on the lives of those unfortunate enough to be caught up in conflict zones. But it has significant effects on the lives of people outside conflict zones too. Whether it’s through disruptions to trade, disruption of travel, or other factors, the lives of everyone is affected by war. And the longer a war lasts and the deeper the conflict reaches, the more people are affected. We’re seeing today how war and the threat of war is impacting the price of gold. Gold is already a popular safe haven asset and thousands of people have already sought to protect their assets with gold due to fears of looming recession and rising inflation. But the threat of war can result in even greater demand for gold, as people seek certainty during uncertain times. Here are three ways that war can affect the price of gold Key Takeaways 1. Fear of Conflict When people start to fear for their financial well-being, they often flee to what they know or to what is familiar. In many cases this means heading for the safety of gold. Many people may not realize the many advantages of gold, but they have an innate sense that owning gold can help them. Gold can help to diversify your portfolio, assisting you in protecting your wealth against the damage that can be done when financial markets plummet. It can act as a hedge against inflation, as it maintains its value over the long term. And it can gain value during periods when other assets are losing value. When people start to fear that their assets will lose value, gold is very often the first asset they will seek out. And the more fear there is of war breaking out or of war continuing, the more the gold price could rise as more and more people seek to buy it. 2. Depth of Conflict The depth and severity of war are also factors that affect the price of gold. Civil wars in Africa, terrorist incidents in the Middle East, or border clashes in Asia don’t really impact the gold price. In some ways this is because they happen so regularly that they’ve become ho hum. But they also don’t normally threaten to draw major powers into conflict. The prospects for those types of wars and clashes spilling over and affecting the world economy are generally pretty slim. But when war breaks out between major powers, even proxy wars, and when the conflict could potentially risk nuclear war, the consequences of a deeper conflict could be severe. The fighting in Ukraine that began in 2022 reminded most people that nuclear war is still a threat. And the longer the war goes on, the more damaging it could be and the greater the likelihood that a minor miscalculation could result in major consequences. So the more severe a war is and the greater number of major powers involved, the greater the effect should be on gold. And the longer the war lasts, the more people may decide to buy gold to protect themselves. 3. Disruption of Trade Trade between nations is always one of the first casualties of war. And if a country at war is a major producer of necessary goods or raw materials, the effects of war could impact the whole world. When the conflict in Ukraine broke out, it disrupted trade as many Ukrainian exports couldn’t be produced anymore, while other goods like grain ended up flooding European countries and earning the ire of European farmers. Meanwhile Russian products ended up becoming increasingly sanctioned. The Houthi attacks on commercial shipping in the Red Sea have perhaps been a classic example of how war disrupts trade, as an increasing amount of commercial shipping has been routed around the Cape of Good Hope rather than through the Suez Canal. These types of trade disruptions can result in price increases for both commodities and finished goods. Hardly an item we buy today hasn’t been affected in some way by these trade disruptions, though we may not realize it. Over time we’ll see just how damaging the impact of these disruptions can get, particularly if these conflicts intensify. But the longer they drag on, the more damage will be done. Current Crises Affecting Gold The war in Ukraine has probably been the most important war impacting the gold price today. Gold prices increased significantly as soon as Russia attacked Ukraine, and they’re still high today. While we’ve become used to the war by this point, new flare-ups could push the gold price higher. That would especially be true if Ukraine takes a significant bit of Russian territory, or if Western weapons deliveries spur a stronger Russian military response. Like it or not, we’re in the middle of a great power war here, even if US and NATO boots aren’t actually on the ground in Ukraine. It’s only a proxy war for now for the West, but that doesn’t mean that it couldn’t flare up into an all-out Russia vs. NATO conflict. It’s hard to get accurate information about what’s