Mid-Week Macro (7/1/2026)

Mid-Week Macro

The middle of summer approaches, and everything is slowing down. It’s vacation time. Normally, July is quiet on the stock market. We might get a 5% correction, but 10% corrections are rare. Expect the volatility to return in August or September.

It’s a good month to accumulate gold/silver miners on sale. Gold is at $4050, silver at $60, and the HUI at 643. Many miners have been beaten up. The floor for gold is around $3500, and I doubt we get much below $3800. The floor for silver is around $50, and I doubt we get much below $55. We no longer have to worry about catching a deep falling knife. Most of the damage is already done.

I expect gold and silver to make a bit of run in July and August, reaching around $4500, or perhaps higher. I do not expect a straight line to $5600, the ATH. Instead, I expect another correction before the midterms in November. Should we wait for that correction? No, I plan to accumulate now with gold at $4100, and then buy the next dip when it comes.

The real question is, when does the next leg up begin for gold? The first leg was August to January, and we have been correcting for 5 months. We might get stuck in a trading range for a few more months before the next leg up begins. Once it begins, expect to reach a new ATH. That’s usually how gold bull markets roll, with higher highs and then higher lows, as it trends higher over an extended period.

I would like to see gold reach $5000 by November. If that happens, then we should see a strong gold/silver finish to the year and a good setup for 2027.