Jun 2026

Weekly round-up for Stonex Bullion

Gold COMEX Managed Money positions only date to 9^th June, due to Juneteenth last week. Some liquidation and fresh shorts. ETFs nudging slightly higher

The Royal Tudor Beasts; Royal Dragon 2026

StoneX Bullion GmbH

The gold and silver markets remain in thrall to external factors and are still reluctant to move either way. Among the more tangible market parameters, silver ETFs continue to lose metal and gold has been on the back foot although there was some fresh interest towards the end of last week. The technical positions are not good for either metal, although some flows are improving.

Gold, now below all four key moving averages – possibility of the Death Cross

Silver; also below all four major moving averages with the 20D threatening to cross below the 10D

Outlook; mixed

Negotiations in the US/Iran talks are reportedly making progress, which has been giving gold some support, with trading on early Monday seeing gold trade over $4,220, erasing the losses of the previous week. This is not cut-and-dried, however, with the Israel /Hezbollah situation unresolved – although that, too, appears to be making some progress. In the background President Trump has been reported as threatening strikes if Hezbollah maintains attacks against Israel.

On the other side of the coin, inflationary forces are focusing investors’ minds on the interest rate profile and this is keeping bullish gold forces in check while silver has slipped to the $65-$70 range again, with the ratio easing, supported above 60, then inching down at the start of the week. Gold remains at a discount in the Middle East while both gold and silver are showing some tentative signs of life in India, with activity also starting to pick up in Europe.

Gold COMEX positioning, Money Managers (t)

Meanwhile Kevin Warsh has chaired his first FOMC meeting. As expected, the Statement was shorter than hitherto, with a hawkish tone. There is a clear Statement of Intent in the June document, whereas April and its predecessors were more geared towards nuance. The June document is less than half the wording in June than in April. In that meeting the FOMC referred to the Committee intending to “carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee is strongly committed to supporting maximum employment and returning inflation to 2% [and would] be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals “;

In June this has changed to “Inflation remains elevated relative to the Committee’s 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability. Previously job gains had remained low on average. Now; they “have kept pace with the workforce” (a markedly stronger statement); and that productivity growth and capital investment are strong.

In the Press Conference he outlined the implementation of five taskforces that are central to monetary policy:

Communications
Fed balance sheet policy – review benefits/risks of the “current ample” reserves regime and the composition of the Fed balance sheet
Use and reliance on existing data policies – new sources, methodology
Productivity and jobs in an era of transformation – study pace, reach and economic impact of new general-purpose technologies include AI. Implications for the Fed pursuit of the dual mandate
Fed’s inflation frameworks,- examine the drives, first principles and weigh the full range of relevant ideas.

And finally: - “Change isn't easy, change is filled with risk. But our number one goal is to get monetary policy right. The way to get monetary policy right is to deliver on the agreement that Congress gave us to deliver on price stability. And there was no disagreement on any of those points”.

COMEX Managed Money Silver Positioning (t)