Week of August 18-22, 2026. Prices as of Tuesday. Last PMW issue: August 15.
Gold and Silver This Week
Gold eased to approximately $4,387 by Tuesday morning, down $26 on the day and roughly 0.9% below last week’s close. The pullback comes as the 10-year Treasury yield climbed to 4.72%, its highest level in nearly a year, and the 30-year briefly touched its highest point in almost two decades. Higher yields raise the opportunity cost of holding non-yielding bullion, and the dollar’s bounce off a two-month low added a second headwind.
Even with this week’s dip, gold remains up roughly 10% in August from near $4,000, its best monthly gain since January. The metal is consolidating in the $4,300 to $4,400 range after pulling back from the all-time high of $5,589 set in late January during the Iran crisis.
Silver retreated more sharply, falling to approximately $63.77 by Tuesday after touching $66.49 last week. The gold-silver ratio widened to roughly 69 from 67 at the start of the month. Silver is still up 71% year-over-year and 13.8% over the past 30 days, but it gave back gains faster than gold this week as rising yields hit the more volatile metal harder.
Track live precious metals prices here.
Fed Minutes: The Week’s Main Event
Minutes from the Federal Reserve’s July FOMC meeting drop Wednesday and are the most closely watched data point of the week. Early indications suggest some policymakers argued in favor of raising interest rates to head off a potential resurgence in inflation, while others leaned toward holding at the current 3.50% to 3.75% target range. A minority still sees a September cut as appropriate.
That three-way split is unusually wide. The uncertainty itself has been supportive for gold over recent weeks, as investors hedge against the possibility of a policy surprise in either direction. If the minutes reveal a more hawkish consensus than expected, Treasury yields could climb further and gold would likely face additional short-term pressure. A dovish lean would have the opposite effect.
Central Banks Set a Quarterly Buying Record
Central banks purchased 288.9 tonnes of gold in Q2 2026, the largest single-quarter total on record. Poland led with 51 tonnes as it works toward a self-imposed target of 700 tonnes in reserves. China added 33 tonnes, its largest single-quarter purchase since late 2023 and its 21st consecutive month of accumulation. Uzbekistan, Kazakhstan, Jordan, and the Czech Republic also added material quantities.
The World Gold Council’s 2026 Central Bank Gold Reserves Survey found that 89% of reserve managers expect global central bank gold holdings to increase over the next 12 months, and a record 45% expect their own institutions to add to reserves. Gold has now surpassed US Treasuries to become the world’s largest reserve asset class, a shift that took less than five years to complete.
On the selling side, Russia and Turkey remain the most notable net sellers. Russia’s sales reflect fiscal pressure from war spending under sanctions. Turkey’s reduction is tied to domestic efforts to stabilize the lira.
Copper’s Tariff-Driven Squeeze
Copper futures pushed toward $6.70 per pound this week, approaching fresh all-time highs after briefly touching $6.90 on August 6. The rally is being driven almost entirely by trade policy uncertainty around Section 232 tariffs on copper imports.
The timeline: President Trump launched a Section 232 investigation into copper imports in February 2025 and imposed 50% tariffs on semi-finished copper products in August 2025. Those tariffs were modified in April 2026 to cover the full value of imports. The Commerce Secretary was due to recommend whether to extend tariffs to refined copper by June 30, but that decision still has not landed.
The uncertainty has triggered a wave of front-running. More than 200,000 tonnes of copper were shipped to US ports in July alone, the largest single-month volume in shipping data going back to 2014. That surge is draining global supply and pushing LME copper prices toward records. Meanwhile, China’s refined copper output is declining for a second consecutive month as copper concentrate shortages tighten feedstock availability.
For bullion investors, the copper squeeze matters for two reasons. First, copper is a bellwether for the broader industrial metals complex, and its strength tends to support silver through shared industrial demand channels (solar, electronics, electrical infrastructure). Second, the tariff-driven price dislocations in copper illustrate exactly the kind of arbitrage opportunity that creates winners and losers across the commodities space. Track live copper prices here.
US Mint: Morgan and Peace Dollars Launch Monday
The highlight of the US Mint’s August calendar arrives on Monday, August 25 at noon Eastern: Enhanced Uncirculated editions of the Morgan Silver Dollar and Peace Silver Dollar. Both coins are struck at the West Point Mint in one ounce of 99.9% fine silver, carry the dual date “1776 ~ 2026” and a Liberty Bell “250” privy mark, and are priced at $169 each. Mintage is capped at 250,000 per design with a household order limit of 10.
One detail that has drawn collector attention: despite being struck at West Point, neither coin carries a W mintmark. The Mint has not explained the omission, and the numismatic community is split on whether it adds to or detracts from the coins’ appeal. The reverse proof versions of these same designs, released in July, moved over 300,000 units in their first four days of sales. Expect similar demand on Monday.
Later in the week, the fourth Semiquincentennial quarter design arrives on August 26, featuring the U.S. Constitution. Circulation-quality strikes from both Philadelphia and Denver will be available. On August 27, the 1804 Silver Dollar Gold Coin and Silver Medal Set drops, pairing a one-ounce 99.99% fine gold proof reproduction of Robert Scot’s Draped Bust design with a one-ounce silver medal. Pricing has not been announced, the Mint has not set a mintage cap, and the household limit is one set.
Other Mint News
The Royal Canadian Mint reported Q2 2026 financial results on August 14, with the foreign circulation business exceeding expectations and the precious metals division remaining profitable despite market volatility. The RCM also released a new Sable Island horse silver proof coin and continues to sell its Artemis II Moon Mission $20 fine silver coin (99.99% silver, mintage 7,500, $279.95 CAD).
The Perth Mint’s 2026 Koala with Liberty Bell privy mark, a 1 oz colorized silver coin limited to 2,500 pieces, was released as an exclusive for the ANA World’s Fair of Money in Pittsburgh (August 25 to 29). Perth Mint show-exclusive privy releases have historically held strong secondary market premiums due to their low mintages.
Premium Trends
Dealer premiums on Silver Eagles remain in the mid-teens, with the 2026 BU Eagle carrying a premium of approximately 15 to 16% above spot. Random-year Eagles continue to trade near spot at some dealers. Monster box pricing pulls the per-coin premium down to $2 to $4 over spot for bulk buyers.
Gold bar premiums remain historically tight. One-ounce bars start around 1% to 3% over spot for most buyers paying by check or wire, with the lowest-cost dealers listing near 0.2% above spot. Ten-ounce and kilo bars compress premiums further. The combination of record gold prices and tight premiums means the total cost of owning physical gold is closer to the raw metal price than it has been in years. For a full breakdown of how bar sizes affect your cost per ounce, see our gold bar buyer’s guide.
For real-time premium comparisons across products and dealers, see our gold price comparison and Silver Eagle price comparison pages.
Week Ahead
Wednesday’s Fed minutes are the macro catalyst. Any hawkish or dovish surprise will move gold and silver. On the Mint side, the Morgan and Peace Enhanced Uncirculated dollars launch Monday at noon, and the 1804 Dollar gold set follows Wednesday. The copper tariff decision remains a wildcard: if the Commerce Department finally delivers its recommendation on refined copper duties, expect ripple effects across the entire metals complex.
Check live gold, silver, platinum, and copper prices.
