Aug 1: Gold $2,452 (-0.1%), Silver $33.10 (-0.05%). Market awaits NFP.
NFP: The "Ultimate Referee"
Expectations: 180k jobs. Weak data boosts gold; strong data triggers pullback. ING sees a solid bottom at $2,450.
Ratio Below 75: Silver's "Independent Run"
Ratio at 74.2 (lowest since Dec 2024). Silver outperforms due to industrial demand.
Silver Industrial Demand
Global demand +12% YoY. PV sector accounts for 22%. Silver is being repriced as a "green metal".
Fed Policy
Sept cut odds 71%. Real rates falling. Geopolitics adds premium.
Outlook
Weak NFP: Gold -> $2,475/2,500, Silver -> $33.8. Strong NFP: Gold -> $2,420, Silver -> $31.8.
Strategy: Use gold as core, silver for aggressive allocation.
