6/23/2025

OUTSIDE MARKET DEVELOPMENTS:
 

• President Trump's decision to strike Iran’s nuclear facilities marked a pivotal moment in U.S. foreign policy, aiming to eliminate a growing nuclear threat and restore regional deterrence. By dismantling key sites, the mission known as "Operation Midnight Hammer" dealt a severe blow to Iran’s nuclear ambitions and created an opening for long-term Middle East stability.
• Despite multiple chances for diplomacy, Iran remained defiant, continuing enrichment and provoking conflict through proxies. The coordinated U.S.-Israeli operation not only crippled Iran’s nuclear infrastructure but also weakened its military posture and silenced several militant groups aligned with Tehran.
• Though critics warned of escalating war, the strikes may have prevented one by removing a looming threat. President Trump’s actions showed a decisive break from past policies of delay, reinforcing U.S. credibility while offering Iran a final chance to choose peace over nuclear escalation.
• Oil prices surged following the U.S. bombing of Iran, raising concerns that Tehran might try to close the Strait of Hormuz, a critical global oil route. While such a move could spike prices, it would also hurt Iran’s own economy and deepen its conflict with the U.S.

GOLD

OVERNIGHT CHANGE THROUGH 6:00 AM CT: -$0.69 (-0.0205%)
5-Day Change: -$9.59 (-0.52%)
YTD Range: $2,607.16 - $3,495.89
52-Week Range: $2,295.86 - $3,495.89
Weighted Alpha: +45.01

Gold opened slightly lower than Friday's close at $3,367.60 then had a brief spike in the early hours of today's trading session. 




Gold prices inched higher on Monday as geopolitical tensions between Iran and Israel stirred safe-haven demand, though gains were capped by a rising U.S. dollar. Spot gold rose 0.1% to $3,369.80 an ounce, while U.S. futures held steady just above $3,385.

The dollar’s 0.6% climb made gold more expensive for international buyers, limiting its upward momentum. Analysts say that while gold remains supported by global uncertainty, a new record high is unlikely in the short term due to a potentially delayed Fed rate cut and stronger dollar.

The situation escalated as Iran threatened retaliation following U.S. strikes on its nuclear facilities, with President Trump hinting at possible regime change. Iran’s warning and missile exchanges with Israel added to investor anxiety heading into a week filled with economic reports and commentary from the Federal Reserve.

Gold remains supported by its 20-day EMA near $3,350 and trades within an ascending triangle pattern, hinting at potential volatility ahead. A sustained move above $3,500 could open the door to $3,550 and $3,600, while a break below $3,245 would signal weakness toward $3,200 or lower.

SILVER

OVERNIGHT CHANGE THROUGH 6:00 AM CT: +$0.135 (+0.375%)
5-Day Change: -$0.110 (-0.73%)
YTD Range: $28.565 - $37.288
52-Week Range: $26.524 - $37.288
Weighted Alpha: +27.19

Silver is consolidating near the $36.00 level, struggling to break above key technical resistance at $36.31 amid cautious market sentiment and a stronger U.S. dollar. This resistance has limited bullish momentum despite rising geopolitical tensions that usually support safe-haven assets like silver.


 

Silver faces opposing pressures from escalating geopolitical risks and the Federal Reserve’s hawkish stance, which keeps the U.S. dollar strong and reduces appetite for non-yielding metals. As a result, silver has remained range-bound, with investors hesitant to push prices higher without clearer economic or risk signals.

Looking ahead, markets await important PMI data for further direction, while ongoing Middle East developments continue to add uncertainty. Until these catalysts emerge, silver is expected to trade within a narrow range between roughly $35.60 and $36.45, with key technical levels around $35.86 and $36.31 acting as support and resistance.

Iranian lawmakers have threatened to close the strategically vital Strait of Hormuz after U.S. forces joined Israeli strikes on Tehran’s nuclear sites. This narrow waterway is crucial for global energy supplies, with about 20% of the world’s oil and liquefied natural gas passing through it daily, making any disruption a serious threat to global markets and energy prices.

While some analysts see the closure threat as a bargaining chip and a distant possibility due to Iran’s economic dependence on the strait, others warn it could provoke a swift and strong military response from the U.S. Iranian naval tactics, including swarms of small boats and potential use of mines, add complexity to the risk. Despite the saber-rattling, tanker traffic remains normal for now, though oil prices have risen amid fears of disruption.

Thomas Garland 
Vice President
Zaner Metals LLC
312-205-7906 Direct/Text
tgarland@zanermetals.com
www.zanermetals.com

Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.