Central banks have doubled their gold purchases to an average 1,000 tonnes per year over the past four years, with a World Gold Council survey of 76 institutions showing 89% expect global official holdings to rise and 45% plan to add to their own reserves. Speaking at the Rule Symposium in Boca Raton, senior market strategist Joseph Cavatoni framed the move as a structural response to sanctions, inflation and credit risk in paper currencies. The deeper, policy-driven demand base could underpin bullion prices, but miners still need to convert higher prices into disciplined production, cash flow and managed political and operating risk.

Tactical Resources has secured Nasdaq Capital Market approval via a SPAC merger with Plum Acquisition Corp. III, with New PubCo shares to trade under the ticker “TREO” after the expected 28 July 2026 closing. The company plans to use the listing to accelerate its Peak rare earths project in Hudspeth County, Texas, which holds exclusive rights over about 4 million tonnes of REE-bearing tailings and stockpiles from the Sierra Blanca quarry and already has initial quarry operating permits. Tactical’s feedstock-first model relies on existing mined material, aiming to bypass new mine development and move directly into processing.

Silver futures rebounded 1.5% to $56.74/oz on Comex after hitting an eight‑month low of $55.50, while gold slipped 0.3% to $4,005/oz, holding just above the $4,000 support level that veteran analyst John Gross pegs as critical alongside $55/oz silver, with the next support near $50. The gold–silver ratio eased to just under 71, Chinese wholesale gold demand and ETFs remain near decade‑low levels despite 20 consecutive months of PBoC buying, and Indian silver import restrictions have pushed local dealer premiums to $6.50/oz. Swap markets now fully price at least one further Fed hike this year as the US‑Iran conflict keeps oil and US gasoline above $4/gal, raising macro risk for precious‑metal‑exposed miners such as Newmont, Barrick, Pan American Silver, Coeur and Hecla, several of which are trading at less than half their 52‑week highs.