Gold and silver miners turn higher on schedule
Global Cycles Watch | Chart of the Day: Gold Mining Junior ETF | 09. August 2026
Friday delivered gains across the board as investors read the weak July jobs report through a “bad is good” lens. The Nasdaq gained 1.30%, the Russell 2000 added 1.10%, and the S&P 500 rose 0.62%. Treasuries rallied alongside, with yields falling across the curve, and the market trimmed its Fed expectations to roughly a quarter point of rate increases for the rest of the year. The dollar sank 0.4%. The strongest moves came from the metals, where gold rose 2.5% and silver jumped 3.4%, and our cycle scan has a lot to say about exactly that corner of the market. Brent slipped 0.6% to around $82 after a Reuters report that the Iran-Oman deal to reopen Hormuz should be released soon.
The jobs report itself was weaker than the rally suggests. Establishment adds missed badly with negative revisions, household employment declined, and the drop in the unemployment rate came from a slump in participation, which carries hawkish implications. The odds of a September hike still stand near 44%, and Friday revived the Fed-independence fight with the threat to remove governor Lisa Cook back on the tape. Against that backdrop, the story of the day in our scan is a single sequence. The hard-asset complex has moved from cycle warning to a turn that price now backs, with silver and the miners leading higher, and the long end of the bond market is lining up as the next candidate, this time for a peak in yields. Wednesday’s CPI print is the first test of that second leg.
Our daily analysis filters roughly 45 markets through a cycle consensus engine. Each asset receives a Consensus Score from -100 to +100, where positive values mark potential cyclical bottoms and negative values potential cyclical tops. Readings beyond the ±60 threshold define the critical zone, a critical reading at which the cycle model raises the alarm for a possible turn. Let’s take a closer look.
