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Bullion continues strong momentum as Trump on AUGMONT BULLION REPORT

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Gold futures contract reached a new high of $4440 for the 52nd time this year, rising 66%. Silver’s futures contract has increased 131% this year, reaching $69.5, breaking 15 records in the process. Both metals are on track to make their largest advances since 1979, when they also set a record number of highs.

This rise is being fueled by prolonged geopolitical tensions (Venezuela Blockade and Caribbean Naval Tension), aggressive central-bank buying, supply interruptions in Silver, and a global investing community more concerned about economic and political unpredictability. 

Fundamental shift in investment demand

If there is one major learning from 2025 that should be applied to 2026, it is that, while uncertainty can take many forms, chronic worry surrounding tariffs, geopolitics, conflict, politics, government shutdowns, legislation, and so on has left investors feeling underexposed to gold. When combined with gold’s good price performance and lower correlations, we believe it is now more widely acknowledged as a strategic component of portfolios.

Historically, Wall Street recommended a 60/40 strategy, with 60% equities and 40% fixed-income investments (mainly bonds). Given the changing market circumstances, most fund managers and analysts recommend that investors explore a 60/20/20 strategy, which involves swapping half of their bond portfolio for gold to act as a “more resilient” inflation hedge. 

The 60-20-20 allocation scheme has gained popularity and attention in the financial media. If the theory achieves popular acceptance, gold may reach new highs. With most portfolios’ average gold allocation under 5%, investors would need to buy a lot more yellow metal to increase their gold holdings to 20%! This reflects gold’s increased standing as a basic portfolio diversifier rather than a crisis hedge of last resort. 

Therefore, it seems gold and silver are not in a bubble!!!

Silver Supply Deficits

Mining disruptions and limited current silver inventories are causing severe supply shortfalls, driving prices higher. Potential interest rate reduction in the United States and a lower dollar are expected to continue to boost speculator demand for silver, not to mention any geopolitical tensions that would generate keener safe-haven demand for silver.

Technically, silver stays positive on both the long and short-term charts. However, silver is in the midst of a mature bull market run, and it is quite likely that the market will need to pause in the next months. Raw commodities, especially metals, are highly cyclical and have distinct phases of boom and crisis. There is no doubt that silver is now in a boom cycle. That suggests the following phase will be a bust cycle. The only uncertainty is the start date of the bust. The scale of the silver bubble, as seen by the monthly continuation chart for nearby silver futures, suggests that the magnitude of the crash will be substantial as well.

Economic Data in focus

Last week, New York Fed President John Williams noted that recent data hint to more disinflation, while noting that the spike in the unemployment rate may reflect temporary distortions, possibly by roughly one-tenth of a percentage point, and so was not a shocking event. He stated that he does not see any hurry to change monetary policy at this time.

Switching to economic data this week, the US agenda is far and by the busiest. Next week’s first focus will be the advanced GDP reading for Q3. The data, due on Tuesday, is expected to indicate that the US economy grew at a healthy annualised pace of 3.2% in the third quarter, somewhat slower than the 3.8% reported in the second quarter. The latest consumer confidence index and durable goods orders for October are both released on the same day. The week is coming to an end, and we are set to embrace the Christmas season. A large number of traders are expected to be offline, causing the markets to slow down; yet, thin trading circumstances may apply, allowing for unforeseen market situations to occur.

If Gold continues its bullish momentum, it can touch next target of $4500 (~ Rs 138,000) with strong support at $4330 (~Rs 133,000).

If Silver continues its bullish momentum, next target is $70(~Rs 216,000) and $72 (Rs 222,000). Strong support lies at 64.50 (~Rs 200,000).

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International News

Vicenzaoro September 2026 Closes With Stronger International Footprint

The Five-Day Trade Show Recorded A 4% Increase In Total Visitors Compared With The September 2025 Edition, While International Attendance Rose By 9%.

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Vicenzaoro September 2026 concluded on 8 September with further growth in visitor traffic and international participation, reinforcing its position as a key global meeting point for the jewellery, gemstones, precious metals and technology industries. Organised by Italian Exhibition Group (IEG), the five-day trade show recorded a 4% increase in total visitors compared with the September 2025 edition, while international attendance rose by 9%.

The edition marked the first major presentation of the expanded Vicenza Expo Centre following the opening of the new Hall 2. The upgraded infrastructure, combined with the show’s Boutique Show format, brought the jewellery supply chain together under one roof—from manufacturing technologies and machinery at T.Gold to finished jewellery, gemstones, packaging and related services.

International attendance reaches new markets

Vicenzaoro attracted visitors from 136 foreign countries, a 4% increase compared with September 2025. Attendance from Europe grew by 9%, while non-European participation also rose by 9%, reaching 91 countries. Visitors from the United States increased by 2%.

The largest international visitor groups came from:

  • The United Kingdom.
  • Germany.
  • China.
  • India.
  • Romania.
  • Switzerland.
  • Spain.
  • Denmark.
  • Colombia.
  • Belgium.

The strongest growth in visitor numbers was recorded from South Korea, Singapore, Kuwait, South Africa, Finland, Norway, Denmark, Indonesia, Cyprus and Saudi Arabia.

India’s presence among the top five international visitor markets underlines the importance of the country to Vicenzaoro’s global strategy and reflects the continued strength of business links between Italian manufacturers and the Indian jewellery trade.

“This growth confirms the work carried out during the transitional editions when construction of the new Hall 2 was underway,” said Matteo Farsura, head of IEG’s Jewellery & Fashion division. He noted that international attendance has risen steadily since September 2024 and, boosted by T.Gold, is now 12% higher despite an increasingly complex global environment.

MAECI and ICE programme delivers 910 buyers

The show’s international business programme, organised in collaboration with Italy’s Ministry of Foreign Affairs and International Cooperation (MAECI) and the Italian Trade Agency, brought 700 hosted international buyers to Vicenza. A further 210 Italian buyers participated, taking the total number of hosted trade visitors to a record 910.

The buyers represented 73 countries and were reported to be 33% higher in number than at the September 2025 edition.

Farsura said the programme was designed not only to increase visitor numbers but also to identify buyers according to the profiles of exhibiting companies and the markets they serve. The network of approximately 70 Italian Trade Agency offices worldwide played a significant role in supporting the initiative.

New Hall 2 reshapes the exhibition

The opening of Hall 2 represented a significant milestone in IEG’s development of the Vicenza Expo Centre. The two-storey facility covers approximately 23,000 square metres and connects Halls 1, 3, 4 and 6, improving movement across the exhibition complex and creating a more integrated environment for exhibitors and visitors.

The expanded layout hosted 1,300 exhibiting brands from 40 countries, with international exhibitors accounting for 45% of the total. T.Gold, the specialised exhibition dedicated to jewellery manufacturing technologies and machinery, was brought inside the Expo Centre for the first time, strengthening the show’s ability to present the complete value chain in a single location.

In a period marked by uncertain demand, margin pressure and changing consumer expectations, the format enabled Vicenzaoro to combine commercial activity with a focus on innovation, production efficiency and future market trends.

CIBJO centenary adds global relevance

A major feature of the September edition was the centenary congress of CIBJO, the World Jewellery Confederation. Led by President Gaetano Cavalieri, CIBJO brings together the international jewellery industry around standards, nomenclature, responsible business practices and consumer confidence.

Held in Vicenza to mark the organisation’s 100th anniversary, the congress attracted more than 600 delegates, including representatives of luxury groups, mining companies, retailers, laboratories and other parts of the global supply chain.

The congress addressed several of the industry’s most pressing issues, including sustainability, market transparency, the classification of natural and laboratory-grown diamonds and coloured stones, and the need to strengthen consumer trust. Its presence further positioned Vicenzaoro as a forum where businesses, associations and institutions can discuss the structural changes shaping the jewellery sector.

Networking remains central to the show

Beyond its exhibition and sourcing functions, Vicenzaoro continued to emphasise the value of professional relationships. The event provided a platform for companies, buyers, institutions, associations and international industry leaders to exchange views and develop new commercial connections.

This networking-led approach has become one of the show’s defining characteristics, allowing business discussions to extend beyond individual transactions to wider conversations on market development, technology, distribution and consumer behaviour.

The September edition also featured the ninth edition of VO Vintage, which brought together 53 selected exhibitors specialising in vintage and modern jewellery and watches. The event, open to the general public, combined sales with an educational programme featuring expert speakers and initiatives aimed at strengthening interest in watchmaking culture.

Broad industry support

Vicenzaoro’s strategic partners include MAECI and the Italian Trade Agency. Its international partners are CIBJO, GJEPC India, the Hong Kong Jewellery & Jade Manufacturers Association and Francéclat.

National partners include Confindustria Federorafi, Confcommercio Federpreziosi, Confartigianato Orafi, CNA Orafi, Club degli Orafi Italia, Confimi Industria’s Gold and Silver Category, Assogemme, Assocoral and AFEMO. The regions of Sicily and Campania also participated as institutional representatives.

IEG’s jewellery calendar will continue with JGTD—Jewellery, Gems and Technology in Dubai—from 27 to 29 October 2026. Italy’s jewellery industry will meet next at the Valenza Gem Forum on 22 October and the Italian Jewellery Summit in Arezzo on 3 December.

The next edition of Vicenzaoro and T.Gold will take place from 15 to 19 January 2027, while VO Vintage is scheduled for 15 to 18 January 2027.

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