“The US Dollar Index is under 99, sitting at about 98.80,” McGuire said. “Silver had a nice rally—it is approaching the $35 per ounce mark. Gold’s also moving, back near $3,400 an ounce.” He noted that bond yields have dipped, with the 10-year yield at 4.37%, helping drive money into metals. “A lot of smart money found a home in silver and gold in that short period of time,” he added.
McGuire encouraged investors to look at the gold-to-silver ratio, which he said is “probably around 95-97 to 1.” He believes silver remains underinvested and will benefit from both market interest and industrial demand. “Silver’s got more sunshine ahead of it than gold,” he said.
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On crude oil, McGuire said he expects prices to trend lower in the coming quarters, particularly as Saudi Arabia signals increased output.
“There could be an oil glut come the fourth quarter, maybe even tail end of the quarter three,” McGuire noted. “Prices could fall $8-10 a barrel from here.” He said the key driver would be whether the 411,000 barrels of extra daily production are extended into August and September. “It is going to be good for consumers, and certainly for India,” he added.
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Turning to steel, McGuire pointed to ongoing tariff discussions in the US as a source of uncertainty. “US President Donald Trump wants to gain momentum on internal manufacturing,” he said. “You are going to see a little bit of volatility across that sector.” He expects the market to remain range-bound in the near term.
McGuire is optimistic on copper, noting it is trading around $9,600 per metric tonne on the London Metal Exchange. “You will probably see further upside, maybe take $10,000 out this month.” Strong demand from global infrastructure spending, including in cities like Mumbai, is supporting prices, he noted.
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