Gold is entering the second half of the year in a more cautious mood, with prices consolidating as investors weigh softer economic data against still-elevated inflation and uncertain rate expectations. In the report below, we look at what could move gold out of its current range, why central bank buying remains one of the market’s strongest supports, and how silver’s industrial demand continues to strengthen the longer-term outlook.

“If you catch 100 red fire ants as well as 100 large black ants, and put them in a jar, at first, nothing will happen. However, if you violently shake the jar and dump them back on the ground the ants will fight until they eventually kill each other. The thing is, the red ants think the black ants are the enemy and vice versa, when in reality, the real enemy is the person who shook the jar.