Morning Briefing: "2 or 3 More Weeks to Finish the Job"

Gold and silver are pulling back in early Thursday trade after a strong recent run, with front-month gold futures quoted near $4,631/oz and silver around $70.53/oz as President Trump’s overnight remarks reduced immediate safe-haven demand. Brent crude jumped roughly 8% to about $109/bbl and US equity futures fell more than 1.5%, pointing to a broader risk-off move driven by renewed Gulf supply concerns and a reassessment of the military timeline. Trevor Hall said the market had been leaning toward a faster US exit, but the president’s comment that the US will remain in the Gulf for “another two or three weeks to finish the job” caught traders off guard. That strengthened oil, pressured equities, and took some of the immediate bid out of gold even as he emphasized that the structural bull case remains intact on central bank buying, dollar weakness and ongoing geopolitical risk. The near-term setup is a tug-of-war between safe-haven liquidation and renewed macro/geopolitical demand. If tensions escalate further, gold could quickly reassert its bid; if not, traders may see more consolidation after the recent rally. The briefing also flagged company-specific mining news, including First Majestic’s $75 million plan to restart Jarrett Canyon in Nevada in 2H 2027, underscoring how higher gold prices are pulling dormant US assets back into the development pipeline.