The sharp declines in gold and silver prices in June caught many investors by surprise. After an exceptionally strong 2025 and a dynamic start to 2026, both precious metals experienced a significant correction. But does this mean the precious metals bull market is already over?
This is precisely the question addressed in the latest edition of the Monthly Gold Compass (July 2026) by Ronald-Peter Stöferle and Mark J. Valek, the publishers of the internationally renowned In Gold We Trust Report. The monthly chart report analyses the development of gold, silver and key macroeconomic factors through a wide range of charts.
SHORT-TERM CORRECTION – LONG-TERM TREND
The authors point out that both gold and silver corrected sharply in June. After the exceptional gains recorded in the previous year, however, such a pause is not unusual from a historical perspective.
According to the report, the long-term perspective is far more important. This is precisely where the Gold Compass provides a number of useful historical comparisons.
Chart 1: Gold Remains in a Long-Term Uptrend
This chart compares the current gold bull market of the 2020s with the 2 major precious metals bull markets of the 1970s and 2000s.
The key takeaway is that the first half of the current decade has already been very strong. Historically, previous precious metals bull markets were often followed by another dynamic second half.
The authors deliberately avoid suggesting that history must repeat itself, but they do show that the current development would by no means be unusual from a historical perspective.
For long-term investors in particular, this comparison provides an interesting historical perspective.
Chart 2: Silver May Still Have Room to Run from a Historical Perspective
The comparison is particularly compelling for silver.
The chart shows that during the precious metals bull markets of the 1970s and 2000s, silver often accelerated only in the second half of the respective cycle. While the first half of the 2020s has been positive so far, it still falls well short of the spectacular final stages of previous silver bull markets.
Of course, past performance does not guarantee that history will repeat itself. Nevertheless, the chart illustrates why many market observers continue to watch silver closely.
Chart 3: Gold as Part of Modern Asset Allocation
Another interesting idea in the report concerns asset allocation.
While traditional portfolios have typically consisted of 60% equities and 40% bonds, the authors propose a more broadly diversified model.
This includes allocations to gold, commodities and smaller positions in alternative assets.
The underlying idea is that in an environment of higher inflation, rising government debt and geopolitical uncertainty, real assets could play a larger role in portfolios than they have in recent decades.
BOTTOM LINE
The latest Monthly Gold Compass does not provide short-term price forecasts, but instead places the recent correction within a broader historical context.
Particularly noteworthy are the historical comparisons with previous gold and silver cycles as well as the authors’ thoughts on the future structure of asset allocation. For investors who take a long-term view of gold and silver, the report offers numerous insights and high-quality chart analysis.
You can download the full “Monthly Gold Compass – July 2026” by Ronald-Peter Stöferle and Mark J. Valek here free of charge and read it in full.
Elementum International AG has supported the renowned In Gold We Trust Report as a Premium Partner for several years and is pleased to contribute to the distribution of well-founded analysis on gold, silver and the precious metals sector.
How can you buy precious metals cheaply and store them safely?
Elementum Deutschland GmbH, based in Sindelfingen (Germany), specializes in trading physical precious metals. Customers who purchase precious metals from Elementum Deutschland (or one of the other national Elementum companies in five European countries) can store them in the renowned high-security vaulting facilities in the St. Gotthard Massif in Switzerland at Elementum International AG.
Of course, you also have the option of purchasing gold and silver directly and having it delivered to your desired address. However, storing silver in the so-called open duty-free warehouse (“offenes Zollfreilager”) at St. Gotthard offers decisive tax advantages:
- The 19% value added tax customary in Germany is completely waived on purchases and sales – a considerable price advantage that effectively secures you 19% more silver for your money.
- If you store your silver in this high-security vault, you can sell it back to Elementum Deutschland GmbH at any time – without any bureaucratic hassle and also without VAT, as the trade takes place within the duty-free warehouse. You will receive the funds via bank wire.
- VAT is only payable when you physically remove the stored silver – either by picking it up in person (after prior notification) or by having it shipped to your address.
More silver, more return
Thanks to duty-free storage, you receive 19% more physical silver when you buy. This additional amount also participates in the performance of the silver price if it rises – a leverage effect that significantly improves your return opportunities.
About Elementum
Elementum is a second-generation, owner-managed family business. Trust, consistency, and long-term thinking are at the heart of our philosophy. The Board of Directors of Elementum International AG is composed of internationally renowned experts in the money and precious metals markets, including economists, analysts, university professors, and precious metals specialists. This in-depth expertise forms the backbone of our actions – for your security, your assets, and your future.
About the Author
Stephan Bogner
CEO of Elementum International AG
Stephan Bogner, who holds a degree in business administration, studied economics at ISM Dortmund (Germany) and wrote the university’s first thesis on precious metals as a hedge against inflation. After studying in the UK and Australia and gaining professional experience in Dubai, he took over as CEO of Elementum International AG in Switzerland in 2012. His expertise in precious metals has had a significant impact on the company’s development.
Contact
Rockstone News & Research
Stephan Bogner (Dipl. Kfm., FH)
Müligässli 1, 8598 Bottighofen
Switzerland
Phone: +41-71-5896911
Email: info@rockstone-news.com
Disclaimer: This article reflects the personal opinion of the author. Elementum assumes no responsibility for the accuracy of the content and accepts no liability for its use. This article may contain links to external third-party websites. Elementum is not responsible for the content of these external sites and expressly distances itself from all information provided there. At the time the links were created, no unlawful content was identifiable. This article does not constitute a recommendation to buy or sell. Elementum International AG is a Swiss company that specializes exclusively in the storage of physical precious metals in a high-security vault facility located in the St. Gotthard mountain massif in Central Switzerland. The Board of Directors and Executive Management of Elementum International AG have been selected solely based on their professional expertise and long-standing experience in precious metals markets. As these individuals may also be professionally active outside their roles at Elementum International AG, the company has no influence over their external activities and respects their right to freedom of expression. Therefore, the views expressed by persons working with or for Elementum do not necessarily reflect the opinion of Elementum International AG. Investments in precious metals are subject to risks, including those specific to the structure of this market. Please read our full risk disclosures and consult a licensed financial advisor before making any investment decisions. Neither the author, Elementum International AG, nor Elementum Deutschland GmbH assume any liability for actions taken based on the information provided. Past performance is not indicative of future results. The cover picture has been obtained and licenced from 123rf.com.
