Heraeus – Precious Appraisal, Sep 2025

The main theme of the document is the analysis of the precious metals market, including gold and silver, with a focus on economic and political factors affecting their prices.

Key findings include the dismissal of Federal Reserve President Lisa Cook by President Trump, which could impact inflation and, consequently, the price of gold. The likelihood of a Federal Reserve rate cut in September has increased to 87.8%. Silver has been included in the updated list of critical minerals in the US, highlighting its economic importance and supply chain vulnerabilities.