Precious Metals News & Analysis - Gold News, Silver News from Money Metals Exchange

CIA Gold Thief Also Compromised Spy’s Identity, DOJ Says

Wed, 07 Oct 2026 00:00:00 EST

Previously unrevealed details about a rogue CIA officer’s massive gold theft were revealed Tuesday—including that the former officer, David Rush, shared the identity of one of the agency’s spies to a foreign government.

The details about Rush’s classified information leak were included in a https://storage.courtlistener.com/recap/gov.uscourts.vaed.607104/gov.uscourts.vaed.607104.41.0.pdf"; target="_blank" rel="noopener">plea document filed Tuesday, the same day he officially pled guilty to executing a scheme to one count of wire fraud. Rush was arrested in May after authorities found some $40 million in gold bars at his home, which he siphoned from the government by creating a fake spy program.

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According to his plea document, the gold theft was only scratched the surface of his betrayal.

In total, Rush defrauded the government out of at least $194 million. His plea document says that along with the gold theft, he directed somebody else to transfer about $145 million to a holding company, then used those funds to acquire four “luxury” properties in Palm Beach and Hobe Sound, Florida.

Rush also committed a grave sin in the CIA—revealing the identify of an agent.

“RUSH revealed to a foreign government official the existence and certain descriptive information of a government clandestine human source,” the plea document says.

“The disclosure of such information could endanger the safety and life of the human source and the U.S. government officers working with the source and jeopardize the U.S. government’s ability to recruit human sources, who rely on the U.S. government’s assurance of absolute secrecy.”

https://platform.twitter.com/embed/Tweet.html?creatorScreenName=HeadlineUSA&;amp;dnt=true&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2107557197467320741&lang=en&origin=https%3A%2F%2Fheadlineusa.com%2Fcia-gold-thief-also-compromised-spys-identity-doj-says%2F&sessionId=918a2625ec7a5ca71554905b26a9b573a7f54d8e&siteScreenName=HeadlineUSA&theme=light&widgetsVersion=6a3ad42b224df%3A1778106238597&width=550px" data-tweet-id="2107557197467320741" data-mce-fragment="1">

Despite the seriousness of his crimes, Rush only faces up to 20 years in prison for the one count of wire fraud. Anonymous sources have said that the DOJ cut a plea deal with him so the government wouldn’t have to reveal CIA secrets in open court.

Rush was first put under federal investigation due to him allegedly lying on his job resume—he allegedly obtained $77,000 in military leave by falsely claiming to be in the Navy, even though he was discharged in 2015.

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As the FBI’s investigation into Rush progressed, agents found that he allegedly made several requests to the government to obtain a “significant quantity” of foreign currency, as well as tens of millions of dollars in https://headlineusa.com/tag/gold"; target="_blank" rel="noopener">gold bars, for “work-related expenses” from last November to March.

“During the search, FBI agents seized approximately 303 gold bars, each of which weighs approximately one kilogram,” https://www.scribd.com/document/1044034039/David-Rush-Gold-Complaint"; target="_blank" rel="noopener">court records say. “Based on the current price of gold, the estimated value of the gold exceeds $40 million.”

Ken Silva is the editor of Headline USA. Follow him at https://x.com/jd_cashless";>x.com/jd_cashless.

Cooking the Books! How Government Data Makes Things Seem Better Than They Are

Wed, 07 Oct 2026 00:00:00 EST

The government spits out all kinds of economic data. Policymakers use it to make policy.

But is it good data?

Not so much.

In this episode of the Midweek Memo podcast, Mike Maharrey explains how the government cooks the books using biased data, highlighting a recent revision to the Fed's "favorite" inflation measure.

These formulas matter because the government can use the cooked data to make things seem better (or worse) than they actually are.

In this episode, Mike also offers "a nickel's worth of free advice" to help you avoid gold and silver scams.

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Mike opens the show with a story he ran across on Facebook.

"A zookeeper had a medical emergency and collapsed next to the tiger enclosure. The tiger essentially called for help, saving the man’s life. There were a couple of surveillance camera photos from the incident. In the first, the tiger was reaching through the bars of the enclosure, resting his paw on the unconscious man. In the second, the tiger watched quietly as medics loaded the man on a stretcher.

"It was a moving story.

"And it was all made up – including the photos. They were the product of AI."

Mike admits the AI photos were pretty believable, but his wife spotted details that proved the photos were fake.

"There were things in both the background and foreground that were missing or moved. That said, we’ve come a long way from the days of quickly identifying AI images because the person had six fingers and an extra arm. It’s honestly a little concerning. People are sharing this story, fully convinced it happened. It just goes to show how easy it is to manipulate people’s perception of reality. A photo that looks real becomes reality."

Mike notes that you can also distort reality using data. He points out that it became "common knowledge" that there were 40 million homeless people in the U.S. back in the 80s and early 90s.

"I think that was the number. I could be wrong. That was a minute ago. But whatever the number was, it was completely made up by some advocacy group. It became a fact merely with repetition.

"That’s why the horrible data promulgated by government agencies is so problematic. It creates a distorted vision of reality that people can easily buy into. After all, we’re told to trust the data. And the government would never lie to us, right?

"Yeah. Maybe we should rethink that.

"So, Today, I’m going to explain how the government is manipulating your perception of reality with sketchy inflation data."

Mike uses the job data released by the Bureau of Labor Statistics as an example of "questionable data." Using the September numbers, Mike explains how the BLS constantly revises the data, and revisions are almost always downward.

"To be fair, compiling employment data is no simple task. Revisions should be expected. But why do the updates almost always remove jobs from the economy? One would think you’d see upward revisions nearly as often as downward, right?

"Nope.

"Between 2003 and 2024, the final annual BLS numbers were lower than the initial report 14 times, compared to seven upward revisions."

Mike then asks a rhetorical question: if the labor data is that bad, what about the other numbers cranked out every month by government agencies?

Mike notes that the government changed the CPI data in the 90s because they thought it was "overstating" inflation. If we were still using the 1970s formula, CPI would be in the 6 percent range right now, about double the official numbers.

Of course, the CPI isn't the Fed's favorite inflation measure. That honor goes to the Bureau of Economic Analysis’ (BEA) Personal Consumption Expenditures Index, commonly referred to as the PCE.

And why does the Fed love the PCE?

Because it understates price inflation more than the CPI.

"And now it is going to understate it just a little more. Apparently, the government’s strategy is, if their policy can’t drive inflation down, they’ll just revise the methodology to make it seem lower.

"Yes, ladies and gentlemen, the BEA has revised the PCE."

Mike explains the difference between the CPI and the PCE, how the number-crunchers come up with the data, and how they recently changed the formula. He also notes that the changes appear to have lowered core PCE by about 0.1 percent.

"PCE generally runs 0.2 to 0.4 percentage points lower than CPI over longer periods. With the new adjustment, it will presumably run even lower moving forward."

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Mike notes that this is par for the course.

"Both the CPI and PCE formulas create multiple opportunities to skew the numbers lower. Each assumption built into the formula was made up by a government functionary with a bias and agenda.

"The PCE’s substitution metrics provide a powerful avenue for number crunchers to skew the data and make price inflation look tamer than it is.

"Never forget that government people have a vested interest in making inflation look as tame as possible. In their minds, inflation isn’t a bug. It’s a feature. Their ability to inflate the money supply lays the foundation for big government borrowing and spending. But monetary inflation comes with a nasty side effect – price inflation. The better they can hide this monetary debasement, the longer they can get away with it without unpleasant political backlash from the citizenry."

Of course, there are ramifications.

"Remember that even when inflation appears to be cooling, it’s always worse than you think. And never forget, inflation is the plan. They want to devalue your dollar by 2 percent every year. With these revised formulas, they can inflate even faster and swear to you they’re not.

"They are – that’s why you need real money – gold and silver."

Mike closes the show, highlighting a recent gold scam in Illinois.

"To wrap things up, I want to offer you a nickel’s worth of free advice.

"Don’t give gold to a stranger in a Walmart parking lot, even if they say, “black bug!”

"Yes, this happened.

"In real life."

Mike highlights the scam and how authorities eventually caught up with the scammers. Along the way, he offers advice on how to avoid getting scammed yourself.

Mike wraps up the show by urging folks to do business with trusted companies such as Money Metals, and he urges listeners to call 800-800-1865 to talk with a precious metals specialist today.

Articles Mentioned During the Show

https://www.moneymetals.com/news/2026/10/04/debasement-trade-supporting-gold-even-as-yields-spike-005265";>Debasement Trade Supporting Gold Even as Yields Spike

https://www.moneymetals.com/news/2024/01/15/the-cpi-lie-price-inflation-is-even-worse-than-advertised-002930";>The CPI Lie! Price Inflation Is Even Worse Than Advertised

Central Bank Summer Gold Spree Continued in August

Tue, 06 Oct 2026 00:00:00 EST

The central bank gold spree continued unabated in August, with global gold reserves increasing by a net 39 tonnes.

Year to date, central banks globally have reportedly added approximately 170 tonnes of gold.

The Gold Buyers

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The People’s Bank of China ranked as the top gold buyer in August, increasing its official reserves by another 20 tonnes. That followed on the heels of a 20-tonne reported purchase in July.

It was the 22nd straight month of reported gold buying, raising official Chinese reserves to 2,387 tonnes. That makes up about 9 percent of the country’s official total reserves.

Year-to-date, the People’s Bank of China has reported 80 additional tonnes added to its gold holdings.

Notice the emphasis on “reported” and "official."

China is among the central banks likely holding significantly more gold than publicly disclosed. As Jan Nieuwenhuijs reported, the People's Bank of China is secretly buying large amounts of gold off the books. According to https://www.moneymetals.com/news/2025/04/02/chinas-gold-reserves-going-through-the-roof-003956";>data parsed by the renowned Money Metals researcher, the Chinese central bank currently sits on more than 5,000 tonnes of monetary gold in Beijing – more than TWICE what Chinese officials publicly admit.

The mainstream is finally taking notice. https://www.moneymetals.com/news/2026/07/25/goldman-sachs-picks-up-on-chinas-secret-gold-reserve-expansion-005095";>Goldman Sachs picked up on China’s undisclosed purchases earlier this summer, and BMO Capital analysts estimated that https://www.moneymetals.com/news/2026/07/30/could-chinas-gold-reserves-surpass-the-us-within-five-years-005101";>Chinese gold reserves could surpass the U.S.’s within five years.

Poland still ranks as the top gold buyer so far this year, after adding another 8 tonnes to its holdings in August. So far in 2026, the National Bank of Poland has increased its gold reserves by 98 tonnes. It now holds 648 tonnes of the yellow metal, making up roughly 28 percent of its total reserves.

After selling one tonne of gold in July, Uzbekistan pivoted back to buying in August, adding 8 tonnes to its reserves. So far this year, the Uzbek central bank has increased its gold holdings by a net 50 tonnes.

The Uzbek central bank holds about 90 percent of its reserves in gold.

It is not unusual for central banks that buy from domestic sources, such as Uzbekistan and Kazakhstan, to pivot back and forth between buying and selling.

Speaking of Kazakhstan, its central bank reported a 7-tonne increase in its gold reserves in August. It has expanded its gold holdings by just under 39 tonnes this year.

The Czech Republic has been one of the most consistent gold buyers over the last few years. The trend continued in August with yet another 2-tonne purchase.

The Czechs have adopted a slow, steady approach, buying gold for 42 straight months. The country added 20 tonnes to its reserves last year and now holds 86 tonnes of gold. Czech officials say they plan to increase gold reserves to 100 tonnes by 2028.

Turkey flipped back to buying in August after three straight months of sales. The Turkish central bank reported a 3-tonne increase to its gold reserves. Before the August purchase, the Central Bank of the Republic of Turkey had divested 85 tonnes of gold as it coped with a weak currency and rising oil price pressure.

Turkey https://www.moneymetals.com/news/2026/03/27/turkey-sells-60-tonnes-of-gold-to-backstop-lira-004792";>sold a large amount of gold earlier this year to backstop the lira.

Bolivia and Ghana both reported 1-tonne increases to their gold holdings.

The Gold Sellers

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Russia was the only notable seller in August, shrinking its gold reserves by another 6 tonnes. Russia has sold 56 tonnes of gold year-to-date, leaving its official gold reserves at 2,271 tonnes.

Russia is https://www.moneymetals.com/news/2026/07/23/russia-continues-to-sell-gold-to-support-its-economy-005087";>tapping its gold reserves to cope with economic sanctions and a wartime economy.

Jordan also sold gold in August, decreasing its reserves by 3 tonnes. This followed a 1-tonne sale in July.

The Big Picture

Looking at the trends, central bank gold buying moderated in 2025 but remained far above the recent historical average. Official net full-year buying came in at 863.3 tonnes. That was down 21 percent year-on-year, charting the lowest level since 2021.

However, although central bank gold purchases declined last year, they remained well above the 2010-2021 annual average of 473 tonnes.

Last year was the fourth-largest expansion of central bank gold reserves on record. The all-time high was set in 2022 (1,136 tonnes). It was the highest level of net purchases on record, dating to 1950, including since the suspension of dollar convertibility into gold in 1971.

The surging gold price likely factored into slowing central bank gold accumulation. As the World Gold Council put it, the higher price prompted “a more cautious approach.”

“This highlights that central banks are not insensitive to price dynamics, even as their long-term strategic interest in gold remains firmly intact.”

In the latest https://www.moneymetals.com/news/2026/06/25/survey-central-bankers-plan-to-keep-stacking-gold-005007";>World Gold Council survey, central bankers overwhelmingly said they expect global gold reserves will continue growing over the next 12 months. They seem to be putting their money where their mouths are. With prices moderating, it appears that several central banks are taking advantage of the recent correction to accumulate gold more quickly.

The World Gold Council said central bank gold activity “suggests that central bank activity continues to reflect longer-term reserve objectives, while monthly fluctuations are more likely to capture differences in implementation, market conditions and country-specific liquidity requirements.”

Ghana Develops Yuan-Based Payment System to Bypass Dollar

Tue, 06 Oct 2026 00:00:00 EST

Ghana has developed a yuan-based system to pay for eligible Chinese imports using Ghanaian cedis, bypassing the U.S. dollar.

Officials say Stanbic Bank Ghana is piloting a cedi-to-yuan payment system. Ghana Commercial Bank is reportedly developing a similar service.

China’s Cross-Border Interbank Payment System (CIPS) is processing the payments. https://africa.businessinsider.com/local/markets/africas-gold-powerhouse-bypasses-us-dollar-to-clear-trade-with-china-as-beijing/vnhhj5x"; target="_blank" rel="noopener">According to Business Insider Africa, it enables “direct yuan payments from cedi accounts.”

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Bank of Ghana Governor Dr Johnson Pandit Asiama unveiled the new payment system at a recent press briefing, saying it is already up and running.

“As we speak, if you want to buy anything from China, just go to Stanbic Bank with your cedis. You are able to do that.”

China accounted for about 22 percent of Ghanaian imports in 2024.

Notably, Ghana ranks as Africa's top gold producer. Business Insider Africa headlined its report on the new yuan payment system, "Africa's gold powerhouse bypasses US dollar to clear trade with China."

Asiama said the central bank wants to facilitate payments between Ghanaian importers and Chinese suppliers without requiring local businesses to source dollars first.

Stanbic Bank Ghana CEO Kwamina Asomaning said CIPS provides a “more direct payment route to Chinese counterparties.”

“With CIPS, businesses can access a more direct payment route to Chinese counterparties, reducing the need for U.S. correspondent or intermediary banks.”

As Business Insider Africa described the system, “Businesses can initiate eligible yuan payments from their Ghana cedi accounts, meaning they do not necessarily need to maintain a yuan-denominated account. Customers select Chinese yuan as the payment currency and submit the required documentation.”

Central bank officials emphasized the new payment mechanism will not replace the dollar-based SWIFT system. SWIFT will continue to facilitate payments in dollars, euros, and pounds. However, it does open a yuan-based alternative.

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Many countries are looking for ways to minimize their dependence on the dollar. U.S. https://www.moneymetals.com/news/2024/02/29/could-weaponization-of-the-dollar-as-a-foreign-policy-billy-club-accelerate-de-dollarization-003013";>weaponization of the dollar as a foreign policy tool has made them wary of relying solely on greenbacks. They saw how the U.S. and its Western allies locked Russia out of SWIFT after the invasion of Ukraine and took that as a warning.

While the new payment system will only process a small number of transactions and won't threaten dollar dominance, it reflects accelerating global https://www.moneymetals.com/news/2025/03/11/de-dollarization-gold-and-a-shift-to-a-multipolar-world-003898";>de-dollarization. And even a modest drop in demand for dollars could become very problematic for the United States.

The United States depends on the global demand to underpin its bloated government. De-dollarization threatens an inflation tsunami as those unwanted dollars make their way back to the U.S.

The dollar’s role as the world's reserve currency is the only reason the U.S. can borrow, spend, and run massive budget deficits to the extent it does. It creates a built-in global demand for dollars and dollar-denominated assets. This absorbs the Federal Reserve’s money creation and helps maintain dollar strength despite the Federal Reserve’s inflationary policies.

But what happens if that demand drops?

A de-dollarization of the world economy could cause a dollar glut. The U.S. currency could further depreciate. At the extreme, global de-dollarization could spark a currency crisis. You and I would feel the impact through higher price inflation, eating away at the dollar's purchasing power. In the worst-case scenario, it could lead to hyperinflation.

How Much Is the Stanley Cup Worth - Silver and Nickel Content, 34.5 lb Weight, and Melt Value of the NHL Trophy - Original 1892 Bowl Cost, the $650,000 Estimate, and Why the Cup Has No Market Price - Money Metals

Mon, 05 Oct 2026 00:00:00 EST

Editor's note: Updated October 5, 2026, with the 2026 Stanley Cup and World Cup results, current metal prices, a full melt-value method, and corrections to several facts in the original version.

Quick Answer

How much is the Stanley Cup trophy worth?

The Stanley Cup has no market price. It isn't bought or sold, and no public appraisal exists. What can be measured is its metal. The trophy weighs 34.5 pounds and is made of a silver and nickel alloy, so at the October 5, 2026 silver price of $60.94 an ounce, its silver is worth no more than about $30,700, and less in practice because part of that weight is nickel. The $650,000 figure repeated online has no documented source.

The Stanley Cup is the greatest trophy in the world.

It's also one of the most valuable. It's made of a silver alloy, and there's a lot of it.

The Carolina Hurricanes are the latest team to hoist it. They beat the Vegas Golden Knights 3-0 in Game 6 on June 15, 2026, winning the https://www.nhl.com/news/carolina-hurricanes-win-2026-stanley-cup-final";>Stanley Cup Final four games to two for the franchise's second Cup.

Now, you might be thinking, what's so great about the Stanley Cup?

Well, in the first place, it's a hockey trophy. Hockey is the greatest sport. So, the Cup gets a certain amount of cred just by virtue of association.

It's also one of the most difficult trophies to earn. A Stanley Cup champion has to win four best-of-seven series. That means the winner could play as many as 28 playoff games before hoisting the Cup.

And have you watched an NHL playoff game?

It's not for the meek.

Once the series is over, teams reveal injuries. I can almost guarantee you will learn that somebody played with a broken bone, and you'll think, no way.

I'll give you an example. In 2023, Vegas Golden Knights captain Mark Stone went into the playoffs on a back that had needed https://www.clickorlando.com/sports/2023/06/14/fresh-off-2nd-back-surgery-in-13-months-mark-stone-captains-vegas-to-stanley-cup/";>two surgeries in 13 months. In the Cup-clinching Game 5, he scored three goals, the first hat trick in a Cup-clinching win since Babe Dye in 1922, according to the Associated Press. Then he got to hoist that heavy silver trophy over his head.

Now, you might be thinking, "You're wrong, Mike! Hockey is dumb."

You're entitled to your opinion. But be warned: I will fight you on this. I am a hockey player.

I also analyze the gold and silver markets for a living. So I look at the Cup two ways. As a hockey player, I'll tell you it's priceless. As a precious metals analyst, I'll tell you it's 34.5 pounds of silver and nickel alloy, and that part has a price we can calculate. Both answers are true. They just measure different things.

How Much Is the Stanley Cup Worth?

Ask any hockey player, and they'll tell you the Cup is priceless. Winning a championship and being immortalized on the iconic trophy is the ultimate dream of every kid who laces up the skates and picks up a hockey stick.

The NHL more or less agrees. In its history marking the trophy's 125th anniversary, the league called the Cup priceless and said https://www.nhl.com/news/stanley-cup-has-incredible-125-years-of-history-287633638";>"its value is not measured through traditional currency units."

That's not a dodge. The Cup has no market price because there's no market. It isn't owned by a team or a player, it's never offered for sale, and no appraisal has been published. So any dollar figure you see is really one of several different numbers. Here's how they stack up.

What the Stanley Cup is worth, by type of value

Type of value	Figure	What it's based on	How reliable
Original cost (1892)	10 guineas, about $50 at the time	Lord Stanley's purchase price, per the Hockey Hall of Fame	High: documented
Silver melt value (Oct. 5, 2026)	Up to about $30,700	34.5 pounds at $60.94 per ounce, if the whole trophy were pure silver	High as a ceiling; the real figure is lower
Parks Canada estimate (2017)	About $75,000	A Government of Canada backgrounder; no method or currency stated	Low to medium
Popular online estimate	About $650,000	Repeated across many websites	Low: no original appraisal found
Insured value	Not published	The NHL agreed in 1947 to insure the Cup for its "full insurable value"	Unknown
Market value	None	The Cup isn't bought or sold	Not applicable

Is the Stanley Cup Really Worth $650,000?

In the original version of this article, I wrote that the best estimate was about $650,000, then admitted that figure was basically pulled out of thin air. I stand by the second half of that sentence.

The $650,000 number shows up on site after site, usually phrased as "estimated to be worth around $650,000" or "according to various sources." We traced it as far as we could and didn't find an appraisal, an insurer's figure, or a statement from the NHL or the Hockey Hall of Fame behind it. Until someone produces one, treat $650,000 as an internet estimate, not a valuation.

The official sources that do mention value don't back it up. A 2017 https://www.canada.ca/en/parks-canada/news/2017/03/the_stanley_cup.html";>Parks Canada backgrounder put the Cup's worth at an estimated $75,000. The NHL calls it priceless. Other sites float figures as high as half a million pounds, also without a published method.

Why Stanley Cup Value Estimates Vary So Much

There are three reasons the numbers are all over the map.

Nobody agrees on what's being valued. The metal, the object, and the history are three different things. Most articles blend them into one figure.
The composition isn't published in detail. Even a melt estimate rests on an assumption about how much of the alloy is silver.
There's more than one Stanley Cup. The original 1892 bowl, the Cup awarded today, and the Hall of Fame replica are different objects with different histories.

The only valuation method that doesn't depend on guesswork about sentiment is the value of the metal. So let's start there.

How Much Is the Stanley Cup Worth in Silver?

This is where a precious metals company can add something. Unlike history, silver has a price.

How Much Does the Stanley Cup Weigh?

According to the https://www.hhof.com/thecollection/stanleycup_factsfirstsfauxpaus.html";>Hockey Hall of Fame, the Stanley Cup weighs 34.5 pounds and stands 35.25 inches (89.54 cm) tall. The bowl on top is 7.5 inches tall and 11.25 inches across, and the base is 17.25 inches in diameter.

The trophy is built from a bowl, three tiered bands, a collar, and a five-band barrel. Precious metals are priced in troy ounces, and 34.5 pounds works out to about 503 troy ounces.

Is the Stanley Cup Pure Silver?

No. The Hockey Hall of Fame, the NHL, and Parks Canada all describe the current Cup as a silver and nickel alloy. None of them publishes the ratio, and none says how much silver is in the bowl versus the barrel.

In the original version of this article, I said the Cup on top was pure silver and the base was a silver-nickel alloy. I couldn't find a primary source that splits it that way, so I'm not going to repeat it.

One more wrinkle worth knowing: a "silver and nickel alloy" is not the same thing as "nickel silver." Nickel silver, also called German silver, is a copper, nickel, and zinc alloy that contains no silver at all. Taking the official description at face value, the Cup contains real silver. How much is the open question.

How We Calculated the Stanley Cup's Melt Value

Formula: melt value = ounces of pure silver × silver spot price

What we know

Weight: 34.5 pounds, or 503.1 troy ounces (Hockey Hall of Fame)
Material: silver and nickel alloy (Hockey Hall of Fame, NHL, Parks Canada)
Silver spot price: $60.94 per troy ounce on October 5, 2026

What we don't know

The silver percentage of the alloy, or how it varies from the bowl to the barrel

What can't be valued this way

The history, the names, and the fact that there's only one. Those are why the Cup is priceless to hockey fans, and none of it shows up in a melt calculation.

Stanley Cup melt value at $60.94 silver (October 5, 2026)

If the Cup's metal is...	Pure silver content	Melt value
100% silver (theoretical ceiling)	503.1 oz	$30,661
92.5% silver (the sterling standard)	465.4 oz	$28,362
75% silver	377.3 oz	$22,996
50% silver	251.6 oz	$15,331

Every 10 percentage points of nickel in the alloy takes about 50 ounces of silver, or roughly $3,070, off the total.

So the one number we can state with confidence is the ceiling. At today's price, the silver in the Stanley Cup can't be worth more than about $30,700. Several sites quote melt values that assume the Cup is solid pure silver. It isn't, so their numbers run high.

The silver price matters as much as the composition. When this article first ran on June 5, silver was about $73.50 an ounce, and the Cup's silver was worth roughly twice what it had been a year earlier. My original estimate of $25,000 to $30,000 was made at that higher price. Silver has since pulled back to about $61, which by itself lowers any melt estimate by about 17%. When the Hurricanes lifted the Cup on June 15, the ceiling was about $35,400. You can plug in today's number from our https://www.moneymetals.com/silver-price";>live silver price chart.

This is the same gap you see between https://www.moneymetals.com/bullion/bullion-vs-numismatic-coins";>bullion and numismatic coins. Metal value sets a floor. Rarity and history can push the market value far above it.

Which Stanley Cup Are We Talking About?

There isn't just one Stanley Cup. There are three, and they aren't worth the same.

The original bowl (1892). The bowl Lord Stanley bought was awarded to champions until 1970. It now sits in Lord Stanley's Vault in the Esso Great Hall at the https://www.hhof.com/thecollection/stanleycup_history.html";>Hockey Hall of Fame in Toronto. It measures 7.28 inches tall and 11.42 inches across.
The Presentation Cup (1963). Montreal silversmith Carl Petersen made the Cup awarded today. It was first presented in 1964, and it's the one players hoist. The melt math above describes this Cup.
The Replica Cup (1993). Montreal silversmith Louise St. Jacques made a replica for display at the Hall of Fame whenever the Presentation Cup is on the road.

If you're asking what the "original Stanley Cup" is worth, you're asking about the 1892 bowl. It's the most historically significant of the three and the least measurable. It's small, it's retired, and it isn't going anywhere.

Why the Stanley Cup Is Worth More Than Its Silver

Lord Stanley of Preston and the $50 Bowl

The Cup started as a modest purchase. Lord Stanley of Preston, then the Governor General of Canada, donated it in 1892 as a prize for the best hockey team in Canada. It was first called the Dominion Hockey Challenge Cup. He paid 10 guineas for it, about $50 at the time, according to the Hockey Hall of Fame. The bowl was made in Sheffield, England, and bought from London silversmith G.R. Collis and Company.

The Cup was first awarded in 1893 to the Montreal Hockey Club. Since 1927, it has been the exclusive prize of the NHL's playoff champion. In 1947, the NHL reached an agreement with the Cup's trustees that gave the league control of the competition.

A bowl that cost about $50 in 1892 now sits under glass as arguably the most important piece of silver in hockey. That's the clearest example of the gap between what something is made of and what it means.

The Names Engraved on the Stanley Cup

The Stanley Cup is the rare championship trophy that carries the names of the players, coaches, and staff of the teams that won it. The Montreal Wanderers were the first team to engrave their roster, in 1906-07, and engraving the roster became an annual tradition in 1924. By the Hockey Hall of Fame's count, more than 3,400 people have had their names engraved, including those on retired bands. Henri Richard's name appears 11 times as a player, more than anyone else's.

Players don't get on automatically. Under the NHL's engraving rules, a player must have played in at least half of the team's regular-season games or in at least one game of the Stanley Cup Final, and teams can petition for exceptions.

Obviously, the trophy would grow ridiculously tall if they kept adding rings. Since 1958, the barrel has held five bands, each with room for 13 championship teams. When the bottom band fills, the top band comes off and goes to the Hockey Hall of Fame. The most recent one https://nhl.com/news/stanley-cup-set-to-undergo-change-with-removal-of-ring-300116100";>came off in 2018, retiring the 1953-54 Detroit Red Wings through the 1964-65 Montreal Canadiens. The next is due in 2031.

Retired bands sit under glass in the Hall's vault. So nobody will ever forget that Erwin "Murph" Chamberlain won the Cup with the Montreal Canadiens in 1944 and 1946. His name is chiseled right into the silver, on the retired 1940-41 to 1952-53 band.

The Keeper of the Stanley Cup

But you might be wondering whether the Cup is treated like something valuable. It is. It has its own bodyguards.

The Hockey Hall of Fame assigns "Keepers of the Cup" to travel with the trophy and keep it under https://thehockeynews.com/news/news/keepers-make-sure-stanley-cups-safe-wherever-it-travels";>24-hour supervision. They handle it wearing white gloves. The best known is longtime Hall of Fame curator Phil Pritchard, who has been a Keeper since https://durhamcollege.ca/featured-alumni/philip-pritchard";>he joined the Hall in 1988.

The Cup gets around, too. The champions get it for about 100 days in the off-season, and since 1995, when the New Jersey Devils started the tradition, each member of the winning team has gotten a day with it.

Stanley Cup Value vs. Other Championship Trophies

For perspective, here's how the Cup's metal compares with two other famous trophies, using the same October 5, 2026 spot prices: $60.94 for silver and $4,127.65 for gold.

Championship trophy melt values (October 5, 2026)

Trophy	Metal	Total weight	Pure metal content	Melt value	Confidence
Stanley Cup (NHL)	Silver and nickel alloy	34.5 lb	Unknown; 503.1 oz silver at most	Up to $30,661	Low: alloy ratio unpublished
Vince Lombardi Trophy (NFL)	Sterling silver (92.5%)	7 lb	94.4 oz silver	About $5,755	High: maker's specs
FIFA World Cup Trophy	18-karat gold (75%) with a malachite base	13.6 lb (6.175 kg)	120.6 to 158.5 oz gold	About $498,000 to $654,000	Medium: gold weight reported inconsistently

Stanley Cup vs. Lombardi Trophy Value

The NFL's Vince Lombardi Trophy is made by Tiffany & Co. from https://www.moneymetals.com/sterling-silver-price";>sterling silver, an alloy of 92.5% silver and 7.5% other metals, usually copper. According to https://cdn.uc.assets.prezly.com/dac00771-cb9e-4aaa-881a-3b6b735b66bd/-/inline/no/Vince%20Lombardi%20Trophy_Fact%20Sheet_Final.pdf";>Tiffany's fact sheet, it stands 22 inches tall, weighs 7 pounds, and takes about 72 hours of work over four months at the company's workshop in Cumberland, Rhode Island. Unlike the Stanley Cup, a new one is made every year, and the winning team keeps it.

Seven pounds is about 102 troy ounces, and 92.5% of that is 94.4 ounces of pure silver. At today's price, that's about $5,755.

The value swings with silver. When the Philadelphia Eagles won in February 2025, with silver near $31.80, the melt value was about $3,000. When the Seattle Seahawks won Super Bowl LX on February 8, 2026, with silver near $77, it was about $7,270. We break it down further in https://www.moneymetals.com/news/2026/02/06/how-much-is-a-super-bowl-trophy-worth-004670";>how much a Super Bowl trophy is worth.

Stanley Cup vs. FIFA World Cup Trophy Value

If you want the most valuable metal in sports, you have to play soccer.

The https://en.wikipedia.org/wiki/FIFA_World_Cup_Trophy";>FIFA World Cup Trophy, designed by Italian artist Silvio Gazzaniga and introduced in 1974, weighs 6.175 kilograms (about 13.6 pounds). It's made of 18-karat gold, which is 75% pure, with two bands of malachite in the base. Spain won it most recently, beating Argentina 1-0 in extra time at MetLife Stadium on July 19, 2026.

The original version of this article called it solid gold. It isn't. Its manufacturer has confirmed the trophy is hollow. A solid-gold trophy that size would weigh an estimated 70 to 80 kilograms, far too heavy to lift.

Sources also disagree on how much gold it contains. Using the commonly cited 5 kilograms of 18-karat gold, or about 120.6 troy ounces of pure gold, the melt value is about $498,000 at https://www.moneymetals.com/gold-price";>today's gold price. LSEG's analysts used 4.93 kilograms of pure gold, about 158.5 ounces, when they https://www.tribuneindia.com/news/fifa-world-cup-2026/fifa-world-cup-trophys-gold-value-more-than-doubles-to-713000-since-qatar-2022/";>valued it at $713,000 in June 2026. At today's gold price, that works out to about $654,000. Either way, it's far more than the "well over $100,000" I originally wrote.

Here's the striking part. The World Cup trophy weighs about 40% as much as the Stanley Cup, but its metal is worth 16 to 21 times more. That's the difference between gold at about $4,128 an ounce and silver at about $61.

Figures of $20 million or more are often quoted for the trophy's overall value. As with the Stanley Cup's $650,000, we didn't find a published appraisal behind them.

Frequently Asked Questions About the Stanley Cup's Value

Not in any practical sense. The Cup isn't owned by a team or a player. The NHL has controlled it since a 1947 agreement with the Cup's trustees, and the Hockey Hall of Fame cares for it. There's no seller, no market, and no market price.

The figure isn't public. The 1947 trustee agreement requires the NHL to insure the Cup for its "full insurable value," but we found no public disclosure of that amount from the NHL or the Hockey Hall of Fame.

No. The champions get the Cup for about 100 days in the off-season, and each member of the winning team gets a day with it, always with a Keeper of the Cup along. Then it goes back into service for the next season. Their names stay on it, though.

Easier Ways to Own Silver and Gold

Who wouldn't want to get their hands on up to $30,000 in silver, or half a million dollars in gold? Of course, if you don't play hockey or soccer, you're out of luck. But there are easier ways to own https://www.moneymetals.com/bullion/what-is-silver-bullion";>silver bullion and gold. You don't even have to play through a broken bone to do it.

If you're a fan, our https://www.moneymetals.com/buy/silver/rounds/nhl-silver-rounds";>colorized NHL silver rounds put your team's logo on a full troy ounce of .999 fine silver, including a https://www.moneymetals.com/colorized-nhl-carolina-hurricanes-1-troy-oz-silver-round-999-pure/3232";>Carolina Hurricanes silver round for this year's champions.

Or just call 1-800-800-1865 and talk to a Money Metals precious metals specialist!

Gold and Silver Bounce — But the Bond Market Still Holds the Reins

Mon, 05 Oct 2026 00:00:00 EST

Gold and silver are attempting a rebound this Monday after another bruising week.

Gold finished last week down over 3%, while silver dropped roughly 6%. But this morning we've seen a 1-2% rebound.

Those gains offer some relief, but both metals still have ground to recover before this bounce looks like a meaningful change in direction.

The central contradiction remains striking. War threatens energy supplies. Inflation keeps eating away at purchasing power. Governments remain dependent on enormous borrowing.

Yet gold and silver have been falling as traders seek refuge in the dollar and demand higher interest rates on U.S. government debt.

The conditions that make physical precious metals worth owning can also create short-term pressure on their prices.

Last week, the 10-year Treasury yield ended around 5.28%, while the dollar gained roughly 1%. Gold pays no interest, so higher bond yields can draw money away from it.

But a higher yield does not make Washington’s debts disappear, or turn a Federal Reserve note into a reliable long-term store of purchasing power.

Friday’s employment report threw a wrench into expectations of still more Fed tightening. The economy added just 29,000 jobs in September, unemployment edged up to 4.2%, and the previous two months’ gains were revised down by a combined 60,000.

That is hardly evidence of a booming economy that can shrug off rising borrowing costs. Expectations of another October rate increase consequently fell sharply.

Gold initially rallied on the jobs news, but could not hold its immediate gains as bond yields recovered. That response matters: fewer expected Fed hikes will provide only limited relief if longer-term borrowing costs keep climbing anyway.

For a more durable recovery, precious metals need the bond market to cooperate. This morning’s improvement is encouraging, but it has yet to settle that question.

The Middle East adds another complication. Disrupted shipping through the Strait of Hormuz keeps energy supplies under pressure, with Brent crude still around $102 a barrel at last week’s close.

Iran has proposed reopening the waterway subject to U.S. concessions, but the negotiations have yet to produce dependable normal shipping.

Investors are left weighing demand for safe-haven assets against the inflationary consequences of expensive oil.

That helps explain why geopolitical danger has not automatically sent gold soaring. Higher energy costs can encourage traders to expect tighter monetary policy, offsetting some of the demand for protection.

Meanwhile, lower gold prices have attracted physical buyers in the U.S. and elsewhere. However, this has barely been the case with silver, as investors are still shying away from the white metal.

Money Metals remains fully stocked across the board, with some attractive deals available on particular hold and silver items.

What Is Silver Used For - Industrial Uses From Electronics and Solar Panels to Catalysts and Medicine - Why Industrial Demand Fell in 2025 and How Price Shapes Silver Use - Money Metals

Mon, 05 Oct 2026 00:00:00 EST

Silver’s industrial demand has been the subject of headlines for years. Many believe silver is at a record in terms of its industrial demand. And yet, that raises the question. Silver hit an all-time high of about https://investingnews.com/daily/resource-investing/precious-metals-investing/silver-investing/what-was-the-highest-price-for-silver/";>$121 an ounce on January 29, 2026, and traded near $64 in late September. That is roughly half its peak.

So, if factories need so much silver, why isn’t the price reacting? Shouldn’t it remain high instead of falling to nearly half its peak?

The answer begins with what silver is used for. That’s what we will cover in this guide. We’ll explore each major industrial use of silver, how much silver each one takes, and more. When silver gets expensive, industry finds ways to use less of it. The 2025 numbers show that happening for the first time since the pandemic.

What Is Silver Used For?

Silver is used in many industrial applications and devices, including electrical parts, electronics, solar panels, brazing alloys and solders, chemical catalysts, medical products, jewelry, and silverware. Of course, it is also minted into coins, bars, and rounds for investors.

While private investors and financial institutions do buy great quantities of silver, industry remains the biggest buyer. In 2025, industrial uses took 657.4 million ounces, or about 58% of the 1.13 billion ounces of total silver demand, according to the https://silverinstitute.org/elevated-lease-rates-regional-liquidity-tightness-and-robust-investor-interest-resulted-in-record-silver-prices-in-2025/";>Silver Institute’s World Silver Survey 2026.

Key takeaways

Industrial silver demand fell 3% in 2025. It was the first drop since the pandemic.
Solar makers are forecast to use 19% less silver in 2026, even as they build more panels.
High prices push factories to use less silver per product or switch to copper.
Industry is the largest buyer, but investors set the price day to day.

Silver's Industrial Uses by Sector

The Silver Institute tracks industrial silver in three groups: electrical and electronics (which includes solar), brazing alloys and solders, and “other industrial.” The table below shows each group from 2021 through the 2026 forecast.

Sector (million ounces)	2021	2022	2023	2024	2025	2026F
Electrical and electronics (total)	350.7	370.7	444.4	460.9	449.5	422.9
Solar panels (part of electronics)	88.9	118.1	192.7	197.5	186.6	151.0
Electronics, not counting solar	261.8	252.6	251.7	263.4	262.9	271.9
Brazing alloys and solders	50.5	49.2	50.2	49.7	50.5	51.0
Other industrial	162.9	172.4	162.6	168.4	157.4	165.7
Total industrial	564.1	592.3	657.1	679.0	657.4	639.6

Source: https://silverinstitute.org/wp-content/uploads/2026/04/World-Silver-Survey-2026.pdf";>World Silver Survey 2026, Metals Focus and the Silver Institute. The "not counting solar" row is electronics minus solar.

Pay attention to the solar column. Take solar out, and electronics demand barely moved from 2024 to 2025. Nearly all of the 2025 decline in electronics came from solar.

Electrical and Electronics: The Biggest Use

Electrical and electronics is silver’s largest use by far. It took 449.5 million ounces in 2025, about 68% of all industrial silver. Silver is one of the https://silverinstitute.org/silver-in-industry/";>best metallic conductors of electricity, so it shows up in switches, circuit boards, keyboards, phones and computers. Makers use silver inks and films to print the paths that carry current.

Demand in this group fell 2% in 2025 according to the Silver Institute’s April 2026 release. Growth from AI hardware, cars, and power grids helped. Weaker solar demand outweighed it.

Solar Panels

Solar cells use a silver paste that collects the power made when sunlight hits the cell. Solar used 186.6 million ounces in 2025, down 6%, https://www.pv-magazine.com/2026/04/15/silver-demand-from-pv-industry-expected-to-drop-19-this-year/";>according to PV Magazine. That is still more than double the 88.9 million ounces solar used in 2021. The section on solar below explains why this use is now shrinking.

Cars and Electric Vehicles

Nearly every electrical connection in a modern car uses silver-coated contacts. That includes power seats, windows, engine controls, and safety systems. As you might expect, electric vehicles use more silver than gas cars. Charging stations also require silver.

The World Silver Survey 2026 lists rising EV sales and new charging stations among the forces supporting demand in 2025. It does not break out a separate yearly figure for cars.

Brazing Alloys and Solder

Brazing joins metal parts with a melted filler metal. Silver brazing alloys make strong, leak-proof joints in air conditioners, refrigerators and aircraft. Silver-tin solder bonds copper water pipes in homes and replaced lead-based solder. This use rose 1% in 2025 to 50.5 million ounces, helped by the car and aerospace industries.

Catalysts

Silver speeds up the chemical reactions that make ethylene oxide and formaldehyde. These chemicals go into plastics, adhesives, antifreeze, and fabrics. The silver is not used up in the reaction, which makes it easy to recover afterward. From there, the silver is often recycled.

Most silver demand in this industry comes when new chemical plants are built. However, fewer of these plants were built in 2025. That is a leading factor behind “other industrial” demand falling by 7% that year, according to the https://silverinstitute.org/wp-content/uploads/2026/04/World-Silver-Survey-2026.pdf";>World Silver Survey 2026.

Medical and Antimicrobial Uses

Silver kills bacteria. Silver ions can get through the cell walls of germs without harming human cells. That is why breathing tubes, catheters, and bandages often carry a silver coating to fight infection. Silver also works against some bacteria that resist antibiotics.

Mirrors, Glass and Coatings

Silver reflects more light than any other metal. It coats mirrors and energy-saving window glass, which lets light in while bouncing heat back out.

Silver in Everyday Life

Most people handle silver every day without knowing it. It is in your phone, TV remote, car key fob, and light switches. It lines some water filters, washing machines and sports clothing to stop odor and germs. Outside industry, silver still goes into jewelry, silverware, and photo film. All three of these used less silver in 2025.

Why Industry Uses Silver

When you look through the list above, one thing becomes clear about silver: it has a rare and unique mix of traits. It has more electrical and heat conductivity than any other metal. It is the most reflective of light. It combats germs. Finally, and crucially, it is soft enough to work into thin wires, pastes, and films.

That mix answers a question that often comes up: why is silver more useful than gold?

Gold is used to a lesser degree in industry. It conducts well and does not tarnish. That makes it ideal for some tiny but critical contacts.

Yet the fact remains that silver conducts better and costs far less per ounce. It wins most jobs in which factories require a lot of metal. You can learn more about how the two metals trade against each other in our “https://www.moneymetals.com/price/do-gold-and-silver-prices-move-together";>Do Gold and Silver Prices Move Together” guide.

Still, while silver is hard to replace, that does not make it impossible to do so. That is why 2025 saw such interesting data.

Industrial Silver Demand Fell in 2025

Industrial silver demand fell about 3% in 2025, to 657.4 million ounces, per the Silver Institute. It came after four straight years of growth. The survey forecasts another drop of about 3% in 2026, to 639.6 million ounces.

Why you still see “record demand.” Many pages, and Google’s AI answers, still quote 680.5 million ounces as the record. That figure came from the 2025 survey and describes 2024.

The 2026 survey revised 2024 to 679.0 million ounces and reported the 2025 decline. When you read a demand number, check which year it describes and which survey it came from.

That drop surprised many forecasters, and it even went against our own predictions. In December 2025, we reported that https://www.moneymetals.com/news/2025/12/15/silver-industrial-demand-expected-to-grow-despite-higher-prices-004551";>silver industrial demand was expected to grow despite higher prices. At the time, that was the general consensus of the industry. The full-year numbers, released in April 2026, showed the opposite. https://www.moneymetals.com/news/2026/04/20/silver-price-surged-last-year-despite-modest-drop-in-demand-004851";>Our coverage of the 2026 survey walks through the full release.

How the Silver Price Changes Industrial Demand

Most pages treat industrial demand as a one-way street: more factories, more silver, higher prices. The 2025 data shows the street runs both ways. High prices change how much silver factories use.

The Silver Institute put it this way: “Intense competition and rising silver raw material costs prompted PV manufacturers to accelerate thrifting and substitution,” it said in its https://silverinstitute.org/elevated-lease-rates-regional-liquidity-tightness-and-robust-investor-interest-resulted-in-record-silver-prices-in-2025/";>April 2026 release. Silver averaged over $40 an ounce in 2025, a 42% jump from the year before, https://www.pv-magazine.com/2026/04/15/silver-demand-from-pv-industry-expected-to-drop-19-this-year/";>per PV Magazine.

Two terms explain the response:

Thrifting means using less silver in each product. Solar makers print thinner silver lines and use less paste per cell.
Substitution means swapping in another metal. Some solar makers now use copper on the back of the cell, or copper coated with silver.

Price does not hit every use the same way. It depends on how much of the product’s cost is silver.

Small share, little change. A car switch or a phone circuit holds a tiny amount of silver. Even if the price doubles, the product barely costs more. Makers rarely redesign, so demand holds steady.
Large share, big change. Silver paste makes up about 10% to 20% of total solar cell costs. When silver jumps, solar makers feel it right away, and they have strong reasons to cut back.

That split matches the table above. Electronics outside of solar held steady in 2025. Solar fell. There is one more point for anyone judging long-term demand. Thrifting rarely reverses. Once a factory redesigns a cell to use less silver, it does not go back to the old design when prices fall. Each price spike can lower demand for years.

Solar: From Growth Story to Thrifting Story

For years, solar was the main reason analysts expected silver demand to climb. Silver has been a critical component in solar panels for decades, and its use more than doubled in this industry from 2021 to 2024. That story has now turned.

Metals Focus and the Silver Institute forecast that solar will use about 151 million ounces in 2026, a 19% drop from 2025 according to PV Magazine. That would take solar back below its 2023 level.

Keep two numbers distinct here. Solar installations can keep rising while solar’s silver use falls. What matters for silver is how much goes into each cell, and that amount is shrinking fast.

Some analysts see a bullish side. GoldSilver argues that the https://goldsilver.com/industry-news/article/silver-supply-deficit-solar-thrifting/";>silver deficit is getting worse even as solar uses less. Both things can be true.

The market can stay short of silver while industrial demand falls, because investment buying and flat mine supply matter too. But the old claim that solar would push industrial demand up year after year no longer fits the data.

How Industrial Demand Moves the Silver Price

The industrial sector buys most of the world’s silver. So, why didn’t record demand in 2024 lift the price? Perhaps more importantly, why did the price soar in 2025 while industrial demand fell?

The answer is simple: timing. Factories buy silver on steady schedules and contracts. Their demand changes at a slow rate, usually only moving a few percent each year.

Investors can move much faster than that. That’s what happened in 2025. Coin and bar demand rose 14%, per the Silver Institute, while industrial demand fell 3%. The price rose anyway.

So industrial demand works more like a floor, or a slow drag, measured over years. It sets the baseline value for silver. However, the value fluctuates as investment flows, dollar strength, interest rates, and market moods change and exert their influence. Those are the factors that drive the price you see from day-to-day. For the full list of forces, see https://www.moneymetals.com/price/what-causes-silver-prices-to-fluctuate";>what causes silver prices to fluctuate.

Supply adds a twist. The majority of silver mining happens as a byproduct of other metal mining operations, usually focused on copper, zinc, and lead. Those mines do not open or close based on the silver price, so they do not raise the mining supply to meet the demand.

The World Silver Survey 2026 projects a 46.3 million ounce deficit in 2026. That would make it the sixth year in a row that such a deficit has occurred. You can learn more about what that means for buyers in our guide, https://www.moneymetals.com/investment/is-there-a-silver-shortage";>Is There a Silver Shortage.

AI and Data Centers: What the Numbers Say

AI is the newest reason people give for silver demand. AI servers and high-speed data links use more silver in their hardware. The World Silver Survey 2026 says silver used in data centers alone is expected to pass 10% of electrical and electronics demand in 2027, https://www.kitco.com/opinion/2026-08-20/tenth-silver-electronics-heading-one-buyer";>as Kitco reported.

Industrial Silver Demand Forecast to 2030

Long-range forecasts vary widely. A 2026 study in the journal Resources, Conservation and Recycling by https://www.sciencedirect.com/science/article/abs/pii/S0921344925004392";>Cattaneo and co-authors projects total silver demand of 48,000 to 54,000 metric tons a year by 2030.

That is roughly 1.5 to 1.7 billion ounces, well above the 1.13 billion ounces used in 2025. The study finds supply could meet only 62% to 70% of that demand, with solar taking 10,000 to 14,000 tons a year.

This study is from a good source in the industry. However, even with its authority, it is wise to read that forecast with care. Its source data comes from 2023, before the 2025 industry demand decline and 2026 solar forecast. It assumes solar keeps growing its silver use. The thrifting now under way points to a lower path for solar, though AI, EVs, and power grids could fill some of the gap.

How Much of Silver Demand Is Industrial?

There are different answers floating around the web. Some say 50%, 55%, or even as high as “nearly two-thirds.” The gap in these figures mainly comes from which year a source uses. Investment demand swings a lot from year to year, so industry’s share moves even when factory demand is stable.

Year	Industrial demand (Moz)	Total demand (Moz)	Industrial share
2021	564.1	1,102.4	51%
2022	592.3	1,284.1	46%
2023	657.1	1,197.0	55%
2024	679.0	1,157.4	59%
2025	657.4	1,130.6	58%
2026F	639.6	1,112.6	57%

Source: https://silverinstitute.org/wp-content/uploads/2026/04/World-Silver-Survey-2026.pdf";>World Silver Survey 2026. Shares are calculated from the survey's figures.

Some sources also count photography as industrial. Adding it raises the 2025 share to about 60%. Always check the year and what the source counts.

What This Means for Silver Buyers

Industrial demand still plays a vital role in the silver market. It remains the largest source of demand and provides a value floor for silver over the long run. But it is not a simple matter of “more factories, higher prices.” High prices trim industrial use as factories search for cheaper solutions. For their part, investors often drive most short-term moves.

Whether you own or plan to buy https://www.moneymetals.com/buy/silver";>silver bullion, it is best to monitor both sides: steady industrial use and faster-moving investment demand. You can follow the https://www.moneymetals.com/silver-price";>live silver price or read our guide on https://www.moneymetals.com/guides/is-now-a-good-time-to-buy-silver";>whether now is a good time to buy silver. When you're ready, you can https://www.moneymetals.com/buy/silver";>buy silver online from Money Metals.

Frequently Asked Questions

Electrical and electronic equipment remains the biggest industrial use for silver. This sector took 449.5 million ounces in 2025, about 68% of industrial silver demand according to the World Silver Survey 2026. That group includes solar panels, which used 186.6 million ounces.

Silver conducts electricity and heat better than gold and reflects more light. It also costs far less per ounce. That makes silver the practical choice for jobs that need a lot of metal, such as solar cells and electrical contacts.

Silver coats electrical contacts in switches and circuit boards. Silver inks and films print the paths that carry current in phones, computers, keyboards, and other devices. It is used because it is the https://silverinstitute.org/silver-in-industry/";>best metal conductor of electricity.

Nearly every electrical connection in a modern car uses silver-coated contacts, from power windows to engine controls. Electric vehicles and charging stations use even more. Silver brazing alloys also join metal parts in cars.

It is decreasing for now. Industrial demand fell 3% in 2025 to 657.4 million ounces and is forecast to fall about 3% more in 2026, per the https://silverinstitute.org/elevated-lease-rates-regional-liquidity-tightness-and-robust-investor-interest-resulted-in-record-silver-prices-in-2025/";>Silver Institute. Most of the drop comes from solar makers using less silver per cell.

Over the long run, strong industrial use supports price. In the short run, investment buying matters more. In 2025, industrial demand fell 3% while the price hit record highs, driven by a 14% jump in coin and bar demand.

Debasement Trade Supporting Gold Even as Yields Spike

Sun, 04 Oct 2026 00:00:00 EST

Bond yields have risen to levels not seen since 2007. This has created significant headwinds for gold and silver; however, the metals have shown more resilience than one might expect in this environment.

Higher interest rate environments have traditionally been bearish for gold and silver. Since they are non-yielding assets, owning metals when interest rates are high comes with an opportunity cost.

But despite persistently rising bond yields, gold has maintained support over $4,000 per ounce.

Why?

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According to a Reuters report, a “post-2022 demand premium is proving more durable than expected.”

And what is driving this demand premium?

https://www.moneymetals.com/news/2026/07/28/with-bonds-struggling-investors-turning-to-tangible-assets-like-gold-005096";>The debasement trade – an investment strategy that emphasizes holding tangible assets such as gold, silver, and other commodities to protect against the decline of fiat currencies caused by monetary debasement.

The debasement trade took off after the U.S. weaponized the dollar after Russia invaded Ukraine, and it’s getting a boost from worries about the U.S.’s https://www.moneymetals.com/news/2026/08/20/the-40-trillion-national-debt-in-perspective-005151";>fiscal malfeasance.

Reuters explained it this way.

“Typically, gold – a non-yielding asset – moved largely in the opposite direction to real yields, and from 2000 to Russia’s 2022 invasion of Ukraine, interest rates and U.S. dollar movements explained most of bullion’s price. That relationship changed after ‌Western sanctions froze roughly half of Russia’s official reserves. Central banks, particularly in emerging markets, accelerated efforts to diversify reserves away from dollar assets, supporting gold even when higher yields would normally weigh on the price.”

MKS PAMP metals specialist Nicky Shiels told Reuters the “debasement and de-dollarization” premium has risen from ⁠about $120 an ounce before 2022 to an average of more than $1,000 since then.

She said it currently stands at roughly $840 an ounce.

Morgan Stanley commodities strategist Amy Gower agrees, saying gold’s ability to hold $4,000 per ounce despite rising yields signals another significant demand factor at play.

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Valent Asset Management portfolio manager Jay Tatum compared gold to a “compressed spring.”

“The temporary headwinds for gold are enormous and, in almost any other ‌environment, would probably have pushed prices significantly lower. Prices are not lower because underlying factors are so strong.”

The war with Iran has compressed that spring.

It's as if the war put a lid on the gold market. Every time there is even the slightest hint the conflict could resolve, gold spikes. Conversely, every time we get bad war news, gold gets pounded lower. This indicates that when the war ends once and for all and the lid comes off, gold could take off very quickly.

Government Revises Fed's Favorite Inflation Indicator to Further Understate Inflation

Sun, 04 Oct 2026 00:00:00 EST

If your policy can’t drive inflation down, just revise the methodology to make it seem lower.

This seems to be the federal government’s strategy.

The Bureau of Economic Analysis (BEA) has revised the Federal Reserve’s favorite inflation gauge to understate inflation just a little bit more.

When measuring inflation, most economists and the financial media tend to rely on the Consumer Price Index (CPI) calculated by the Bureau of Labor Statistics. However, the Fed prefers the BEA’s Personal Consumption Expenditures (PCE) Index.

The two price inflation measures rely on significantly different methodological approaches, and central bankers prefer the PCE because it tends to understate price inflation more than the CPI.

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Instead of asking consumers what they buy, the PCE compiles data based on what businesses sold. BEA analysts compile information from a wide range of sources, including Census Bureau retail surveys, manufacturer shipment data, hospital and physician revenues, utility revenues, airline ticket sales, financial service companies, and other business and government data.

To calculate the PCE index, BEA analysts track prices in specific categories, including food, healthcare, and housing. They combine these price changes and weight them based on spending within each category. For instance, if food spending is higher than healthcare, the food category will be weighted higher.

The BEA then uses a “Fisher chain-weighted” formula using purchasing patterns from both the current and previous periods. The weights shift as consumer patterns change. For example, people might buy more chicken if beef becomes more expensive. This “chain-weighted” method links successive price changes together to measure inflation over time.

It’s a complex formula. According to the BEA, the Fisher formula takes the geometric average of prices in earlier and later periods --multiplying them and taking the square root. This accounts for changes in purchasing patterns instead of relying entirely on a fixed basket of goods and services, as the CPI does. “Chain-weighted” means each period’s comparison links to the next, forming a continuous measure of price changes over time.

A Change in Methods

On September 30, the BEA changed how it measures prices in three PCE categories to “improve deflation.” In other words, the agency hopes the updates will better separate price changes from changes in the amount or quality of goods and services consumed.

According to https://apps.bea.gov/scb/issues/2026/06-june/0626-nea-preview.htm"; target="_blank" rel="noopener">BEA documentation, the new approach will improve the deflation methodology for consumer spending on portfolio management and investment advice services to better reflect the timing and quantity of services consumed, improve the deflator used for consumer spending on legal services, and improve the deflator for consumer spending on computer software and accessories to better reflect the composition of products included in this category.

Analysts say the changes in the investment management category were the most significant. Instead of starting with the price and calculating the quantity, BEA analysts will estimate quantity first and then calculate the implied price.

Based on retroactive revisions, it appears the new methodology will slightly reduce price inflation as calculated by the PCE. Between Q4 2020 and the first quarter of this year, the update left the annual PCE at 4 percent. However, core PCE (the primary number the Fed uses in its decision-making process) fell from 3.9 to 3.8 percent. According to the BEA, “These figures reflect the entire annual update, including revised source data and methodology changes. They do not isolate the effect of the methodology changes alone.”

More Reasons for Central Bankers to Love the PCE

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As already mentioned, central bankers already love the PCE and consider it a better inflation measure than the CPI.

And we know the CPI understates inflation by design. The powers that be revised https://www.moneymetals.com/news/2024/01/15/the-cpi-lie-price-inflation-is-even-worse-than-advertised-002930";>the formula in the 1990s to lower inflation readings. Based on the 1970s formula, CPI is around double the official numbers. So, if the BLS used the old formula, we’d be looking at CPI closer to 6 percent. And if they used an honest formula, it would probably be worse than that.

Central bankers will tell you the PCE provides broader coverage of consumer spending, that its chain-weighting formula better captures evolving consumer behavior, that it is consistent with other data sets, including GDP, and that the frequent revisions improve accuracy.

That all sounds good, but there’s a simpler explanation.

The PCE understates price inflation even more than the CPI.

In other words, it consistently tells a better inflation story. And central bankers like nothing better than a sanguine inflation story. If they can convince you inflation isn’t that bad, they can expand the money supply faster without you throwing a fit.

PCE generally runs 0.2 to 0.4 percentage points lower than CPI over longer periods.

With the new adjustment, it will presumably run even lower moving forward.

Both the CPI and PCE formulas create multiple opportunities to skew the numbers lower. Each assumption built into the formula was made up by a government functionary with a bias and agenda.

The PCE’s substitution metrics provide a powerful avenue for number crunchers to skew the data and make price inflation look tamer than it is.

Never forget that government people have a vested interest in making inflation look as tame as possible. In their minds, inflation isn’t a bug. It’s a feature. Their ability to inflate the money supply lays the foundation for big government borrowing and spending. But monetary inflation comes with a nasty side-effect – price inflation. The better they can hide this monetary debasement, the longer they can get away with it without unpleasant political backlash from the citizenry.

Government number-crunchers also want to keep price inflation as low as possible because the PCE is used to “deflate” GDP. If price inflation is lower, it makes real growth look better.

Government data should always be taken with a grain of salt. Never assume that government number-crunchers are unbiased seekers of truth. The numbers may give us some sense of reality. And they are what we have, so we have to use them. However, the government always operates with an underlying propaganda motive. Keep that in mind as you digest the data and the spin.

Clive Maund on Treasury Yields, Gold, and Silver’s Next Move

Sat, 03 Oct 2026 00:00:00 EST

In a new Money Metals podcast interview, analyst Mike Maharrey spoke with veteran technical analyst https://x.com/CliveMaund"; target="_blank" rel="noopener">Clive Maund about the Treasury market, soaring government debt, gold, silver, oil, inflation, and the increasingly unstable global fiat monetary system.

https://www.youtube.com/@clive_maund"; target="_blank" rel="noopener">Clive Maund has been analyzing markets for decades and has operated CliveMaund.com since 2003. His work focuses heavily on the resource sector, including precious metals, mining stocks, copper, oil, natural gas, and broader financial markets.

Unlike analysts who begin with economic data or company fundamentals, Maund’s primary focus is technical analysis. He views charts as a visual record of supply and demand, price action, market psychology, and the interaction between price and time.

As he explained to Maharrey, the exact dollar amount of a price change matters less than the ratio. A stock moving from $1 to $2, from $2 to $4, or from $4 to $8 has made the same 100 percent gain in each instance. Charts provide a way to visualize those proportional changes and identify trends, cycles, bases, breakouts, and topping patterns.

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Treasury Yields Are Pressuring Gold

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The discussion began with the Treasury market and the impact of rising yields on gold and silver. Maharrey noted that 10-year and 30-year Treasury yields have climbed to levels not seen since 2002, creating significant pressure across financial markets.

Maund shared a one-year chart of the 10-year Treasury yield. He said yields have been in a relatively steady uptrend since March, but the chart also showed them reaching the top of that uptrend. The MACD indicator, which he uses to assess momentum and overbought or oversold conditions, suggested that yields were extremely overbought.

That does not guarantee an immediate reversal. Markets can remain overbought for longer than many investors expect. Still, Maund said the chart suggested a consolidation or a correction in yields was increasingly likely.

A pullback in yields could matter significantly for precious metals. Maund said the recent decline in gold was driven in part by rising Treasury yields and the associated strength in the dollar. If yields begin to retreat, that pressure could ease and allow gold and silver to regain upside momentum.

Maharrey agreed that rising yields have weighed on metals in the short term. But he questioned whether it makes sense to abandon an inflation hedge merely because yields are rising in an environment marked by debt, monetary expansion, and mounting economic uncertainty.

Maund said it is possible that the market could eventually resemble the late 1970s, when gold rose alongside yields because of the inflationary implications of the broader economic environment. In such a setting, investors may seek real money even if government bond yields remain elevated.

Debt Saturation and a Treasury Market Under Strain

Maund argued that the larger issue is not a short-term chart pattern but decades of borrowing and money creation. Governments around the world, he said, have continually kicked the debt can down the road through lower interest rates, quantitative easing, and ever-larger deficits.

In the United States, the national debt has reached roughly $40 trillion. Maund estimated that the cost of servicing that debt is around $1 trillion per year. He described the current moment as one of debt saturation, where the burden of financing government obligations becomes so large that markets demand higher yields to hold government paper.

In Maund’s view, policymakers have limited options. They can allow yields to keep rising, risking severe stress across Treasury, stock, https://www.moneymetals.com/news/2026/09/24/treasury-announces-second-oversized-bond-buyback-as-it-tries-to-put-a-lid-on-yields-005234";>and bond markets. Or they can create more money to support government debt and suppress yields, further undermining the purchasing power of the currency.

He said that continued money creation allows governments and large financial institutions to delay the reckoning, but everyday people ultimately pay the cost. As more dollars are created, the purchasing power of each existing dollar tends to decline. Prices then rise as the new money works its way through the economy.

Maharrey noted that the biggest buyers in the Treasury market increasingly appear to be hedge funds using leverage. Maund said that reinforces the fragility of a market in which debt must be continually financed at higher costs.

Both men emphasized that the issue is not merely the price of a single Treasury security. It is the structural dependence of the financial system on expanding debt, expanding credit, and a continuing willingness by investors to hold promises payable in fiat currency.

Gold’s Short-Term Setup and Long-Term Case

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Turning to gold, Maund said the three-month chart showed a small head-and-shoulders top. He had previously warned that this pattern could lead to a short-term pullback.

However, he stressed that the formation did not look like a long-term top. Because it was a smaller pattern, he said its implications were limited to the short and medium term. On longer-term charts, the same move could be part of a larger bullish structure.

Maund said gold may be reacting back toward the upper boundary of a bullish falling-wedge pattern. He identified roughly $3,900 to $3,950 per ounce as a potential area of strong support.

If gold pulls back into that zone, Maund said it could provide a technically attractive buying opportunity. Alternatively, gold could turn upward before reaching that level if yields begin falling or if oil prices moderate.

In that case, Maund said https://www.moneymetals.com/news/2026/09/24/merk-dont-give-up-your-gold-005232";>traders should watch for gold to break above a former support level that has become resistance following the head-and-shoulders breakdown. A decisive move above that level would, in his view, signal that gold is ready to resume its larger uptrend.

Maharrey said the https://www.moneymetals.com/news/2026/09/22/us-doubling-down-on-weaponization-of-the-dollar-005224";>conflict involving Iran and the resulting oil-price pressures have acted like a lid on precious metals. Concerns about the Strait of Hormuz, elevated energy prices, inflation, and rising yields have all created a difficult short-term environment for gold and silver.

But both analysts said those pressures could reverse. If oil prices retreat and yields pull back from overbought levels, the macroeconomic and technical backdrop for precious metals could improve quickly.

Oil Prices and the Political Calendar

Maund also discussed a one-year Brent crude oil chart. He said it appeared to show the potential for a double top, a technical formation that can signal a possible decline after an extended advance.

He suggested that oil could pull back in the coming weeks, especially if policymakers make conciliatory moves toward Iran ahead of the November 2 midterm elections. Maund was careful to frame this as a possibility based on market and political incentives, not as a firm prediction.

He said a lower oil price would be politically helpful because high energy prices feed directly into public frustration and inflation concerns. A decline in oil could also reduce pressure on Treasury yields and the dollar.

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That matters for gold and silver because the recent metals correction has occurred alongside rising oil and yields. A reversal in those trends could remove an important obstacle to a renewed advance in precious metals.

Silver’s Enormous 45-Year Pattern

The most bullish section of the interview focused on silver. Maund shared a long-term silver chart featuring what he called an extraordinarily https://www.moneymetals.com/silver-price";>large cup-and-handle pattern extending over roughly 45 years.

He said he had rarely seen such a clear and massive formation in decades of chart analysis. Maund first highlighted the setup last year, before silver broke out and surged to approximately $120.

The subsequent decline, he said, should not necessarily be interpreted as a failure of the long-term breakout. It is common for markets to experience a post-breakout reaction, particularly after a sharp advance from a major base.

According to Maund, silver has been reacting back toward support near the upper boundary of the giant cup-and-handle pattern. This type of retest can be normal technical behavior following a breakout.

He said silver could still move somewhat lower in the near term, perhaps toward $50 to $55 per ounce. But he characterized the broader $50 to $60 range as a major long-term buying zone.

Maund said the chart points to substantially higher silver prices in the months and years ahead. He argued that investors holding physical silver should focus less on short-term volatility and more on the larger trend, which he believes remains exceptionally bullish.

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Maharrey said the macroeconomic conditions support that analysis. Silver has faced persistent supply deficits, and physical demand pressures have recently appeared in both the COMEX and London markets. Those fundamentals, combined with the technical setup, could create a powerful environment for silver if demand continues to outpace available supply.

Real Money in an Era of Currency Debasement

The interview closed with a broader discussion of why gold and silver remain relevant. Maund said physical precious metals differ fundamentally from Treasury bonds, paper currencies, and digital financial assets because they cannot be created with a keystroke.

Governments can expand fiat money and credit supplies, but they cannot print gold or silver. That physical constraint is one reason precious metals have served as money and stores of value for thousands of years.

Maharrey said Money Metals aims to help people understand how currency debasement erodes purchasing power and how physical gold and silver can provide a measure of protection. Neither man presented precious metals as a perfect or effortless solution, but both argued that they offer a tangible alternative to an increasingly debt-dependent fiat system.

For https://www.moneymetals.com/authors/clive-maund"; target="_blank" rel="noopener">Clive Maund, the value of analyzing gold and silver goes beyond forecasting price movements. He said that during dark and uncertain economic times, understanding real money can give people a practical path forward and a reason for financial hope.

Precious Metals News & Analysis - Gold News, Silver News from Money Metals Exchange

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The Gold Buyers

The Gold Sellers

The Big Picture

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How Much Is the Stanley Cup Worth - Silver and Nickel Content, 34.5 lb Weight, and Melt Value of the NHL Trophy - Original 1892 Bowl Cost, the $650,000 Estimate, and Why the Cup Has No Market Price - Money Metals

How much is the Stanley Cup trophy worth?

How Much Is the Stanley Cup Worth?

Is the Stanley Cup Really Worth $650,000?

Why Stanley Cup Value Estimates Vary So Much

How Much Is the Stanley Cup Worth in Silver?

How Much Does the Stanley Cup Weigh?

Is the Stanley Cup Pure Silver?

How We Calculated the Stanley Cup's Melt Value

Which Stanley Cup Are We Talking About?

Why the Stanley Cup Is Worth More Than Its Silver

Lord Stanley of Preston and the $50 Bowl

The Names Engraved on the Stanley Cup

The Keeper of the Stanley Cup

Stanley Cup Value vs. Other Championship Trophies

Stanley Cup vs. Lombardi Trophy Value

Stanley Cup vs. FIFA World Cup Trophy Value

Frequently Asked Questions About the Stanley Cup's Value

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Easier Ways to Own Silver and Gold

Gold and Silver Bounce — But the Bond Market Still Holds the Reins

What Is Silver Used For - Industrial Uses From Electronics and Solar Panels to Catalysts and Medicine - Why Industrial Demand Fell in 2025 and How Price Shapes Silver Use - Money Metals

What Is Silver Used For?

Key takeaways

Silver's Industrial Uses by Sector

Electrical and Electronics: The Biggest Use

Solar Panels

Cars and Electric Vehicles

Brazing Alloys and Solder

Catalysts

Medical and Antimicrobial Uses

Mirrors, Glass and Coatings

Silver in Everyday Life

Why Industry Uses Silver

Industrial Silver Demand Fell in 2025

How the Silver Price Changes Industrial Demand

Solar: From Growth Story to Thrifting Story

How Industrial Demand Moves the Silver Price

AI and Data Centers: What the Numbers Say

Industrial Silver Demand Forecast to 2030

How Much of Silver Demand Is Industrial?

What This Means for Silver Buyers

Frequently Asked Questions

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Does industrial demand raise the silver price? http://www.w3.org/2000/svg"; viewbox="0 0 24 24" fill="none" stroke-width="2" stroke="currentColor" class="size-5 shrink-0 transition" aria-hidden="true" x-bind:class="isExpanded ? 'rotate-180' : ''">

Debasement Trade Supporting Gold Even as Yields Spike

Government Revises Fed's Favorite Inflation Indicator to Further Understate Inflation

A Change in Methods

More Reasons for Central Bankers to Love the PCE

Clive Maund on Treasury Yields, Gold, and Silver’s Next Move

Treasury Yields Are Pressuring Gold

Debt Saturation and a Treasury Market Under Strain

Gold’s Short-Term Setup and Long-Term Case

Oil Prices and the Political Calendar

Silver’s Enormous 45-Year Pattern

Real Money in an Era of Currency Debasement