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

Positive ETF Gold Flows Pushed Holdings to a New Record in September

Thu, 08 Oct 2026 00:00:00 EST

Despite https://www.moneymetals.com/news/2026/10/04/debasement-trade-supporting-gold-even-as-yields-spike-005265";>tremendous price pressure on gold from rising yields, more metal flowed into gold-backed ETFs last month, driving fund holdings to a new record.

According to the latest data compiled by the World Gold Council, ETFs globally increased their gold holdings by 67.3 tonnes to a record 4,256 tonnes.

ETF gold inflows totaled 211 tonnes valued at a record $31 billion in the third quarter.

!!--Product-Random-Best-2--!!

However, with falling gold prices, total assets under management (AUM) by gold-backed funds dipped 7 percent in September to $574 billion. Even so, gold ETF AUM grew 9 percent in Q3.

North American funds led the way in September, reporting a 27.7-tonne-increase in gold reserves valued at $4 billion.

AUM by North American gold funds rose by $12 billion in Q3.

As the World Gold Council noted, “This first quarterly inflow of 2026 marked a sharp reversal from the weakness seen earlier in the year, bringing y-t-d flows firmly into positive territory at $4.1billion.”

Notably, North American ETFs increased their gold holdings in Q3 given what the World Gold Council described as a “challenging domestic backdrop.”

“The https://www.moneymetals.com/news/2026/09/17/hut-hut-hike-the-fed-raised-rates-now-what-005211";>Federal Reserve raised interest rates by 25 basis points during the month and signaled that further tightening could follow, contributing to upward pressure on Treasury yields and the dollar. These developments increased the opportunity cost of holding gold and weighed on its price. Nevertheless, persistent inflation and elevated energy prices, concerns over equity valuations – particularly in AI-related sectors – and increased bond-market volatility may have reinforced gold’s appeal as a portfolio diversifier. Continued inflows also suggest that some investors viewed the price pullback as an opportunity to build or maintain strategic positions rather than reduce exposure.”

European ETFs also had a strong September, with gold holdings rising by 21.7 tonnes valued at $3.6 billion. During Q3, European ETF gold buying set a quarterly record of $14 billion.

UK-based funds drove European buying, adding $2.2 billion worth of gold in September. UK-based gold ETFs increased their gold reserves for 12 of the 13 weeks in Q3, adding $7.5 billion in gold, a quarterly record. The World Gold Council called it “the most consistent run since 2022.”

“Recent inflows have coincided with a rising gilt term premium, potentially reflecting broader investor concerns over inflation uncertainty, fiscal sustainability and sovereign bond-market risks; factors that may have reinforced gold’s appeal as a portfolio diversifier.”

!!--Product-Random-New-2--!!

Asian funds added 16.2 tonnes of gold in September, valued at $2.3 billion. It was the third straight month of inflows after a brief pause last summer.

Chinese funds reported the largest positive gold flows, while activity also increased in India, Japan, South Korea, and Singapore. The World Gold Council said this highlights "the breadth of regional buying."

Chinese funds continued to attract investors despite a weaker gold price “amid renewed weakness in domestic equities and declining government bond yields, both of which supported gold’s relative appeal.”

Weakness in the Indian stock market also supported gold buying.

ETFs in other regions, including Africa and Australia, reported a 1.7-tonne increase in gold holdings valued at $104 million.

Australian funds accounted for virtually all monthly buying, adding $106 million in gold. Australian investment offset modest outflows from South Africa.

ETFs are a convenient way for investors to play the gold market, but https://youtu.be/7aP6VbgXVeM?si=O3yPeFkTYFHOXrHe"; target="_blank" rel="noopener">owning ETF shares is not the same as holding physical gold.

ETFs are relatively liquid. You can buy or sell an ETF with a couple of mouse clicks. You don’t have to worry about transporting or storing metal. In a nutshell, they let investors play the gold market without buying full ounces of metal at the spot price.

Since you're just buying a number on a screen, you can easily trade your ETF shares for another stock or cash whenever you want, even multiple times on the same day. Many speculative investors take advantage of this liquidity.

But while a gold ETF is a convenient way to play gold's price, you don’t possess any gold. You have paper. And you don’t know for sure that the fund has all the gold, especially when it sees inflows. In such a scenario, there have been difficulties or delays in obtaining physical metal.

Trading Volumes

Gold market activity was generally stable in September, with average daily trading volumes dipping modestly by 2 percent to $423 billion per day across all major market segments.

Over-the-counter (OTC) trading volumes rose 1 percent on the month to $229 billion per day. LBMA activity supported OTC trading, with a 1 percent month-on-month increase to $200 billion per day. This is well above the 2025 average.

COMEX trading edged 1 percent lower last month, while net open interest in COMEX gold options retreated to levels last seen in early August. However, it remained significantly higher than when gold reached its record high in January.

Total COMEX longs fell by 11 percent to 654 tonnes.

Managed money net longs fell by 84 tonnes to 387 tonnes.

The Inflation Illusion: How Government Formulas Shape the Data

Thu, 08 Oct 2026 00:00:00 EST

Every month, the government releases a barrage of economic statistics. Employment, inflation, consumer spending, economic growth, and countless other measurements are presented as objective facts that policymakers, investors, and the public can use to understand the economy.

But what happens when the methodology used to produce those numbers changes?

In this episode of the Midweek Memo, Mike Maharrey examines how government agencies calculate and revise economic data, arguing that seemingly small methodological decisions can have a significant effect on the picture those statistics present.

His focus is particularly sharp on inflation data — including the Consumer Price Index (CPI) and the https://www.moneymetals.com/news/2026/10/04/government-revises-feds-favorite-inflation-indicator-to-further-understate-inflation-005264";>Federal Reserve's preferred Personal Consumption Expenditures (PCE) price index — and the implications for anyone trying to determine how quickly purchasing power is actually eroding.

https://www.youtube.com/embed/GaXw5PyTaW0?si=W0BCabl_tQu9W9RM"; title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="allowfullscreen">

https://play.libsyn.com/embed/episode/id/43206948/height/192/theme/modern/size/large/thumbnail/yes/custom-color/1e40af/time-start/00:00:00/playlist-height/200/direction/backward/font-color/FFFFFF"; scrolling="no" allowfullscreen="allowfullscreen" webkitallowfullscreen="webkitallowfullscreen" mozallowfullscreen="mozallowfullscreen" oallowfullscreen="true" msallowfullscreen="true">

When Data Starts Shaping Reality

Maharrey opens the episode with an example of how easily people can be persuaded to accept something as reality simply because it looks convincing.

He recounts a viral story about a zookeeper supposedly rescued by a tiger after collapsing near its enclosure. The accompanying photographs appeared authentic, but the entire story — including the images — had been generated by artificial intelligence.

The lesson extends beyond AI-generated photographs.

If an image that never happened can become accepted as fact because it looks real, Maharrey argues, statistics can have a similar effect. Numbers carry an additional aura of authority because they are presented as objective measurements.

But economic data isn't simply observed. Much of it is constructed through surveys, estimates, assumptions, formulas, seasonal adjustments, and subsequent revisions.

That means the methodology matters.

!!--Product-Random-Featured-All--!!

Employment Numbers Don't Always Tell the Same Story

Maharrey points to Bureau of Labor Statistics employment data as one example.

Initial employment reports are frequently revised as more information becomes available. Revisions themselves aren't necessarily evidence of a problem — collecting nationwide employment data is complicated, and adjustments are expected.

The question, he argues, is why those revisions have historically tended to move disproportionately in one direction.

According to the figures discussed in the episode, between 2003 and 2024, final annual BLS employment numbers were lower than the initial reports 14 times, compared with seven upward revisions.

That raises a broader question: if https://www.moneymetals.com/news/2026/08/07/what-an-awful-jobs-report-and-dont-skip-over-the-revisions-005122";>major economic statistics can change substantially after their initial release, how much confidence should people place in the first number they see?

The Inflation Formula Matters

The bigger issue in the episode is inflation.

Maharrey explains that the government changed the methodology used to calculate the CPI during the 1990s because officials believed the existing approach overstated inflation.

The result is that today's inflation statistics cannot simply be compared with historical numbers without considering how the underlying methodology has changed.

Maharrey argues that if the government were still using a methodology similar to the one employed during the 1970s, today's reported CPI inflation rate would be considerably higher than the official figure.

Whether one accepts that comparison or not, the larger point remains: inflation isn't measured with a ruler. It is calculated using a formula — and formulas involve assumptions.

!!--Product-Random-Featured-All--!!

Why the Fed Prefers PCE

The episode then turns to the PCE price index, the inflation measure favored by the Federal Reserve.

PCE and CPI measure inflation somewhat differently, including differences in the way consumer spending patterns and changes in consumption are incorporated into the calculations.

Maharrey notes that https://www.moneymetals.com/news/2026/09/14/beyond-the-cpi-the-complete-inflation-story-august-2026-005198";>PCE has historically tended to run below CPI over longer periods. He then examines a recent revision by the Bureau of Economic Analysis that changed the PCE methodology.

According to the episode, the adjustment lowered the reported measure of core PCE inflation by roughly 0.1 percentage point.

That may sound insignificant.

But when policymakers use these statistics to determine interest-rate policy, and when investors use them to assess the purchasing power of the dollar, even seemingly small changes can influence how the economy is perceived.

The Problem With "Substitution"

One of the more important concepts discussed is the use of substitution within inflation calculations.

Consumers don't always continue buying the exact same products when prices change. If the price of one item rises significantly, consumers may switch to another product.

Statistical formulas attempt to account for those changes in purchasing behavior.

But doing so introduces assumptions about how consumers respond to changing prices.

Maharrey argues that these adjustments can make measured inflation appear less severe than the increase in the cost of maintaining a comparable standard of living might suggest.

This is particularly important because official inflation statistics aren't merely academic measurements. They influence monetary policy, government programs, financial markets, and public perceptions of the economy.

!!--Product-Random-Featured-All--!!

Inflation Can Be Hidden by the Measurement

Maharrey's broader argument is that monetary inflation and price inflation aren't necessarily the same thing.

The government can expand the money supply and increase borrowing and spending, but the resulting price increases can become politically difficult when consumers feel their purchasing power deteriorating.

If inflation appears lower in the official statistics, however, the political and economic consequences may also appear less severe.

That creates an incentive — intentional or otherwise — for policymakers to focus on the most favorable interpretation of the numbers.

The result is a disconnect between what the statistics say and what people experience in their everyday lives.

A consumer doesn't experience "core PCE." They experience grocery bills, rent, insurance premiums, healthcare costs, gasoline, and other expenses.

And when those costs rise faster than official inflation suggests, people can understandably feel that the government statistics don't match reality.

Why Gold and Silver Enter the Conversation

This debate over inflation ultimately brings Maharrey back to precious metals.

If the purchasing power of fiat currency is gradually eroded, assets that exist outside the monetary system can become increasingly attractive to people looking for a way to preserve wealth.

Gold and silver have historically served this role.

Maharrey argues that investors shouldn't simply accept an official inflation figure without understanding how it was produced. Instead, they should recognize that changes in methodology can alter the way inflation is presented without changing the underlying prices consumers face.

The issue isn't necessarily that every government statistic is fabricated.

Rather, the methodology behind the statistic determines what the number actually tells you.

And when the methodology changes, the historical comparison can become much more complicated.

!!--Product-Random-Featured-All--!!

A "Nickel's Worth" of Advice About Gold Scams

The episode closes on a very different — but practical — topic: precious-metals scams.

Maharrey highlights a https://www.moneymetals.com/news/2026/10/02/warning-dont-hand-gold-to-strangers-at-walmart-005259";>recent Illinois case involving a bizarre gold scam in which victims were instructed to hand over gold in a Walmart parking lot after being approached by strangers using the phrase "black bug."

The unusual details may make the story memorable, but the underlying lesson is straightforward: don't hand your gold or money to an unknown person simply because they make a convincing pitch.

As precious metals attract greater attention, scams targeting buyers and owners can become an increasingly important concern.

Maharrey encourages listeners to work with established, reputable dealers and to exercise caution whenever someone approaches them with an unusual offer involving gold or silver.

Looking Beyond the Headline Number

The larger message of this week's Midweek Memo is that economic statistics deserve scrutiny.

Inflation numbers, employment reports, and other government data can provide valuable information, but they aren't immutable facts handed down from above. They are estimates produced through methodologies that can change over time.

Understanding those methodologies makes it easier to recognize why official statistics sometimes don't seem to correspond with what people experience in their daily lives.

And for anyone concerned about the long-term purchasing power of the dollar, that distinction matters.

If inflation is more persistent than the headline numbers suggest, then protecting purchasing power becomes a different proposition entirely — and it helps explain why investors continue to look toward assets such as gold and silver as potential stores of value.

Bundesbank Bank Chief Says There's a Good Case for Continued Central Bank Gold Buying

Thu, 08 Oct 2026 00:00:00 EST

If you want to know why central banks are stacking gold, ask a central banker.

Last month, https://www.moneymetals.com/news/2026/10/06/central-bank-summer-gold-spree-continued-in-august-005270";>global gold reserves increased by another 39 tonnes, as central banks continued a buying spree that began several years ago. Bundesbank President Joachim Nagel said the move makes sense given growing levels of government debt.

On the one hand, rising yields have made bonds more attractive in recent months. Yields on the 10-year and 30-year Treasuries are at levels not seen since 2001. This has created significant headwinds for gold and silver in recent months. However, Nagel said the reason behind rising yields should give bond investors pause.

!!--Product-Random-Featured-2--!!

“The recent rise in global government bond yields has boosted the relative attractiveness of debt securities again. At the same time, rising debt levels have increased concerns about the credit risk of these assets. Furthermore, geopolitical risks are likely to continue to shape reserve management decisions.”

Growing concern about https://www.moneymetals.com/news/2026/08/20/the-40-trillion-national-debt-in-perspective-005151";>U.S. government borrowing and spending and the apparent lack of political will to address the problem, along with growing worries about https://www.moneymetals.com/news/2026/09/22/us-doubling-down-on-weaponization-of-the-dollar-005224";>the weaponization of the dollar as a foreign policy tool, is driving what pundits have dubbed “https://www.moneymetals.com/news/2026/07/28/with-bonds-struggling-investors-turning-to-tangible-assets-like-gold-005096";>the debasement trade.”

This investment strategy emphasizes holding tangible assets such as gold, silver, and other commodities to protect against the constant debasement of fiat currencies and their dwindling purchasing power.

This is exactly what central banks are doing. They’re limiting their exposure to U.S. Treasuries and stacking gold. Earlier this year, the European Central Bank confirmed that https://www.moneymetals.com/news/2026/06/02/ecb-confirms-gold-has-overtaken-treasuries-as-top-global-reserve-asset-004959";>gold had overtaken Treasuries as the top global reserve asset.

https://www.bloomberg.com/news/articles/2026-10-05/nagel-sees-good-case-for-central-bank-diversification-into-gold"; target="_blank" rel="noopener">Bloomberg identified Russia’s invasion of Ukraine and subsequent sanctions as a catalyst for the debasement trade.

“More recently, growing worries about the U.S.’s growing debt load have fueled expectations that central banks could diversify away from the dollar and boost their gold holdings further.”

In a speech in Italy, Nagel concluded that with the weaponization of the dollar and U.S. fiscal malfeasance, “The case for further diversification into gold remains significant.”

Other central bankers agree. In the latest https://www.moneymetals.com/news/2026/06/25/survey-central-bankers-plan-to-keep-stacking-gold-005007";>World Gold Council survey, they overwhelmingly said they expect global gold reserves will continue growing over the next 12 months. Officials at 45 percent of the central banks surveyed said they plan to expand reserves within the next year.

!!--Product-Random-New-All--!!

Central bank gold demand has supported the market even as higher yields have hammered the metal lower. As https://www.moneymetals.com/news/2026/10/07/the-fed-trap-is-tightening-005273";>Gold Newsletter publisher Brien Lundin explained, “Gold is getting hit as bond yields surge. But look at why yields are rising, and the message for gold becomes much more bullish.”

Morgan Stanley commodities strategist Amy Gower said gold’s ability to hold $4,000 per ounce despite rising yields shows this demand factor is at work.

Valent Asset Management portfolio manager Jay Tatum agreed, comparing 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 Fed Trap Is Tightening

Wed, 07 Oct 2026 00:00:00 EST

The Fed Trap Is Tightening

Gold is getting hit as bond yields surge. But look at why yields are rising, and the message for gold becomes much more bullish.

Gold is getting punched in the mouth again today.

And if you’ve been following this bull market for any length of time, you know that’s not necessarily a bad thing. In fact, it may be giving us exactly the opportunity we’ve been waiting for.

!!--Product-Random-Featured-All--!!

Because this gold bull market has changed.

For roughly the first 18 months of the move, central-bank buying was the dominant force. Sovereign buyers steadily accumulated gold, largely insensitive to price, and helped propel the metal higher without the kind of meaningful corrections we would normally expect.

That phase is over.

Not the central-bank buying, mind you. That remains an important underlying source of demand.

But over the past year, Western investors have returned to the market in force. And with them have come the hedge funds, futures traders, momentum players and, increasingly, algorithmic trading programs.

The result? Volatility — stronger rallies…deeper corrections…bigger swings in sentiment in both directions.

That volatility creates victims.

But it also creates victors...for those who understand how to use it.

!!--Product-Random-Featured-All--!!

Buy The Dips, Skim The Froth

There’s an old lesson in investing that becomes especially important during powerful bull markets.

Once you’ve determined that you’re in a secular bull trend, you have to resist the temptation to become bearish during every correction...and equally resist the temptation to become euphoric during every rally.

It boils down to this: You buy the dips. And when things get frothy, you skim some profits off the top.

Simple to say, but much harder to do when prices are moving quickly and every headline seems to confirm whatever the market happens to be doing that particular day.

Which brings us to where we are now.

Gold emerged from its first real correction in early August. Western trading helped drive that correction, just as Western traders helped fuel the powerful rally from those lows.

And now those same forces are pushing gold lower again as bond yields have gone vertical.

The knee-jerk explanation is straightforward: “Higher yields are bad for gold.” But there’s a problem with that explanation: Gold was initially rising right alongside those yields.

Why?

Because both markets were responding to the same thing: Fear. Specifically, growing concern over enormous sovereign debt loads, persistent inflation and the accelerating depreciation of fiat currencies.

That’s why we need to look beyond short-term price action.

Two Lessons…

I think the current metals weakness means we have to remember two important things….

First: The long-term drivers for gold remain firmly intact.

In fact, I’d argue that the surge in sovereign bond yields around the world is telling us that some of those drivers are intensifying at this very moment. Consider the emerging crisis in France, which is a pure analog to what’s going on around the world, including the U.S.

As I just posted on X:

https://substackcdn.com/image/fetch/$s_!1Noj!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F55643074-3650-42ad-b1f7-ee9269080e65_1139x1137.png" alt="Post on X discussing France's debt crisis and gold" />

It’s clear that the markets are beginning to wrestle more seriously with the consequences of debt loads that cannot realistically be paid down in sound currencies.

Ultimately, those debts will have to be managed through currency depreciation.

While the timing is unknowable, the direction is clear. And that’s why it’s apparent that this is a secular bull market in gold that will not end anytime soon.

Which that brings us to the next lesson….

Second: If this is a bull market, we need to use the volatility rather than fear it.

We’re not going to pick the precise bottom of every correction. No one does, and nor should we try.

What we can do is recognize when a powerful secular trend is giving us an opportunity to buy quality assets at lower prices.

That means taking profits when speculation becomes excessive…cleaning up the portfolio during corrections…rotating away from the companies that aren’t performing…

…And using weakness to accumulate the companies that continue to demonstrate relative strength.

In other words, corrections like this aren’t something to endure. They’re something to exploit.

Originially published on Goldnewsletter.com

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.

!!--Product-Random-Featured-All--!!

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.

!!--Product-Random-Featured-All--!!

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.

!!--Product-Random-Best-All--!!

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."

!!--Product-Random-Featured-All--!!

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

!!--Product-Random-Hot-2--!!

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

!!--Product-Random-Best-2--!!

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.”

!!--Product-Random-Best-1--!!

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.

!!--Product-Random-Best-2--!!

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.

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

Positive ETF Gold Flows Pushed Holdings to a New Record in September

Trading Volumes

The Inflation Illusion: How Government Formulas Shape the Data

When Data Starts Shaping Reality

Employment Numbers Don't Always Tell the Same Story

The Inflation Formula Matters

Why the Fed Prefers PCE

The Problem With "Substitution"

Inflation Can Be Hidden by the Measurement

Why Gold and Silver Enter the Conversation

A "Nickel's Worth" of Advice About Gold Scams

Looking Beyond the Headline Number

Bundesbank Bank Chief Says There's a Good Case for Continued Central Bank Gold Buying

The Fed Trap Is Tightening

The Fed Trap Is Tightening

Gold is getting hit as bond yields surge. But look at why yields are rising, and the message for gold becomes much more bullish.

Buy The Dips, Skim The Froth

Two Lessons…

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

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

Articles Mentioned During the Show

Central Bank Summer Gold Spree Continued in August

The Gold Buyers

The Gold Sellers

The Big Picture

Ghana Develops Yuan-Based Payment System to Bypass Dollar

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

Can the Stanley Cup be sold? 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' : ''">

How much is the Stanley Cup insured for? 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' : ''">

Do Stanley Cup winners get to keep the trophy? 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' : ''">

Easier Ways to Own Silver and Gold

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