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Can't Hack This! Gold & Silver in a Digital Age

Wed, 28 Oct 2026 00:00:00 EST

Some people in tech circles are calling it Black October.

AI has reached the point where it can blast through cybersecurity defenses that were once considered unbreachable.

That means virtually anything digital can be hacked – including your bank account.

But no matter how sophisticated your AI bot, you can't hack gold or silver.

In this episode of the Midweek Memo podcast, host Mike Maharrey explains the growing risk of AI hacking and how to protect yourself.

And as the holiday season approaches, Mike suggests a great gift that will stand the test of time, inspired by an amazing find in Bulgaria.

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"Seeing is believing. A picture’s worth 1,000 words. Show me, don’t tell me!"

Mike notes that this common-sense wisdom is starting to make less sense.

"In the age of AI, you can’t believe everything that you see. AI photos and video are getting to the point that it’s difficult to tell they’re fake. A couple of weeks ago, I mentioned a story about a tiger calling for help when his keeper had a medical emergency. The story was complete with photos from a surveillance camera. But the photos were fake. And the story was made up. And you know what? It fooled me."

Mike points out that AI has advanced significantly in a very short period of time.

"It was long ago that AI images were mocked because they couldn’t even get the right number of fingers on a hand. And now I’m paranoid! I find myself scrutinizing every video and photo I run across, trying to determine if it’s real. What happens when we can’t tell anymore?"

Mike says AI seems to be eroding our confidence in reality, with significant ramifications.

"I’ll give you an example. What gives the dollar its value? We’re told it is backed by the “full faith and credit of the federal government.” What happens when there is no longer “full faith?” I mean, there shouldn’t be, because the government is intentionally wrecking your money. But still, you see what I’m driving at here, right? And it’s not just the dollar. People have lost faith in everything. I have people tell me they don’t bother to buy gold because 'it’s just manipulated anyway.'”

Mike notes that there have been some pretty wild developments in the AI realm over the last few weeks. Some people in tech circles are calling it "Black October."

"AI has reached the point where it can blast through cybersecurity defenses that were once considered unbreachable. That means virtually anything digital can be hacked – including your bank account.

"Do you know what can’t be hacked?

"Physical gold and silver."

Over the last few weeks, cyberthreat reports have gone parabolic.

https://www.moneymetals.com/uploads/content/cve-tracker.jpeg"; width="500" height="298" class="mx-auto p-3" alt="" />Mike quotes a techie on X who summed up what's going on.

“We're 48 hours into what is being called Black October. In the last 2 days there have been several dozen cyberattacks which, in isolation, would each have been the worst to happen in an entire calendar year. Every sector, from government to education to big tech and banks, is being massively affected, and people are starting to freak out.”

Several banks have reported AI agents working within customer accounts, some of which appear to be taking unauthorized actions.

The issue is that AI agents have become nearly as good as the most sophisticated programmers. But there's a big difference. AI bots don't sleep, and you can link 10,000 together with a single command. As our techie on X put it, "They'll work together tirelessly until they accomplish their task."

Mike notes that most people assume their money is "safe" in the bank.

"Is it, though? The bank introduces significant counterparty risk. Simply put, you have no control over your funds when they are in the bank. Hackers do. With a sophisticated AI tool, hackers could access your savings account and drain it completely. They cannot 'drain' the silver coin I’m holding in my hand."

Mike said that even absent hacking threats, it's still unwise to hold all your assets in digital form.

"Consider what would happen if a major storm took out the electrical grid in your area. How would you access your money or do business if you can’t even fire up your computer or charge your phone? We take the digital world for granted, but it wouldn’t take much to send us back to the proverbial Stone Age. It’s wise to be prepared. Hold some physical gold or silver as insurance."

Mike offers some suggestions to help mitigate the risk.

"Use long, difficult passwords and change them frequently. Turn on two-factor authentication. And beware of giving AI bots access to sensitive accounts. Most importantly, keep at least one toe in the physical world. Keep assets you can hold in your hand. Gold and silver in your safe can’t be hacked, and they can’t be 'turned off.'”

Mike then pivots to silver, noting that many people have turned bearish. However, technical analyst Jesse Colombo thinks we're just in a consolidation phase, and the next leg of the bull run is right around the corner.

"Colombo has some pretty compelling technical analysis to back up this claim. I summarized it in an article over at MoneyMetals.com/news. I’m not going to try to go through it all here because there are a lot of visuals. I’ll link to the article in the show notes for you to check out."

Mike then proclaims he recently received his Walmart gift catalogue in the mail.

"It reminded me that the holidays are right around the corner. Heck, they’ll be playing Christmas music next week. So, I guess it’s time to start thinking about gift-giving, eh? Want a gift that stands the test of time?

"Get gold!"

Mike suggests gold stud earrings.

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"They are beautiful, classic, and will last, well, forever! Or at least a really long time.

"How long have people been getting gold earrings as gifts?

"At least 1,700 years!"

"At a site in Bulgaria, archaeologists unearthed a child’s grave. Among the bones, they discovered 'stunningly preserved' gold earrings."

Mike notes that the earrings look just like they came out of a case at Kay Jewelers.

"This is a testament to gold's durability."

Mike points out that gold also serves as money for many of the same reasons we value it as jewelry.

"It is durable, malleable, and it doesn’t decay, corrode, or degrade. Gold is gold – forever."

And its value is recognized worldwide.

"From skyscrapers in Manhattan to tents in the Sahara, people value gold. And of course, gold is beautiful. That’s why people have been adorning their bodies with it for more than 6,000 years. I’m pretty certain your loved one would be thrilled to get some gold this holiday season. Something to consider as you plan your holiday gift-giving!"

Mike ends the show with a call to action -- call 800-800-1865 and talk with a Money Metals precious metals specialist today.

Articles Mentioned in the Show

https://www.moneymetals.com/news/2024/02/29/buy-gold-and-silver-to-hedge-against-counterparty-risk-003015";>Buy Gold and Silver to Hedge Against Counterparty Risk

https://www.moneymetals.com/news/2026/10/26/russian-gold-reserves-down-62-tonnes-this-year-as-they-support-the-wartime-economy-005318";>Russian Gold Reserves Down 62 Tonnes This Year as They Support the Wartime Economy

https://www.moneymetals.com/news/2026/10/22/the-bull-market-isnt-over-silver-setting-up-for-next-leg-higher-005311";>The Bull Market Isn't Over: Silver Setting Up for Next Leg Higher

The Lesson of 1971 Was Never About Gold

Wed, 28 Oct 2026 00:00:00 EST

On August 15, 1971, Richard Nixon interrupted Sunday-night television to announce https://www.moneymetals.com/news/2024/06/28/what-in-the-world-happened-in-1971-003286";>the New Economic Policy. With the Vietnam War winding down, Nixon argued that the economy required federal action to deliver what he called “a new prosperity without war.” Nixon declared that night, “We must create more and better jobs; we must stop the rise in the cost of living; we must protect the dollar from the attacks of international money speculators.”

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His policy froze wages and prices for 90 days and thawed a restraint on Washington’s management of money by suspending gold convertibility for foreign governments and central banks.

One policy froze the prices Americans could charge one another. The other released the government from the rule that forced it to redeem its monetary promises. Both followed the same instinct: when the signal becomes inconvenient, suppress it and escape the discipline it imposes.

Nixon called the suspension temporary. It was not.

Broken Promises

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Friedrich Hayek had named the vulnerability 28 years before Nixon acted. Writing in 1943, in an essay later collected in https://mises.org/library/book/individualism-and-economic-order"; target="_blank" rel="noopener">Individualism and Economic Order, he granted that “the gold standard as we knew it undoubtedly had some grave defects.” Gold arrived too slowly to track real demand for money, producing deflation before new supply arrived and excess once it did.

But the defects were not the point.

Gold gave the world an international currency answerable to no single government, a monetary policy that was largely automatic and therefore predictable, and money supply adjustments that generally moved in the right direction.

Hayek’s answer was not managerial discretion but a better rule: a currency anchored to a broad basket of commodities rather than one metal, governed automatically, and explicitly not a license to freeze any individual price along the way.

Seventeen years later, in December 1960, economist Robert Triffin told the Joint Economic Committee that the system carried the seeds of its own collapse. The world needed dollars abroad, pushed out by military spending, foreign aid, and capital outflows. Every dollar that left made it less plausible that the United States could redeem them all in gold at $35 an ounce.

Later that decade, the dominoes began to fall. The London Gold Pool, a coalition of central banks trying to defend that price through coordinated selling, collapsed in 1968. Across the English Channel, France spent the back half of the decade https://www.moneymetals.com/news/2024/10/05/why-france-repatriated-3313-tonnes-from-new-york-and-london-in-the-1960s-003516";>converting its dollar holdings into gold, at one point sending a warship to New York to collect the gold. American gold reserves peaked in 1949 at 21,708 metric tons. That August night when Nixon spoke, they stood at 9,069, a fall of some 58 percent.

Treasury Secretary John Connally had been arguing for months that the old policy of benign neglect toward the dollar’s slide had run its course, and Nixon agreed. Meeting with Nixon two weeks before the announcement, Connally predicted, “We may never go back to it. I suspect we never will.”

Nixon called the move a defense of the dollar and an attack on speculators. It was, in function if not in name, the opposite: a default, dressed in the language of a temporary suspension. Bretton Woods ended in all but name by 1973, and the dollar has floated on nothing but promises ever since. What replaced the rule was the discretion of whoever held the job next.

By the fall of 1971, with an election about a year out, Nixon was leaning on Arthur Burns, his own appointee to chair the Federal Reserve, to keep money loose. Burns obliged. Tapes declassified decades later show a Fed chairman reporting rate cuts to the president like a subordinate delivering good news, and a money supply that grew faster in 1972 than in either of the two preceding years.

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Nixon won in a landslide. The country spent the rest of the decade paying for it, in double-digit inflation and stagflation.

The real lesson of 1971 was never about gold. It was about what happens when the person guarding the currency answers to the person spending it.

The Same Test, 55 Years Later

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Since 1971, the Fed’s independence has been questioned many times. Donald Trump had no gold window to close, so he went after the guard instead, a guard he had appointed himself in his first term.

Jerome Powell spent most of 2025 as the public target of a president demanding lower interest rates. When Powell refused to bend, a Justice Department criminal investigation opened into cost overruns at the Fed’s building renovation.

Trump also moved against the Board itself. He attempted to fire Governor Lisa Cook in August 2025, the first such attempt in the Fed’s 111-year history.

In a video statement, Powell warned of the pressure the Fed was under. He stated, “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.”

The Department closed the investigation in April 2026, handing what remained to the Fed’s own inspector general. Two months later, the Supreme Court blocked Trump’s first attempt to fire Lisa Cook by a single vote, 5-4, on the same day it affirmed Trump’s firing of an FTC commissioner.

Powell’s term as chair ended in May but, for the first time since 1948, the former chair stayed on the Board as an ordinary governor. His replacement, Kevin Warsh, walked into the job promising independence and a hard line on inflation. He arrived with his own ties to the White House. His father-in-law, Ronald Lauder, has been one of Trump’s closest friends since Wharton; he is credited with reigniting the Greenland debate and gave $5 million to a pro-Trump super PAC.

Warsh, to his credit, held the line. Two meetings in, he has held rates at 3.50 to 3.75 percent against a president who is pushing for cuts. Three regional Fed presidents, Beth Hammack, Neel Kashkari, and Lorie Logan, dissented anyway, arguing for a hike in an attempt to temper inflation sooner.

AIER’s own Monetary Rules Report found 11 of 12 standard rules pointing higher than where Warsh has held; the original Taylor rule prescribes the highest target rate, at 5.91 percent. Warsh is refusing the president’s cuts and still sitting more than two points below what that rule would require. Resisting pressure is not the same as following a rule.

But Burns did not cave in his first two meetings either. He caved in year two, once the approaching 1972 election made Nixon want loose money badly enough to ask for it outright. That incentive is forming again, on a shorter clock. Trump is not on the ballot in November, but his majority is, and since 1934 the president’s party has lost an average of 28 House seats during the midterms. A soft economy heading into them is exactly the condition that makes a president want lower rates.

That is the institutional danger Hayek saw. His objection to discretion was not that every manager would use it badly. It was that a system governed by judgment leaves the currency exposed to a president who wants something from it. Hayek’s point was that the currency should not have to depend on either.

Originally Published on https://thedailyeconomy.org/article/the-lesson-of-1971-was-never-about-gold/"; target="_blank" rel="noopener">AIER's The Daily Economy.

How Could the Midterm Elections Impact the Gold Market?

Tue, 27 Oct 2026 00:00:00 EST

The midterm elections are fast approaching, and Democrats are widely expected to make significant gains.

How might this impact the gold market?

If history is any indication, it will all depend on how the shift impacts policy.

Prediction markets expect the Democrats to take both the House and the Senate in the midterms. This would significantly hinder President Trump’s legislative agenda.

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In other words, gridlock is the most likely outcome.

According to the World Gold Council, domestic demand for gold bars and coins tends to rise modestly under Democratic administrations. However, elections have not historically had a significant impact on gold’s global performance over the long haul.

“Given the geographic diversity of demand, what matters is whether the resulting policy changes are sufficiently consequential for the global gold market, and whether they can offset other global forces that drive the price.”

For instance, gold initially fell as equities rose in anticipation of a pro-growth, reflationary agenda after Trump victories in 2016 and 2024. However, much of the move unwound as attention shifted from the election itself to the policies likely to follow.

https://www.moneymetals.com/uploads/content/gold-stocks-and-Trump-wins.png"; width="700" height="375" class="mx-auto p-3" alt="" />

World Gold Council analysts expect this pattern to repeat for the 2026 midterms. Any initial market reaction will likely prove short-lived, with the real impact driven by the political gridlock likely to follow a Democrat victory.

“Regardless of the midterm results, historically, the gold price has reacted to the economic, fiscal and monetary policies that ensue, rather than to the outcome of election day itself.”

The World Gold Council highlighted four policy areas that could shift with Democratic Party control of Congress.

Fiscal Policy – The WGC asserts, “Democratic control could limit the administration’s ability to pass deficit-expanding legislation.” It’s true that Democrats would likely block Trump priorities. However, Democrats will push their own spending agenda. It seems the most likely outcome is the status quo – and the status quo is a https://www.moneymetals.com/news/2026/10/19/trump-administration-runs-third-largest-federal-budget-deficit-in-history-005303";>$2 trillion deficit. Meanwhile, a Democrat controlled Congress could thwart Trump’s tariff agenda, putting downward pressure on federal revenue.
War Funding – This is where Democratic control of Congress could have the most significant impact on the gold market. Congress could cut war funding and force the president to de-escalate in Iran. Soaring oil prices due to the war and their inflationary impact have created significant headwinds for gold. For the last several months, the war has effectively kept a lid on the gold bull market. Remove the lid, and gold could take off.
AI – A Democrat-controlled Congress could constrain support for AI and drive more government regulation. However, Trump’s veto pen could limit the impact. Again, the most likely scenario is gridlock. But even a modest slowdown in AI growth could have an outsized impact on the markets. As the World Gold Council noted, investors are already questioning whether “hyperscale spending” will deliver promised returns. A Democrat-controlled Congress could put additional pressure on tech stocks and tip an already shaky stock market. “Weaker equities, softer growth expectations, lower yields, and potentially a weaker dollar would likely support gold.”
Executive and “Emergency” Powers – A Democratic Congress could incentivize President Trump to expand his use of executive orders and “emergency powers” to circumvent legislative roadblocks. The Trump administration has already used executive powers to a significant degree. His entire tariff policy and the War in Iran were predicated on executive authority. World Gold Council analysts said, “The resulting institutional conflict, legal challenges, and less predictable policymaking could raise both political and geopolitical risk premia, potentially supporting gold.”

The bottom line is that a mere shift in party power isn't likely to move the gold market long term. Any election-related market move will likely prove short-lived. Investors will need to see how the new balance of power impacts policy before projecting the more substantial, longer-term market impact.

Five African Countries Have Opened Gold Refining Facilities This Year

Tue, 27 Oct 2026 00:00:00 EST

Five countries have opened gold-refining facilities as African gold producers seek to keep more of their wealth at home.

As it stands, large amounts of raw gold ore leave Africa for refining. The gold later returns to the continent as imports in the form of coins, bars, and jewelry.

Zambia is the latest country to welcome a gold refining facility. According to Business Insider Africa, Minera Refineries Zambia Limited operates the facility, which can refine gold up to 99.99 percent purity.

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According to the Zambian Observer, the company believes the facility will generate more than $1.8 billion in economic value.

African Business Insider reports that the new refinery is expected to “capture more value from its gold production, formalize small-scale mining, and diversify its mineral exports.”

Gold accounts for about $262 million in Zambian exports, about 2 percent of the country’s total.

Zambian officials say the refinery will also help formalize artisanal mining. These are small-scale operations generally run by individuals, families, or small groups using simple tools and minimal mechanization. These mines often operate outside of any regulatory structure.

The hope is that a competitive local buyer and refinery could bring more production into recorded exports and the tax system.

Minera Refineries Zambia Limited managing director Andrew Mukupa Katandula recently outlined a 2-year plan to formalize artisanal mining in Zambia. The scheme includes “targeted pre-financing” for miners and improved transparency in gold production and trade.

Zambia is just the most recent African country to enter the gold processing game.

Earlier this month, a gold refinery opened in Ethiopia. State-owned Ethiopian Investment Holdings holds a majority stake in the $50 million joint venture. It will provide services, including melting, testing, ⁠refining, casting, bar minting, and die-making.

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Prime Minister Abiy Ahmed said the facility will process gold from Ethiopia and elsewhere.

“It enables neighboring countries and regional mining companies to bring their gold to ‌Ethiopia ⁠for advanced refining, certification, value addition, and sale, eliminating the need to export it outside the continent."

Officials say the refinery will process more than 600 tonnes of precious metal annually.

Gold exports serve as one of Ethiopia’s primary sources of foreign exchange, earning the country $5.6 billion during Ethiopia’s 2025/26 fiscal year.

A month earlier, state-owned Raffinerie Nationale d’Or du Burkina Faso began operations in Ouagadougou. According to Business Insider Africa, this facility will process, assay, certify, and store gold domestically, with an initial capacity of around 515 tonnes per year.

Gold accounts for nearly 94 percent of Burkina Faso’s export earnings.

President Ibrahim Traoré said the refinery will help the country move beyond mineral extraction and “develop the full value chain locally.” He went on to say, “Our ambition goes beyond gold.”

“We want to make the mining sector a driver of industrial transformation.”

Meanwhile, a high-purity gold refinery opened in Lagos, Nigeria, in January, and in the Democratic Republic of the Congo in March.

African leaders hope development of domestic refining capacity will keep more African wealth in Africa. It could also drive job creation and boost local gold jewelry production.

Gold and Silver Hammered Again — But Buyers Aren't Giving Up

Mon, 26 Oct 2026 00:00:00 EST

Gold and silver are attempting to regain their footing after another brutal week. Gold plunged roughly 4%, finishing just above $4,000 an ounce in its sharpest weekly decline since June.

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Silver fell nearly 6% to around $54.50 — its lowest closing level in almost a year. Both metals are trading sideways this morning.

The biggest problem remains the Federal Reserve.

Inflation is stubbornly elevated, and surging oil prices threaten to make matters worse. Brent crude topped $116 a barrel last week amid escalating Middle East hostilities, including renewed Houthi attacks on Saudi Arabia. Oil has retreated somewhat this morning amid hopes of easing tensions with Iran.

But here's the strange part: Gold fell sharply even as Treasury yields declined and the dollar weakened — developments that ordinarily favor precious metals. Instead, traders fear the Fed will keep interest rates elevated longer or raise them again in December.

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Central bankers meet Wednesday and are expected to hold rates steady, but their guidance could matter more than the decision itself.

Meanwhile, underlying demand for gold tells a different story.

Global gold-backed exchange-traded funds attracted a record $31 billion during the third quarter, according to the World Gold Council, pushing holdings to approximately 4,256 metric tons. China's central bank purchased another 23 tons in September, bringing its reported reserves to roughly 2,410 tons.

Indian gold buying has also improved during the festival and wedding season as lower prices attract bargain hunters.

Silver has suffered particularly heavy speculative selling, with futures traders dramatically reducing bullish positions. Yet supply concerns persist. Major producer Fresnillo recently reported an 11.6% annual decline in third-quarter silver production.

More volatility could be coming.

Beyond Wednesday's Fed announcement, Thursday brings new economic growth and inflation reports.

Gold is struggling around the psychologically important $4,000 level, while $50 represents a potentially important support area for silver.

The short-term charts look ugly. But Washington's massive debts haven't disappeared. Inflation hasn't been defeated. Central banks haven't stopped accumulating gold. And geopolitical instability continues threatening the global economy.

The Fed may be able to push precious metals prices around in the short run. What it cannot do is manufacture sound money, eliminate government debts, or restore the purchasing power Americans have already lost.

Investors shouldn't confuse a painful correction with the end of the bigger gold and silver story.

AI Security: You Can't Hack Physical Gold and Silver

Mon, 26 Oct 2026 00:00:00 EST

Some people in tech circles are calling it Black October.

AI has reached the point where it can blast through cybersecurity defenses that were once considered unbreachable.

That means virtually anything digital can be hacked – including your bank account.

Do you know what can’t be hacked?

Physical gold and silver.

AI on the Loose?

Common Vulnerabilities and Exposures (CVE) reports have surged this month. These are a standardized catalog of publicly disclosed cybersecurity vulnerabilities. Google Threat Intelligence reported that monthly vulnerability disclosures more than doubled from 5,045 in January to 10,740 in August. As this chart shows, things have gone parabolic in the last couple of weeks.

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I’m not a tech bro, and a lot of this stuff flies over my head. However, I do recognize panic, and it is running rampant in cyber circles right now.

John Milinovich described the situation in https://x.com/jmilinovich/status/2113308026954543396"; target="_blank" rel="noopener">a post on X.

“We're 48 hours into what is being called Black October. In the last 2 days there have been several dozen cyberattacks which, in isolation, would each have been the worst to happen in an entire calendar year. Every sector from government to education to big tech and banks is being massively affected, and people are starting to freak out.”

Several banks have reported AI agents working within customer accounts. https://www.cbsnews.com/news/ai-agents-customer-bank-accounts-security/"; target="_blank" rel="noopener">CBS News reported, “Some of the biggest financial institutions in the U.S. say customers have given their personal AI agents, which are unvetted by banks, access to their financial accounts.”

And some of these AI bots have apparently taken actions the account holder never authorized. This includes calling customer support to file complaints. An Axios reporter called it “a nightmare of AI agent activity for banks.”

White House “AI czar” David Sacks insisted this uptick in AI agent activity was not a “cyberattack.”

"There's a world of difference between user-authorized agents and true unauthorized/rogue agents that could constitute cyberattacks. Most of the activity described in the Axios story appears to be the former: customers sharing credentials with agents so they can take actions on their behalf."

Nevertheless, there is growing worry about bad actors using sophisticated AI tools for nefarious ends.

Milinovich explained that top AI models can rival the most sophisticated programmers. However, there’s a big difference. AI doesn’t need to sleep.

“They can work 24/7, and you can spin up 10,000 of them with a single command, and they'll work together tirelessly until they accomplish their task. The most advanced models today are from companies like Anthropic and OpenAI, whose current best technology is so good that they haven't been able to roll it out to everyone yet because of the national security risks it poses.”

Milinovich said that the best open-source models accessible to anyone are only slightly behind, calling them 90 to 95 percent as capable.

“These models, developed primarily in China, are being used by black hat hackers to wreak havoc on the Western capitalist structure. Presumably, this has been part of China's plan the entire time, and we're seeing its implications fall out in real time.”

Your Money at Risk

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We tend to think of money in the bank as “safe.”

Is it, though?

The bank introduces significant https://www.moneymetals.com/news/2024/02/29/buy-gold-and-silver-to-hedge-against-counterparty-risk-003015";>counterparty risk. Simply put, you have no control over your funds when they are in the bank.

Hackers do.

With a sophisticated AI tool, hackers could access your savings account and drain it completely.

They cannot “drain” the silver coin I’m holding in my hand.

This risk is inherent in every digital asset, from gold ETFs to Bitcoin. If it’s stored on a computer, it could be hacked.

Given the probable rise of AI-assisted cybercrime, holding physical assets such as gold or silver will become increasingly important.

Even absent security threats, it’s still unwise to rely solely on digital assets. Consider what would happen if a major storm took out the electrical grid in your area. How would you access your money or do business if you can’t even fire up your computer or charge your phone?

We take the digital world for granted, but it wouldn’t take much to send us back to the proverbial Stone Age. It’s wise to be prepared. Hold some physical gold or silver as insurance.

Russia has learned the value of hard assets like gold as it navigates a world where it has virtually no access to dollars. https://www.moneymetals.com/news/2026/10/26/russian-gold-reserves-down-62-tonnes-this-year-as-they-support-the-wartime-economy-005318";>The Russians have used their extensive gold reserves to keep their economy afloat.

As the threat of sophisticated cyberattacks grows, it’s important to take steps to secure your digital world. Use long, difficult passwords and change them frequently. Turn on two-factor authentication. And beware of giving AI bots access to sensitive accounts.

Most importantly, keep at least one toe in the physical world. Keep assets you can hold in your hand. Gold and silver in your safe can’t be hacked, and they can’t be “turned off.”

Russian Gold Reserves Down 62 Tonnes This Year as They Support the Wartime Economy

Mon, 26 Oct 2026 00:00:00 EST

Russia is demonstrating that gold's role as money has not diminished. It remains a critical monetary reserve asset that can be utilized when conventional revenue and financing are restricted.

Russia drew down its gold holdings by another 6.2 tonnes in September. That dropped the country’s gold reserves to 2,264 tonnes, the lowest level since 2019.

Since December 2025, Russia’s reported gold holdings have declined by 2 million ounces (approximately 62 tonnes). In the face of economic sanctions and wartime expenses, the Russian government has used the yellow metal to support its economy.

Russia has reported a decrease in its gold reserves for 10 straight months.

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Interestingly, this isn’t the most rapid gold drawdown in modern Russian history. During the 1998 financial crisis, the Bank of Russia sold 118 tonnes of gold in three months when the government defaulted on domestic debt and the ruble collapsed.

Most of the https://www.moneymetals.com/news/2026/10/15/russian-gold-is-flowing-through-hong-kong-005294";>Russian gold appears to be flowing through Hong Kong. The special Chinese administrative region imported a record 112.7 tonnes of Russian gold through the first seven months of 2026. It imported 92.1 tonnes of Russian gold in 2025. That compares with just 3.3 tonnes in 2021, the year before Russia invaded Ukraine.

The Russian economy is teetering under sanction pressure. The West froze Russian assets and locked the country out of the SWIFT payment system, effectively cutting the country off from the dollar-denominated global economy. https://www.themoscowtimes.com/2026/10/20/russias-gold-reserves-fall-to-lowest-since-2019-as-budget-deficit-widens-a94036"; target="_blank" rel="noopener">According to the Moscow Times, the Putin administration faces a 7.3 trillion-ruble deficit this year, twice the forecast target.

According to reporting by the Times, “The latest sales are linked to Central Bank operations that mirror earlier transactions by the Finance Ministry involving the National Wealth Fund, Russia’s rainy-day fund, Reuters has reported. Under that mechanism, the Central Bank sells gold into the market to offset earlier sales by the ministry from the fund to finance the budget deficit.”

Finam analyst Alexander Potavin said gold sales could also help the Russian central bank address foreign currency liquidity shortages, noting that higher global prices likely incentivized selling.

Bank of Russia Governor Elvira Nabiullina addressed the decline in Russia’s gold reserves at a press conference last month, calling the drawdown a "small decrease" related to "Finance Ministry's operations, with funds from the National Wealth Fund; this happens as part of the fiscal rule. Gold is also used for the production of coins."

"We do not disclose additional details of our operations with gold.”

Russia was prepared for this.

The Bank of Russia launched a gold buying spree beginning in 2014. Over the next six years, the Russian central bank increased its reserves by around 40 million ounces (1,244 tonnes).

During this period, the gold price ranged from $1,100 to $1,500 an ounce.

When the war began, Russia held about half of its reserves in dollar, euro, and pound sterling assets. The other half was in yuan and gold, which remained accessible.

The Russians also made a shrewd move before they invaded Ukraine, transferring their National Welfare Fund holdings into yuan (60 percent) and gold (40 percent). https://www.rand.org/randeurope/research/projects/2024/russia-gold-in-wartime.html"; target="_blank" rel="noopener">A RAND Corporation study noted, “This was an indication that Russia was preparing for increased Western economic pressure. During the war, Russia has been using these funds to support the budget.”

Last year, Bloomberg Economics analyst Alex Isakov noted that “Accumulating a gold pile was a hedge against geopolitical shocks — it worked.”

“The Bank of Russia’s approach to gold purchases addressed three different goals: (i) diversifying international reserve assets away from the risks of reserve currency issuing countries, (ii) boosting domestic local currency liquidity by exchanging physical gold for rubles, and (iii) providing a source of stable demand for local gold miners. The increase in the value of gold holdings proves the diversification and hedging value of gold reserves.”

As the RAND report put it, “Gold has become a strategic resource for the Russian state.”

“Gold has a bearing on Russia’s revenue generation capacity and its monetary policy; it is central to Russia’s international campaign for de-dollarization; and it plays an important part in Russia’s wartime trade relations, notably as a means of payment.

“The Russian state is evidently encouraging barter and exchange-in-kind, and otherwise resorting to gold to secure hard currency and foreign goods, but the scale, terms, and participants in these activities is unknown.”

According to the Kyiv Independent, Russia is exchanging gold for other currencies, including dollars and euros. The country has also used gold directly for purchases.

“There is little doubt that Russia is already using gold to pay for goods it cannot procure conventionally, or for transactions it wishes to obscure. An open-source investigation by Sayari, for example, revealed that unsanctioned banks were trading gold for cash in Turkey. Russia has also partly paid Iranian drone manufacturer Sahara Thunder in gold for 6,000 Shahed drones and related equipment.”

Despite its best efforts, the West has found it difficult to stop Russia from using gold due to its fungible nature (easy to exchange) and global demand for the precious metal.

Gold is money, and it is recognized as such everywhere. Even if they don’t want dollars or some other fiat currencies, everybody wants gold.

This is not to justify Russia’s wartime actions. It merely underscores gold's historic role as money and its important place in the global economy. When fiat currencies are cut off or fail, gold will always remain a viable alternative.

Russia’s recent selling reveals just why central banks hold gold. It serves as a long-term reserve free from https://www.moneymetals.com/news/2024/02/29/buy-gold-and-silver-to-hedge-against-counterparty-risk-003015";>counterparty risk. And since its value is recognized globally, it can serve as an emergency fund – even if you’ve been locked out of the global dollar-dominated financial system.

Monetary Lessons from the Spanish Scholastics

Sun, 25 Oct 2026 00:00:00 EST

It is becoming more common for those on the right to be skeptical or downright hostile to free markets. Since President Trump entered the political scene over a decade ago, conservatives have increasingly abandoned free market principles.

The same is true for the religious right. Vice President JD Vance, a Catholic and presumptive successor to President Trump, has been a vocal https://thedailyeconomy.org/article/huey-longs-populism-is-back-in-fashion/"; target="_blank" rel="noopener">opponent of free market principles throughout his career in the US Senate and the Trump administration. On the academic side, Patrick Deneen, a political philosopher at the University of Notre Dame, has decried free markets in favor of wealth redistribution.

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While the religious right is turning against free markets, it is important to remind ourselves what Christian theologians of the past have taught on the matter. Let us look at what they thought about monetary policy.

We will examine one group of theologians from the period of Late Scholasticism (16th and 17th centuries): the Spanish Scholastics. These theologians were mainly writing from the School of Salamanca. The father of their school of thought was Francisco de Vitoria (d. 1546), commonly known as “the father of international law” and famous for writing against the enslavement and horrible treatment of the native people of the New World.

They were occupied with many questions related to commerce. In many ways, they had the welfare of commercial society at the forefront of their minds. This concern was made clear in their dedication to sound money.

The Spanish Scholastics recognized the value of money. Juan de Mariana (d. 1624) argued that when the legal value of money decreases, prices are sure to increase. Fellow scholastics Martín de Azpilcueta (d. 1586) and Bartolomé de Albornoz (d. 1573) agree with Mariana–-the cause of high prices is the abundance of money. The Spanish Scholastics were therefore ahead of their time in understanding that inflation is, as Milton Friedman https://www.hoover.org/research/inflation-true-and-false"; target="_blank" rel="noopener">said, “always and everywhere a monetary phenomenon.”

For the Spanish Scholastics, money was some kind of precious metal—silver or gold. Paper currency divorced from a metallic standard was not yet a live possibility, so the ability of the government to increase the quantity of money was restricted relative to today, where paper fiat currency is almost a fact of life.

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Governments were not fully powerless at that time. They could debase the money by diluting its metallic content, changing the shape, altering the legal value, etc. They recognized that inflation was something of a tax, and since they believed that governments had the right to tax for necessary revenues, they also acknowledged that there may be circumstances where debasement is necessary. However, they restricted the government’s ability to do so to crises and, this is remarkable, Mariana believed the government (the king in this case) would have to make restitution to the people for the damage done.

Mariana, at least, believed that the government should not be let off the hook for its monetary mischief, but is this the general opinion of the Spanish Scholastics? Tomás de Mercado (d. 1575) https://store.mises.org/Faith-and-Liberty-The-Economic-Thought-of-the-Late-Scholastics-P170.aspx"; target="_blank" rel="noopener">stated that the durability and invariability of the value of money was “necessary for good government and peace in the kingdom.”

Domingo de Soto (d. 1560) also https://store.mises.org/Faith-and-Liberty-The-Economic-Thought-of-the-Late-Scholastics-P170.aspx"; target="_blank" rel="noopener">affirmed that money should be “firm and fixed” or else the government may lose the trust of its subjects. Not trusting the government itself can lead to distrusting and not having confidence in the legal order. If the government consumes the value of money, what else will it consume?

More can be read about the Spanish Scholastics and the above arguments in Alejandro Chafuen’s Faith and Liberty: The Economic Thought of the Late Scholastics. It should be noted that many of their arguments concerning money are drawn from older writers such as Aristotle and Thomas Aquinas. It is clear from these thinkers and the writings of the Spanish Scholastics that sound money was important to them not only from an economic perspective, but also from the perspective of Christian morality. Departing from sound money through monetary inflation is akin to theft, which violates Christian tenets, such as thou shalt not steal (Exodus 20:15).

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What lesson should we take from the teaching of the Spanish Scholastics on money? The religious right, rather than being tempted by the interventionism peddled by their thought leaders and politicians, must look back to what the moral and economic experts in the Christian tradition have said. Rather than being allured by short-term political gains of weak money, we must pursue a policy of sound money.

To the Spanish Scholastics, this meant a metallic money, or at the very least a money untouched by government policy. Inflation should be curbed by avoiding debasement of the currency, and if the government is pressed by necessity to debase, it must compensate the people for the damage done. This advice is radical relative to the present situation but sobering.

Gold’s $4,000 Test: Przemyslaw K. Radomski

Sat, 24 Oct 2026 00:00:00 EST

Gold and silver may face more near-term pressure, but precious metals analyst Przemyslaw K. Radomski, CFA, does not believe the long-term bull market is over.

In an interview with Money Metals podcast host Mike Maharrey, Radomski discussed technical warning signs, rising interest rates, the Federal Reserve’s policy dilemma, and why gold and silver can fall alongside stocks during a market selloff.

https://www.youtube.com/embed/2l6Jzd6gEXI?si=PfsUBvGkozAvAqiW"; 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">

Gold Faces a Short-Term Test

As the interview was recorded, https://www.moneymetals.com/gold-price";>gold was trading near $4,000 an ounce after falling below $4,100. Brent crude oil had surged to about $111 a barrel. Maharrey noted that gold had held above $4,000 despite headwinds from higher yields and a stronger dollar, but asked whether that support could continue to hold.

Radomski said he did not expect gold to remain above $4,000 for long. He pointed to gold’s failure to rally even as the U.S. dollar weakened, along with bearish reversals in mining stocks and a https://www.moneymetals.com/silver-price";>brief period when silver outperformed gold. In his analysis, that combination could signal further declines, possibly taking gold to new yearly lows within days or weeks.

He described the outlook as bearish over the near term, meaning weeks to several months, but said that would not necessarily end the https://www.moneymetals.com/news/2026/10/22/the-bull-market-isnt-over-silver-setting-up-for-next-leg-higher-005311";>longer-term precious metals bull market. Radomski sees underlying fundamentals—including geopolitical tensions and large-scale money creation—as supportive of gold and silver over a much longer horizon.

Why Gold and Silver Can Fall With Stocks

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Maharrey asked why gold was declining at the same time as stocks, even though investors often view precious metals as a hedge during market turmoil. Radomski said liquidity pressures can explain the apparent contradiction.

When stocks fall sharply, investors may be forced to raise cash to meet margin requirements or cover losses. They may sell assets that have recently risen substantially, including gold. That can pull precious metals lower along with equities, even when the underlying reasons for owning them remain.

Radomski compared the current dynamic with the 2008 financial crisis and the 2020 market shock. In 2008, he said, silver fell by about one-third over a relatively short period, even though its fundamental supply and demand picture had not fundamentally changed. He warned that strong long-term fundamentals may not prevent a sharp price drop if investors are selling to meet immediate liquidity needs.

Silver could be especially vulnerable during a stock market decline because it has significant industrial uses and is connected to economic activity. Mining stocks may also be pressured because they are equities. Radomski said that during a liquidity event, both silver and mining shares could decline alongside the broader stock market.

Interest Rates and The Federal Reserve

The conversation turned to interest rates, rising yields, and inflation concerns. Maharrey noted that higher oil prices can increase inflation worries and lead investors to expect the Federal Reserve to raise rates. He asked whether rising government debt could limit the Fed’s ability to keep rates high.

Radomski said the Fed faces a difficult choice. Cutting rates could allow inflation to worsen, while keeping rates elevated could intensify pressure on https://www.moneymetals.com/news/2026/10/16/financial-stress-at-levels-not-seen-since-the-pandemic-005300";>an economy already burdened by debt. He also cited geopolitical tensions, tariffs, and strained energy supplies as factors that could add to inflationary pressure.

He suggested the Fed might keep rates higher until a serious stock market decline forces a change in policy. If that happened, the Fed could then cut rates to respond to the downturn. Radomski added that political considerations may shape policy decisions. Officials, he argued, may try to avoid being blamed for a crisis and could frame their actions as necessary responses to circumstances beyond their control.

Maharrey connected that point to the period before the pandemic. In 2018 and 2019, the Federal Reserve was raising rates after nearly a decade of near-zero rates, and markets weakened as monetary conditions tightened. The pandemic then gave policymakers a reason to cut rates and provide stimulus, though Maharrey argued that https://www.moneymetals.com/news/2026/10/20/former-fed-insider-selling-bank-stocks-and-buying-gold-005306";>underlying economic and monetary problems had already begun to build.

The Dollar, Bonds, and the Search for a Safe Haven

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With gold, stocks, and bonds all under pressure, Maharrey asked where investors were finding safety. Radomski said gold remained at a historically high price level—around $4,000 an ounce—even after its decline. He interpreted that as evidence that investors had not abandoned gold en masse.

Still, higher interest rates can change the incentives for investors. Gold does not pay interest, while https://www.moneymetals.com/news/2026/10/22/disappointing-20-year-treasury-auction-underscores-weakness-in-the-bond-market-005310";>bonds may offer yields of around 5%. When gold is rising, investors may be more comfortable holding it. If its price stalls or declines while bond yields remain attractive, some may sell gold to move into bonds.

Radomski noted that interest rates had been extremely low for years and said current levels may look high from a recent perspective without being unusually high compared with rates over several decades. Rates could potentially move higher, he said, adding pressure to non-yielding assets such as gold.

What Silver and Mining Stocks May Signal

Radomski described two market relationships he monitors: mining stocks compared with gold, and silver compared with gold. Mining stocks often outperform gold during the earlier stages of a rally. If that outperformance fades and miners begin to lag, it can suggest that a rally is losing strength.

He said weakening miner performance can be a warning sign near a market top. In some cases, miners may even show a brief final burst of strength before turning lower, though Radomski emphasized that no single signal works every time.

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Silver has different market behavior. It may catch up with gold during a rally and, at times, outperform gold near a potential top. Radomski cautioned against treating brief silver strength as proof that the market is ready to rise further. In his view, the recent combination of silver strength and weaker mining stocks was worth watching, especially because the stock market’s movement can influence both silver and miners.

Radomski said these patterns can help traders assess market momentum, though they do not provide certainty. Long-term investors may prefer to enter positions gradually, while traders may use relative performance between gold, silver, and mining stocks to guide their decisions.

A Correction Does Not Settle the Long-Term Outlook

Radomski’s main message was that a near-term decline and https://www.moneymetals.com/news/2026/10/12/the-big-picture-for-gold-silver-could-not-be-more-positive-005285";>a long-term bull market can coexist. He sees technical and interest-rate pressures that could weigh on gold and silver in the coming weeks or months. At the same time, he believes the broader conditions supporting precious metals remain in place.

The interview with Mike Maharrey examines how liquidity, investor psychology, Federal Reserve policy, and technical signals can affect precious metals prices. Radomski publishes his analysis, daily alerts, and premium market commentary at goldenmeadow.eu.

Bullion Coin Weights - How Much Gold and Silver Coins Weigh - Gross vs Fine Weight, Pre-1933 U.S. Gold, and Monster Box Counts - Money Metals

Fri, 23 Oct 2026 00:00:00 EST

A 1 oz gold bullion coin holds one troy ounce of gold, which is 31.103 grams, but its total weight depends on purity. However, its total weight can vary depending on the gold purity. Pure 24-karat coins like the https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>Gold Buffalo and https://www.mint.ca/en-us/shopping/archives/2026/2025-gml-1-oz-9999-pure-gold-coin-bullion";>Maple Leaf weigh about 31.1 grams. 22-karat coins like the https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>Gold Eagle and https://en.wikipedia.org/wiki/Krugerrand";>Krugerrand weigh 33.93 grams because of their added alloy. A 1 oz https://www.law.cornell.edu/uscode/text/31/5112";>Silver Eagle weighs 31.103 grams.

This guide covers the major gold and silver bullion coins. For each one, it gives the gross weight, fine weight, purity and diameter. It also covers pre-1933 U.S. gold, how many coins come in a tube or monster box, and why your coin might read as being a little heavier on a scale.

Why Your 1 oz Coin Weighs More Than 1 oz

Many buyers weigh a new coin at home and get a surprise. A perfect example of this surprise comes from a CoinTalk member, who describes weighing 20 Silver Eagles from a sealed U.S. Mint tube. Most read 31.15 to 31.2 grams, and a few hit 31.33 grams. Every one of them was over the 31.103 grams the law sets. Nothing was wrong with the coins. So, why the disparity?

Legal Weights Are Minimums

U.S. law treats the weight stated on a gold bullion coin as a floor, not a target. Under https://www.law.cornell.edu/uscode/text/31/5113";>31 U.S.C. 5113(a), any gold coin "shall contain the full weight of gold stated on the coin." A mint can go over that number, but it cannot go under it.

https://www.law.cornell.edu/uscode/text/31/5112";>31 U.S.C. 5112(e) sets a weight of 31.103 grams for the Silver Eagle. However, it does not list a tolerance. Collectors on https://www.cointalk.com/goto/post?id=1704757";>CoinTalk read it the same way, saying the coin must weigh at least 31.103 grams. The Perth Mint puts the tolerance in writing. Its 1 oz Silver Kangaroo lists a "Minimum Gross Weight" of 31.107 grams, not an exact weight (https://perthmint.com/shop/bullion/bullion-coins/australian-kangaroo-2024-1oz-silver-bullion-coins-in-tube";>Perth Mint).

How Much Over Is Normal

Many mints do not publish their tolerance for silver bullion coins. Instead, we’ll use platinum coins since there are more examples. Platinum shows how a mint can build in a small cushion. The 1 oz https://www.moneymetals.com/one-ounce-american-eagle-platinum-coin-9995-pure/27";>American Platinum Eagle weighs 1.005 troy ounces (31.120 grams) at .9995 fine (https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>U.S. Mint). That leaves a little more than a full ounce of pure platinum in each coin.

So a Silver Eagle that reads 31.2 grams on your scale is normal. There is more cause for concern if you notice your coin weighs less than its listed weight.

Four Different "One Ounce" Weights

Even 1 oz silver coins do not share a single gross weight, because each mint sets its own target:

31.103 grams: https://www.law.cornell.edu/uscode/text/31/5112";>American Silver Eagle and https://en.wikipedia.org/wiki/Vienna_Philharmonic_(coin)">Austrian Philharmonic
31.107 grams: https://www.lbma.org.uk/alchemist/issue-90/the-silver-krugerrand-has-arrived";>Silver Krugerrand, and the stated minimum for the https://perthmint.com/shop/bullion/bullion-coins/australian-kangaroo-2024-1oz-silver-bullion-coins-in-tube";>Australian Kangaroo
31.11 grams: https://www.mint.ca/en/shop/bullion-products/2021-1-ounce-9999-pure-silver-maple-leaf-bullion-coin";>Canadian Maple Leaf
31.21 grams: https://en.wikipedia.org/wiki/Britannia_(coin)">British Britannia

The Britannia is the heavy one. The https://www.royalmint.com/invest/bullion/bullion-coins/silver-coins/britannia-2025-1oz-silver-bullion-coin/";>Royal Mint lists only "1 Troy Oz" of pure content and no gross weight, while https://en.wikipedia.org/wiki/Britannia_(coin)">Wikipedia gives 31.21 grams at .999 fine. That works out to about 31.18 grams of silver, a bit more than one troy ounce.

Gross Weight vs. Fine Weight

Gross weight is what the whole coin weighs on a scale. Fine weight refers to the pure gold or silver inside it. On a 24-karat coin the two numbers are nearly the same. However, they differ on a 22-karat coin.

The American Gold Eagle shows why. The U.S. Mint makes it from 91.67% gold and 3% silver, with copper making up the balance. To hold a full troy ounce of gold, the coin has to weigh 1.0909 troy ounces. Measured in grams, that comes out to 33.931 grams.

The Krugerrand works the same way. It is also 22-karat gold (https://www.randrefinery.com/products/";>Rand Refinery), and it weighs about 33.93 grams in all. However, it still holds one troy ounce of pure gold.

Silver coins follow the same rule. By law, Silver Eagles weigh 31.103 grams and are .999 fine silver (https://www.law.cornell.edu/uscode/text/31/5112";>31 U.S.C. 5112(e)), which puts their pure silver content at about 31.07 grams. You may see “31.101 grams of pure silver” repeated online, but that figure does not match the law. To see more silver conversions, take a look at https://www.moneymetals.com/measurement/how-many-grams-in-an-ounce-of-silver";>how many grams are in an ounce of silver.

Gold Bullion Coin Specifications

The table below gives the official specification for each major 1 oz gold bullion coin. Every coin on the list except the Panda holds one troy ounce of pure gold. Click a coin name to shop it, or click a source to check the figure.

Coin	Gross weight	Purity	Gold content	Diameter	Source
https://www.moneymetals.com/buy/gold/american-gold-eagle";>American Gold Eagle	33.931 g (1.0909 oz t)	.9167 (22k)	1 oz t	32.70 mm	https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>U.S. Mint
https://www.moneymetals.com/buy/gold/coins/gold-american-buffalo";>American Gold Buffalo	31.103 g (1.0000 oz t)	.9999	1 oz t	32.70 mm	https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>U.S. Mint
https://www.moneymetals.com/buy/gold/coins/krugerrand-south-african-mint";>South African Krugerrand	33.930 g (1.0909 oz t)	.9167 (22k)	1 oz t	32.69 mm	https://en.wikipedia.org/wiki/Krugerrand";>Wikipedia, https://www.samint.co.za/wp-content/uploads/Krugerrand-Brochure.pdf";>SA Mint
https://www.moneymetals.com/buy/gold/coins/canadian-gold-maple-leaf";>Canadian Gold Maple Leaf	31.11 g (1.0002 oz t)	.9999	1 oz t	30 mm	https://www.mint.ca/en-us/shopping/archives/2026/2025-gml-1-oz-9999-pure-gold-coin-bullion";>Royal Canadian Mint
https://www.moneymetals.com/buy/gold/coins/austrian-gold-coins";>Austrian Gold Philharmonic	31.10 g fine weight*	.9999	1 oz t	37.00 mm	https://www.muenzeoesterreich.com/en/products/1-ounce-gold-vienna-philharmonic-coin-plus-case";>Austrian Mint
https://www.moneymetals.com/buy/gold/coins/british-gold-britannia";>British Gold Britannia	31.104 g (1.0000 oz t)	.9999	1 oz t	32.69 mm	https://www.royalmint.com/invest/bullion/bullion-coins/gold-coins/bb26g1c-britannia-2026-1oz-gold-bullion-coin/";>Royal Mint, https://en.wikipedia.org/wiki/Britannia_(coin)">Wikipedia
https://www.moneymetals.com/buy/gold/coins/australian-gold-kangaroo";>Australian Gold Kangaroo	31.107 g minimum (1.0001 oz t)	.9999	1 oz t	32.60 mm maximum	https://www.perthmint.com/shop/bullion/bullion-coins/australian-kangaroo-2026-1oz-gold-bullion-coin/";>Perth Mint
Chinese Gold Panda	30 g (0.9645 oz t)	.999	29.97 g (0.9636 oz t)	32 mm	https://en.wikipedia.org/wiki/Chinese_Gold_Panda";>Wikipedia

*The Austrian Mint lists the Philharmonic's fine weight only, not its gross weight.

When you look at this table, there are two rows that should stand out. The Gold Eagle and Gold Buffalo share the same 32.70 mm diameter. Yet the Eagle weighs 2.83 grams more; that gap comes from the alloy.

Another surprising coin is the Chinese Panda. Since 2016, China has struck it in grams instead of troy ounces. The 500-yuan coin that once held a troy ounce now weighs 30 grams, a little under an ounce.

Fractional Gold Eagle Weights

Every Gold Eagle size uses the same 22-karat alloy, so each one weighs about 9% more than the gold it holds.

Size	Gross weight	Diameter	Source
1 oz	33.931 g	32.70 mm	https://www.usmint.gov/coins-precious-metal-coins/bullion-coin-programs/";>U.S. Mint
1/2 oz	16.965 g	27 mm	https://en.wikipedia.org/wiki/American_Gold_Eagle";>Wikipedia
1/4 oz	8.483 g	22 mm	https://en.wikipedia.org/wiki/American_Gold_Eagle";>Wikipedia
1/10 oz	3.393 g	16.5 mm	https://en.wikipedia.org/wiki/American_Gold_Eagle";>Wikipedia

Watch the face value on these coins. The 1/4 oz Gold Eagle carries a $10 face value (https://en.wikipedia.org/wiki/American_Gold_Eagle";>Wikipedia). So did the pre-1933 $10 gold "eagle," which holds almost twice as much gold. Go by the size marked on the coin, not the dollar amount.

Silver Bullion Coin Specifications

These are the major 1 oz silver bullion coins. Silver content is the gross weight multiplied by the purity.

Coin	Gross weight	Purity	Silver content	Diameter	Source
https://www.moneymetals.com/buy/silver/coins/american-silver-eagle";>American Silver Eagle	31.103 g	.999	31.07 g	40.6 mm	https://www.law.cornell.edu/uscode/text/31/5112";>31 U.S.C. 5112(e)
https://www.moneymetals.com/buy/silver/coins/canadian-silver-maple-leaf";>Canadian Silver Maple Leaf	31.11 g	.9999	31.11 g	38 mm	https://www.mint.ca/en/shop/bullion-products/2021-1-ounce-9999-pure-silver-maple-leaf-bullion-coin";>Royal Canadian Mint
https://www.moneymetals.com/buy/silver/coins/australian-silver-kangaroo";>Australian Silver Kangaroo	31.107 g minimum	.9999	31.10 g	40.90 mm maximum	https://perthmint.com/shop/bullion/bullion-coins/australian-kangaroo-2024-1oz-silver-bullion-coins-in-tube";>Perth Mint
https://www.moneymetals.com/buy/silver/coins/silver-britannia";>British Silver Britannia	31.21 g	.999	31.18 g	38.61 mm	https://en.wikipedia.org/wiki/Britannia_(coin)">Wikipedia, https://www.royalmint.com/invest/bullion/bullion-coins/silver-coins/britannia-2025-1oz-silver-bullion-coin/";>Royal Mint
https://www.moneymetals.com/buy/silver/coins/austrian-vienna-philharmonic-silver";>Austrian Silver Philharmonic	31.103 g	.999	31.07 g	37.0 mm	https://en.wikipedia.org/wiki/Vienna_Philharmonic_(coin)">Wikipedia
https://www.moneymetals.com/buy/silver/coins/south-african-silver-krugerrand";>South African Silver Krugerrand	31.107 g	.999	31.08 g	38.725 mm	https://www.lbma.org.uk/alchemist/issue-90/the-silver-krugerrand-has-arrived";>LBMA

Looking for older U.S. coins instead? Dimes, quarters and half dollars struck before 1965 are 90% silver. Our page on the https://www.moneymetals.com/measurement/silver-content-of-us-coins";>silver content of U.S. coins covers their weights.

Pre-1933 U.S. Gold Coin Weights

From 1837 until 1933, the U.S. Mint struck gold coins at 90% gold. Each coin from that era weighs more than the gold it holds. The https://www.econlib.org/book-chapters/chapter-appendix-iv-coinage-laws/";>Coinage Act of 1837 set that standard at 900 parts pure metal in every 1,000. The law gave the weights in grains, and we converted them to grams below.

Coin	Gross weight	Gold content	Source
$1 gold dollar	1.672 g	0.0484 oz t	https://en.wikipedia.org/wiki/Gold_dollar";>Wikipedia
https://www.moneymetals.com/buy/gold/pre-1933-gold-coins/indian-head-gold";>$2.50 quarter eagle	4.180 g	0.1209 oz t	https://www.econlib.org/book-chapters/chapter-appendix-iv-coinage-laws/";>Coinage Act of 1837
$3 gold piece	5.015 g	0.1451 oz t	https://en.wikipedia.org/wiki/Three-dollar_piece";>Wikipedia
https://www.moneymetals.com/buy/gold/pre-1933-gold-coins/liberty-head-gold-coins";>$5 half eagle	8.359 g	0.2419 oz t	https://www.econlib.org/book-chapters/chapter-appendix-iv-coinage-laws/";>Coinage Act of 1837
https://www.moneymetals.com/buy/gold/pre-1933-gold-coins/liberty-head-gold-coins";>$10 eagle	16.718 g	0.4838 oz t	https://www.econlib.org/book-chapters/chapter-appendix-iv-coinage-laws/";>Coinage Act of 1837
https://www.moneymetals.com/buy/gold/pre-1933-gold-coins/saint-gaudens-double-eagle";>$20 double eagle	33.436 g	0.9675 oz t	https://www.econlib.org/book-chapters/chapter-appendix-iv-coinage-laws/";>Coinage laws, https://en.wikipedia.org/wiki/Double_eagle";>Wikipedia

The $1 gold dollar arrived in 1849 and the $3 piece in 1853, both at the same 90% standard. The $20 double eagle weighs 33.436 grams, close to a 1 oz Gold Eagle. However, it holds 0.9675 troy ounce of gold, about 3% less. You can shop all https://www.moneymetals.com/buy/gold/pre-1933-gold-coins";>pre-1933 gold coins or check the https://www.moneymetals.com/gold-price";>gold price to see where gold is trading today.

Mexican Gold Pesos

Mexico’s gold pesos are also 90% gold, and they came in six sizes from 2 pesos up to 50 pesos. Our https://www.moneymetals.com/buy/gold/coins/mexican-gold-peso";>Mexican gold pesos page lists the weight and gold content of each one.

How Many Coins in a Tube and Monster Box

Mints ship silver bullion coins in plastic tubes. The tubes then ship in a sealed box that collectors call a “monster box.” The count is not standard, because each mint packs its coins its own way.

Coin	Coins per tube	Tubes per box	Coins per box	Coin weight per box*	Source
https://www.moneymetals.com/silver-american-eagles-sealed-monster-box-random-date-500-x-1-troy-oz-999-pure/3490";>American Silver Eagle	20	25	500	15.55 kg (34.3 lb)	https://www.usmint.gov/wordpress/wp-content/uploads/2022/01/AP-Criteria-Silver-Bullion.pdf";>U.S. Mint
https://www.moneymetals.com/buy/silver/coins/austrian-vienna-philharmonic-silver";>Austrian Philharmonic	20	25	500	15.55 kg (34.3 lb)	https://en.wikipedia.org/wiki/Vienna_Philharmonic_(coin)">Wikipedia
https://www.moneymetals.com/buy/silver/coins/canadian-silver-maple-leaf";>Canadian Maple Leaf	25	20	500	15.56 kg (34.3 lb)	https://en.wikipedia.org/wiki/Canadian_Silver_Maple_Leaf";>Wikipedia
https://www.moneymetals.com/buy/silver/coins/silver-britannia";>British Britannia	25	20	500	15.61 kg (34.4 lb)	https://www.royalmint.com/invest/bullion/bullion-coins/silver-coins/ukb20stvo";>Royal Mint
https://www.moneymetals.com/buy/silver/coins/south-african-silver-krugerrand";>Silver Krugerrand	25	20	500	15.55 kg (34.3 lb)	https://www.lbma.org.uk/alchemist/issue-90/the-silver-krugerrand-has-arrived";>LBMA
https://www.moneymetals.com/buy/silver/coins/australian-silver-kangaroo";>Australian Kangaroo	25	10	250	7.78 kg (17.1 lb)	https://perthmint.com/shop/bullion/bullion-coins/australian-kangaroo-2024-1oz-silver-bullion-coins-in-tube";>Perth Mint

*Coins only, before packaging: the gross weight of one coin times the coins in the box.

So how many Silver Eagles are in a tube? Twenty. The U.S. Mint packs them “20 one-ounce coins to a tube.” It sells them to its authorized buyers in 500-ounce lots (https://www.usmint.gov/wordpress/wp-content/uploads/2022/01/AP-Criteria-Silver-Bullion.pdf";>U.S. Mint). At Money Metals, you can buy https://www.moneymetals.com/buy/silver/coins/american-silver-eagle";>Silver Eagles one coin at a time or in a https://www.moneymetals.com/silver-american-eagles-sealed-monster-box-random-date-500-x-1-troy-oz-999-pure/3490";>sealed 500-coin monster box.

Keep two things in mind. First, no mint we found publishes the shipping weight of a full monster box. The weights above count the coins alone. Second, a monster box does not always hold 500 coins. The Perth Mint supplies its Kangaroo box with orders of 10 tubes, or 250 coins (https://perthmint.com/shop/bullion/bullion-coins/australian-kangaroo-2024-1oz-silver-bullion-coins-in-tube";>Perth Mint).

How to Check a Coin's Weight at Home

A scale check takes about a minute, and when you do it right, it catches many fakes. Follow these four steps.

Use a scale that reads to 0.01 gram. Most pocket jewelry scales can do this, but check yours with a calibration weight before you start.
Weigh in grams, not ounces. Kitchen scales show standard ounces, which are lighter than troy ounces. A 1 troy oz coin reads about 1.097 oz on a kitchen scale, and a Gold Eagle reads about 1.197 oz (https://www.nist.gov/document/2026-nist-handbook-44-appendix-c";>NIST). Our page on https://www.moneymetals.com/measurement/how-many-grams-in-1-oz-of-gold";>how many grams are in 1 oz of gold walks through the full conversion.
Compare the reading to the specs above. A reading at or a bit above the listed weight is normal, while a reading below it calls for a closer look.
Measure the diameter with digital calipers. Weight and size together tell you far more than weight alone.

A scale does have limits. Tungsten and gold both have a density of about 19.3 grams per cubic centimeter (https://periodic-table.rsc.org/element/79/gold";>RSC: gold, https://periodic-table.rsc.org/element/74/tungsten";>RSC: tungsten). That means a tungsten core inside a gold shell can match a real coin’s weight and size. To rule that out, see our guide on https://www.moneymetals.com/guides/how-to-test-gold-and-silver-at-home";>how to test gold and silver at home.

Real Coin Weights vs. Fantasy Gold Pieces

Many game players and fantasy writers also use gold coin weights in their fiction. In Dungeons & Dragons, “fifty coins weigh a pound” (D&D Beyond). When you do the math, each gold piece weighs about 9.07 grams. The closest real coins are the 1/4 oz Gold Eagle at 8.483 grams and the pre-1933 $5 half eagle at 8.359 grams. A real 1 oz Gold Eagle is far heavier, and about 13 of them make a pound.

Frequently Asked Questions

Most 1 oz gold coins weigh between 31.1 and 33.93 grams. Pure 24-karat coins like the Gold Buffalo weigh about 31.1 grams. 22-karat coins like the Gold Eagle and Krugerrand weigh about 33.93 grams. Both kinds contain one troy ounce of gold.

The 1 oz American Gold Eagle weighs 33.931 grams, or 1.0909 troy ounces. It holds exactly one troy ounce of gold. The remaining weight comes from its silver and copper alloy.

The Silver Eagle is required by law to weigh 31.103 grams. It is composed of .999 fine silver. Coins often read a little higher than that number on a home scale. This is normal. A reading under 31.103 grams on an accurate scale is the one to check.

A 1 oz gold Krugerrand weighs about 33.93 grams and holds one troy ounce of gold. The 1 oz silver Krugerrand weighs 31.107 grams.

A U.S. Mint tube holds 20 Silver Eagles, and a monster box holds 25 tubes. That means a monster box holds 500 coins.

Most silver monster boxes hold 500 one-ounce coins. The Perth Mint’s Kangaroo box is the main exception, with 250 coins.

A 1 oz Gold Eagle weighs about 0.075 pounds. It takes roughly 13 of these coins to make a pound. A Silver Eagle weighs about 0.069 pounds.

A pre-1933 $20 double eagle weighs 33.436 grams and holds 0.9675 troy ounce of gold. To see what one sells for today, browse our https://www.moneymetals.com/buy/gold/pre-1933-gold-coins/saint-gaudens-double-eagle";>Saint-Gaudens double eagles and check the live https://www.moneymetals.com/gold-price";>gold price.

Its gold content is at least one troy ounce, but its total weight is often more. A 24-karat coin weighs just over 31.1 grams, while a 22-karat coin weighs about 33.93 grams because of its alloy.

Conclusion

Every bullion coin has two weights that matter: what it weighs on a scale and how much metal it holds. Mints treat their stated weights as minimums, so a coin that reads a little heavy is normal. A coin that reads light or measures the wrong size deserves a closer look before you trust it. When you are ready to buy, compare https://www.moneymetals.com/buy/gold/american-gold-eagle";>Gold Eagles and https://www.moneymetals.com/buy/silver/coins/american-silver-eagle";>Silver Eagles at Money Metals.

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Bullion Coin Weights - How Much Gold and Silver Coins Weigh - Gross vs Fine Weight, Pre-1933 U.S. Gold, and Monster Box Counts - Money Metals

Why Your 1 oz Coin Weighs More Than 1 oz

Legal Weights Are Minimums

How Much Over Is Normal

Four Different "One Ounce" Weights

Gross Weight vs. Fine Weight

Gold Bullion Coin Specifications

Fractional Gold Eagle Weights

Silver Bullion Coin Specifications

Pre-1933 U.S. Gold Coin Weights

Mexican Gold Pesos

How Many Coins in a Tube and Monster Box

How to Check a Coin's Weight at Home

Real Coin Weights vs. Fantasy Gold Pieces

Frequently Asked Questions

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Conclusion