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

Trump’s Fort Knox Audit Push Rekindles Gold Reserve Questions

Sat, 23 May 2026 00:00:00 EST

In a recent episode of Arcadia Economics, host Chris Marcus sat down with Money Metals President and CEO Stefan Gleason to discuss President Donald Trump’s renewed calls for an audit of the U.S. gold reserves at Fort Knox. The conversation ranged from auditing standards and gold reserve transparency to global refining capacity, central bank buying trends, and the current state of the retail precious metals market.

The discussion was sparked by Trump’s May 10 remarks suggesting he wanted to “crack open” the Fort Knox vault to verify that roughly $700 billion worth of U.S. gold remained intact. Gleason argued that while the topic captures public attention, the issue has often been treated too casually by politicians and media figures. He criticized the idea of turning a Fort Knox inspection into a publicity event involving television cameras or political personalities, saying such theatrics would do https://www.moneymetals.com/news/2026/05/21/money-metals-ceo-deplores-superficiality-of-treatment-of-fort-knox-gold-issue-004928";>little to restore real confidence in America’s gold reserves.

Gleason emphasized that a legitimate audit of Fort Knox would be an enormous undertaking that could take years to complete properly. Drawing on his experience operating one of North America’s largest private depositories, he explained that auditing is a rigorous, ongoing process involving controlled environments, multiple independent parties, testing procedures, seals, and continuous verification. According to Gleason, the U.S. government’s past inspections have fallen far short of those standards.

https://www.youtube.com/embed/tMTULv4BUN8?si=_Px7oO-YZ7N710_l"; 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">

Questions About Past Fort Knox Audits

https://play.libsyn.com/embed/episode/id/41398385/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">

One of the central themes of the interview was the credibility of previous Fort Knox audits. Gleason referenced research conducted by Money Metals contributor Jan Nieuwenhuijs, who published an open letter outlining https://www.moneymetals.com/news/2025/02/21/open-letter-to-president-donald-j-trump-dont-be-fooled-by-the-fort-knox-auditors-003856";>major inconsistencies in the historical auditing process. The letter reviewed events from 1974 through 2008 and identified instances where vault seals were broken, gold bars were moved, and seals were reattached without conducting full re-audits afterward.

Gleason argued that once an audited vault seal is broken, the integrity of the audit is effectively destroyed unless the entire compartment is re-audited under strict procedures. In his view, the U.S. Mint’s current process — which he described as largely a paperwork exercise involving “audits of the schedule of seals” — does not constitute a meaningful physical audit of the nation’s gold reserves.

The broader concern, he said, is not merely whether the https://www.moneymetals.com/news/2026/04/16/fort-knox-gold-scandal-004838";>gold bars physically remain in Fort Knox, but whether some portion of the reserves may already be encumbered through swaps, leases, or other financial transactions. Gleason pointed to legislation introduced by Senator Mike Lee and several House members called the Gold Reserves Transparency Act, which would mandate a comprehensive inventory, assay testing, and accounting of all transactions involving U.S. gold reserves.

America’s Gold May Not Meet Modern Standards

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

A particularly striking revelation during the interview involved the purity of America’s gold reserves. Gleason explained that most of the approximately 8,000 tons of U.S. gold is not refined to modern “good delivery” standards. Roughly 7,000 tons, he said, https://www.moneymetals.com/news/2026/04/09/ft-knox-full-of-impure-gold-unfit-for-international-transactions-as-far-as-we-know-004824";>consists of bars that are only about 90% pure, rather than the four-nines (.9999) purity standard now favored in global markets.

That creates a potentially serious problem in the event the U.S. government ever needed to mobilize or sell its gold reserves during a financial crisis. Gleason noted that large quantities of lower-purity gold would likely be heavily discounted and would require years of refining before being readily accepted by modern bullion markets.

He revealed that Money Metals recently held discussions with the U.S. Treasury and major refiners regarding this issue. According to Gleason, officials appeared largely unaware of the logistical challenges involved. With only two LBMA good-delivery refineries operating in the United States — both foreign-owned — Gleason estimated it could take between 20 and 30 years to refine the nation’s gold reserves to modern standards without severely disrupting the market or displacing existing refinery customers.

Marcus added that much of the world’s refining capacity now resides in China, raising additional geopolitical concerns if refining became necessary during a global conflict or financial emergency.

Foreign Governments Have Already Adapted

Gleason contrasted America’s situation with actions taken by other countries. He cited France’s recent decision to sell approximately 119 to 129 tons of non-standard gold held at the Federal Reserve Bank of New York and replace it with higher-purity bullion stored domestically. Germany undertook a similar repatriation and refining effort roughly a decade ago.

According to Gleason, many foreign central banks — especially in Asia — are increasingly accumulating four-nines pure gold as part of a broader de-dollarization trend. He argued that the U.S. government has failed to adequately prepare for a world in which gold once again plays a larger role in global finance and sovereign reserve management.

Allegations of U.S. Gold Market Intervention

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

The interview also revisited longstanding suspicions that the U.S. government may intervene in gold markets through leasing, swaps, or stabilization programs. Gleason recounted a past exchange with Kevin Warsh, whom he identified as a future Federal Reserve chairman candidate, during a New York gold conference.

When Gleason asked whether the U.S. government was involved in gold market transactions, he said Warsh responded that such activity existed “not as much as you would think,” while emphasizing the importance of defending the U.S. dollar through mechanisms like the Exchange Stabilization Fund. Gleason interpreted that response as an implicit acknowledgment that some level of intervention does occur.

He argued that nearly every major central bank engages in gold-related transactions and questioned why the U.S. government would be any different, especially given its acknowledged interventions in bond markets, equities, and energy prices.

Retail Precious Metals Demand Slows After Strong Rally

The conversation later shifted toward current retail demand trends in the precious metals market. Gleason said investor activity surged during January and February following the strong rally in gold and silver prices, but volumes have moderated in recent months as markets moved sideways and investor complacency returned.

He noted that transaction activity remains stronger than it was a year ago, though demand has cooled from earlier highs. Interestingly, Gleason observed a divergence in customer behavior: traditional American investors have been selling silver back into the market, while Asian American buyers have increasingly accumulated gold, sometimes in significant quantities.

Gleason suggested that cultural familiarity with gold ownership, combined with economic stresses emerging in Asian markets, may be contributing to stronger gold demand among those buyers.

Silver Premiums Collapse as Secondary Supply Floods Market

!!--Product-Random-Featured-1--!!

Marcus and Gleason also discussed dramatic changes in silver premiums. Gleason said large amounts of secondary-market silver have been flowing back into dealer inventories over the past six months, driving premiums sharply lower. Certain products, particularly 90% constitutional silver, are now being sold at spot price or even below spot.

While American Silver Eagle premiums remain elevated relative to other products, Gleason said premiums across most silver categories — including 10-ounce bars, 100-ounce bars, one-ounce rounds, and junk silver — have declined substantially. He characterized the current environment as an attractive entry point for silver buyers.

Gold premiums, by contrast, have remained relatively stable because the gold market is far larger and more liquid than silver.

Money Metals Expands Beyond Bullion Sales

Toward the end of the interview, Gleason outlined Money Metals’ broader mission beyond simply selling bullion products. In addition to operating a large depository business, the company also offers https://www.moneymetals.com/gold-loan";>lending services backed by gold and silver holdings.

He emphasized that Money Metals has invested heavily in educational content and public policy initiatives aimed at promoting sound money principles. The company actively supports efforts to https://www.moneymetals.com/resources/sound-money-index";>eliminate taxes on precious metals and encourage states to hold gold as a reserve asset. Gleason said the company’s goal is to expand public understanding of precious metals and advocate policies that benefit both investors and the broader economy.

WARNING: National Security Danger in the U.S. Gold & Silver Market

Fri, 22 May 2026 00:00:00 EST

Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.

Coming up we’ll hear an interview between Chris Marcus of Arcadia Economics and Money Metals CEO Stefan Gleason. Don't miss this revealing interview as Stefan digs into some unanswered questions surrounding America’s gold reserves at Fort Knox -- issues brought back into the news headlines by Donald Trump last week.

From the lack of independent audits to concerns over gold purity, potential market interventions, and hidden transactions, Stefan tackles some tantalizing topics surrounding America's gold. He also recounts a striking conversation with former Federal Reserve Governor Kevin Warsh who hinted at covert Fed involvement in the gold market.

So, don’t miss this eye-opening discussion with Money Metals CEO Stefan Gleason, coming up after this week’s market update. And as a reminder please download, like, rate and subscribe to this podcast wherever you consume this content.

U.S. Senators Jim Risch and Catherine Cortez Masto introduced the bipartisan “System Integrity through Licensed Vault Expansion and Resilience Act”, aka the https://www.moneymetals.com/uploads/content/SILVER-Act-Bill-Text-Risch-Cortez-Masto.pdf";>SILVER Act, this week -- the latest step in the precious metals industry's efforts to derisk, modernize, and strengthen America’s precious metals market infrastructure.

https://www.congress.gov/bill/119th-congress/senate-bill/4621?s=1&;amp;r=1&tblci=GiCB9a4pBBlehdsJSAXBSvtzY7kC2AKY69BgUiVdqNpQmSDKuWUo-sCAu_nVmNN8MK67Pg" target="_blank" rel="noopener">Senate Bill 4621 follows the recent successful introduction of companion legislation in the House amid growing concerns among lawmakers, regulators, and industry leaders over the national security risks created by geographic concentration of exchange-approved precious metals depositories in the vicinity of New York.

Under exchange practices dating back to the 1970s, depositories used for deliveries on regulated gold, silver, platinum, and palladium futures contracts have been confined to the Greater New York area, creating what supporters describe as a dangerous single-region dependency as to critical financial infrastructure, combined with anti-competitive behavior.

A broad coalition of precious metals industry participants — including Money Metals as well as other large depositories, mints, dealers, refiners, banks, mining companies, logistics providers, manufacturers, insurers, and investors are also involved in backing the SILVER Act.

The SILVER Act would direct the Commodity Futures Trading Commission (CFTC) to ensure broader depository location options and greater transparency in the selection processes.

The legislation has already drawn favorable attention from the CFTC. At a recent House Agriculture Committee oversight hearing, CFTC Chairman Michael Selig publicly praised congressional efforts to address structural concentration risks and pledged to work with lawmakers on the issue.

Advocates of the legislation emphasize that current depository selection practices are monopolistic, suppressing competition and increasing costs for investors and businesses. Existing exchange-approved depositories currently charge the maximum storage fees permitted by the exchange, while many qualified facilities elsewhere in the country could provide services at lower cost. Transportation costs are also elevated because market participants outside the Northeast must ship metals long distances to access public markets.

Industry experts also note that precious metals are not only monetary and investment assets, but also strategically important industrial materials essential to electronics, aerospace, medical technologies, energy infrastructure, and defense manufacturing. As a result, maintaining geographically diverse and secure sources of precious metals is increasingly viewed as a national security imperative.

The current system creates unnecessary vulnerabilities for the nation’s precious metals markets and supply chains – and it arbitrarily excludes major industry players simply because they are not financial muckety-mucks in New York.

In other news, there has been a lot of talk lately about whether the Federal Reserve should raise interest rates. But the reality is the market itself is hiking rates with or without central bank cooperation.

Treasury yields have crept relentlessly higher over the last several months, signaling significant stress in the bond market.

The 10-year Treasury yield was over 4.6 percent this week, and the 30-year was north of 5 percent. Meanwhile, rates on the lower end of the curve are also spiking, with the 2-year Treasury note above 4 percent.

Earlier in the week, bond yields hit multi-decade highs.

At an auction last week, the 30-year Treasury sold at a yield of 5.046 percent. While the 30-year has traded above 5 percent on the secondary market a handful of times, it was the first time since 2007 that it sold at auction with such a high yield.

The Fed, along with other central banks around the world, finds itself in a “debt trap.”

But an even more fundamental dynamic is tipping the Treasury market – basic supply and demand. There is a lot of debt out there, and https://www.moneymetals.com/news/2026/05/14/tax-revenues-drive-april-budget-surplus-even-as-spending-keeps-going-up-004918";>the federal government is creating more every day. Meanwhile, the world is growing wary of holding all that debt.

The recent increase in U.S. bond yields is partly a function of the U.S.-Iran war oil shock. Many countries are selling dollar-denominated assets for cash to pay for oil and to support their own currencies.

However, softness in the Treasury market predates the conflict. It has been struggling for months because a lot of countries simply don’t want any more exposure to U.S. fiscal malfeasance. https://www.moneymetals.com/news/2026/03/19/national-debt-quietly-eclipses-39-trillion-004774";>The national debt has surged to over $39 trillion. Meanwhile, the federal government has shown zero interest in reining in spending. On top of that, it is blowing through an additional $1 billion per day to fight the war.

So, it’s not surprising that many countries are anxious to minimize their exposure to the dollar. We see this reflected in https://www.moneymetals.com/news/2025/03/11/de-dollarization-gold-and-a-shift-to-a-multipolar-world-003898";>accelerating de-dollarization and the fact that https://www.moneymetals.com/news/2026/01/08/gold-tops-treasuries-as-worlds-biggest-foreign-reserve-asset-004597";>gold recently climbed above Treasuries as the world’s biggest foreign reserve asset. When times get tough, you don’t want rapidly devaluing dollars backed by a spend-happy U.S. government. You want real money – gold – backed by nobody.

And finally, before we get to this week’s interview let’s review the metals market action here.

Gold is off a slight 0.4% to come in at $4,536 an ounce. Silver is actually up 20 cents or 0.3% to trade at $76.95. Platinum is down 2.4% and checks in at $1,994. And finally, palladium is off 4.1% to trade at $1,371 an ounce as of this Friday midday recording.

Well now, without further delay, let’s get right to this week’s interview.

Chris: Although Stefan, let's put you right under the hot seat. If the US and Trump goes in and they do-- Let's say they actually did an appropriate audit of Fort Knox, what do you think they would find?

Well, hello there, my friends. Chris Marcus here with you for Arcade Economics on our now weekly show. And fortunately, since we have a little more time to plan and think, what could really provide some insight into a lot of the wild things that are happening in the gold and silver world these days, including, amongst other things, gee, Trump sure, I'll give him that, he's got a busy schedule because now he wants to crack open the Fort Knox vault to personally confirm that $700 billion worth of gold has not been stolen.

This came out on May 10, so that was just a week ago. And to comment on that and some other issues that if they actually did check in there, or perhaps had to sell some of the gold, people are not yet thinking about. Although fortunately, my dear guest and friend today, Stefan Gleason of Money Metals, gold and silver dealer, one of the largest and, certainly the ones I feel most comfortable with, joins me on the show, who's been researching into these matters and other gold and silver shenanigans. And Stefan, uh, great to see you again. How are you today?

Stefan: Yeah. Hey, great to be on again, Chris. Good to see you, too.

Yeah, so, uh, it's, uh, it's kind of funny. I mean, you know, the frivolous nature, of the way this topic has been addressed over the last couple years. I mean, on one hand, yeah, it raised the issue of, of the concern around Fort Knox and the lack of audits, but the idea that we're gonna turn it into some sort of fun field trip for President Trump or Elon Musk or whoever else is really doing a disservice, you know, in terms of what is needed to restore confidence and frankly, what a proper audit is.

You know, I, I run one of the largest depositories in North America, and I know how to do auditing. We know how to do auditing, and it's, it's ... First of all, it's not a one-and-done affair, and it's a very serious and very long sort of process with many steps. And, uh, frankly, it would take years to properly do an audit of the US gold reserves.

And, you know, going and bringing in the cameras like they did in 1974 and doing a little publicity stunt is ... You know, yeah, there, there's probably plenty of gold there, but that tells you nothing. You know, sh- a stack of gold bars or what appear to be gold bars, that's not what an audit's all about. Um, so we can get into that, but it's, it's really alarming how frivolously this topic is, is discussed.

Chris: Well, I mean, I, I think a lot of people have been wondering because we, you know, it seems like ages ago when Elon Musk was DOGE-ing around and... Although somehow he's popped back in. I didn't... Wasn't he in China at the recent meeting? Which I don't know how that works, but I mean, we heard-

Stefan: Yeah ...

Chris: he was saying they should live stream it, which I think you and I would've bought a ticket to watch, yet we didn't hear much about that until, even in the gold and silver community, but yet here it is a week ago.

First of all, what, why, why is he saying right now, I mean... I won't, I won't go Trump-bashing today, but I mean, the guy is certainly never short of a microphone to begin with, yet-

Stefan: Yeah ...

Chris: you know, running the Iran war, a whole bunch of other stuff, and here he says, "We wanted to go and knock on the door of Fort Knox," clarifies fortunately that it's a very thick door, "to see whether or not we have any gold in there."

Stefan: Yeah.

Chris: Well, I guess it's- Why is he bringing this up now, Stefan?

Stefan: Well, maybe it's useful to come up with other issues to talk about. Uh, and it certainly gets a lot of attention whenever, whenever the Fort Knox issue comes up, because it's, it's just one of those issues that's captured the imagination of the American people over the years.

And, you know- A year ago when they talked about this during the DOGE thing, and, you know, we, we actually did, we published an article, actually it was an open letter to President [00:04:00] Donald J. Trump. It was from Jan Nieuwenhuijs who does, or Jan Nieuwenhuijs who does research for Money Metals, and he's basically chapter and verse gone through in this article at MoneyMetals.com and, and talked about all the problems with the auditors or with the audits that have occurred, if you wanna call them that.

And, you know, at the time, I guess about, about, uh, you know, a few days into that whole thing, the Treasury Secretary said, "Oh, you know, it's, it's audited. I see the audit every year." You know, it's... And, and it's so d- so dishonest because what... There is a process every year, um, and what that process consists of is it's an audit of the schedule of the seals of the vault compartments.

So it's basically a paperwork audit, and it doesn't necessarily even involve going and checking the seals, uh, on the vault compartments. It, it's basically an audit of the schedule of seals, and to call that an audit, uh, is kind of, kind of ludicrous. Um, but really, I mean, what an audit involves is not just opening everything out [00:05:00] and inventorying it, but testing it and, uh, and actually in, in the case of, you know, non-pure gold, it might include upgrading the gold to purity standards, which is another topic that we can talk about.

Um, but then once you seal a compartment, you have to, uh, never disrupt that compartment again. And one, one thing that the letter from Jan Nieuwenhuijs, um, says is it talks, it goes through the history from 1974 to 2008 of the processes that were done, and there's ver- very obvious gaps and, and issues around removing seals from compartments that had been sealed, you know, which may have been a proper process.

But then when you break that seal, whenever you break a seal of an audited container, it has to be re-audited And the US Mint apparently has-

Chris: Doesn't that kind of defeat the purpose of having the seal in the first place otherwise?

Stefan: You literally have no confidence- ... once that seal is broken and then replaced with a new seal if there [00:06:00] wasn't a new audit.

But there were many in- inexplicable, uh, uh, episodes where seals were broken, bars were removed, bars were moved, uh, seals were reaffixed without proper re-auditing. And so, you know, that, that is fundamentally just dishonest au- It's not an audit. It, it basically spoils the entire audit. Um, and so, you know-

Chris: Other than that, it's completely safe as far as we can tell if you just ignore- Yes

all of that, right?

Stefan: Well, it's a normal event apparently for the US government. It's not a normal event in my vault. Whenever, uh, whenever a, a seal is broken, everything in that container, whether it be a massive safe or a small container, has to be re-audited, uh, and, and signed off by multiple parties. It's done under cameras.

It's a very controlled process. So that's proper auditing. The other thing is audits are not one and done. It's an ongoing process. You can't necessarily sit- fall back on something decades old, even if it was done properly at the time, and consider that to be a reliable audit. You know, certainly if the seal has not been broken, you have some [00:07:00] assurance, but, you know, the, the fact of the matter is many things have happened with seals being reaffixed.

So, I mean, the whole thing is out the window, as Jan Nieuwenhuijs' letter points out. Um, but really there's bigger issues beyond just whether all the bars are there. Uh, there's also the question of who owns them, you know? And that, and that's something there's never been an actual disclosure, or at least publicly, of any transactions that the US government has undertaken using the US gold reserves.

And so there's actually legislation right now introduced by Senator Lee in the US Senate and four congressmen in the House, uh, called the Gold Reserves Transparency Act, that would actually provide for a, not just a complete inventory and assaying of the US gold reserves, but actually an accounting of all of the transactions that have occurred using those reserves and, in addition to that, upgrading the quality of the gold to current-day good delivery standards.

And Chris, you, you... I think you know this, but most people have no idea that, uh, virtually all of the US gold [00:08:00] reserves is non-pure gold that would not be readily accepted on the global market. And so, you know, we actually had a conversation with the US Treasury very recently about this problem with a couple big refineries who would actually be potentially the refineries that would do the good delivery refining of the US gold reserves, and they are completely clueless to this problem and the practical problem that it presents Um, and, and the, the, you know, maybe that, like, decades ago it was perfectly fine to have 90% gold bars or 88% gold bars or 92% gold bars, but if you're trying to s- to mobilize the US gold reserves in some sort of financial emergency, and you go out with large amounts of gold that is not pure, it would not be accepted readily on the global market, and it, if it were accepted, it would be discounted dramatically.

And, and if you think about the idea that this might be done in a period of financial stress, to have a bank finance or somehow, you know, take on what could be literally [00:09:00] years' worth of refining before they get pure gold out of it in some emergency, I mean, that's, that's a significant problem. So, you know, we had a conversation with the US Treasury and the US Mint.

They're not aware of the pro- practical problem that presents. They fall back on some small sale. Yeah, yeah, I know. You're, you're ... This is very shocking to you.

Chris: Stefan, may I, may I add in that I know- Yeah ... they try- they're trying to build a refinery in Tennessee, actually, uh-

Stefan: Yeah ...

Chris: although the majority of the refining capacity is in China.

So in the event of- Right ... some sort of division or global war, which kind of seems like we're in the middle of right now, even if we did need to sell our gold, we'd still be dependent upon China's refining capacity to be able to do so.

Stefan: There are only two, uh, refineries in the US who are a, what are considered good delivery gold refineries.

They're foreign-owned, but they're here in the US. So there's only two options, and we, and, and, uh, and had them on the call. Uh, it was very interesting because they were calculating how [00:10:00] long it would take to refine the US gold reserves without disrupting the market, and the answer, you know, meaning with those two refineries uh, going without kicking out all their other clients or, or taking, not taking other work.

It would take 20 to 30 years for them to refine the US gold reserves to good delivery standard, because about 7,000 of the 8,000 tons is, is 90%-ish pure. And so, you know, in a pinch, in a, in an emergency, uh, I mean, it would, it would take years just straight full-on refining with no other work happening in those refineries to upgrade the gold.

So the scale of that problem is, is actually kind of alarming, and not that we want the US government to be selling the gold or doing something with it, if they haven't already. Um, we-

But in case they have to, they're probably gonna bungle it. Uh, yeah. And so, and to do- It can't even be done at all ... like, to do something proactively now, and this is part of what they could do, they could go and do a multi-year plan, and this is something that Mike Lee's bill would require, would be a multi-year plan to upgrade the gold reserves to, um, good delivery standards.

And you know what's interesting is, you know, the, the attitude that we see from our government officials are, you know, "No big deal, we sold s- we're told we sold some gold in 1978. We did a small auction. Everything went fine. We shouldn't have a problem." And it's like, well, that was like, you know, 45 years ago, and good delivery standards are different, number one.

Number two, they only sold 300,000 ounces of gold, and they sold it at a 10% discount, and so that's not some big success. Mm. Uh, so there's actually a bit of a problem there, and, you know, ultimately, if the US gold reserves had to be put into play in some sort of market event, whether it be to defend the dollar or some other crazy thing, who knows, um, there's a problem there, and, you know, the US isn't ready for it.

But other countries are, and that's what's interesting. Other countries, on the other hand, such as France, very [00:12:00] recently, uh, they had some gold at the US, uh, at the, uh, Fed in New York, I think it was 119 tons, and it was... or 129 tons, and it was non-standard, non-pure gold. What did they do? They sold it and bought pure gold in France.

They didn't even bother to ship it over, because they don't want that gold. You know, they, they want pure gold, because that's the current global standard. So they have actually both removed or expatriated their gold from the US and at- simultaneously upgraded the quality of it to four nines pure, which is the same thing Germany did about 10 years ago.

Mm. And that's really any new gold that, say, Asian foreign central banks are buying, is almost certainly going, going to be the four nines pure gold that is the current standard. And so other countries seem to be recognizing that they want pure gold. The US government- Not yet. So we'll see. But that, that's a very interesting, uh, you know, reaction that we [00:13:00] got.

It was kind of a whistling past the graveyard attitude, frankly, and, and we were sort of laughing about it after the fact. But, you know, maybe it'll take some education, maybe they'll be receptive. We'll see...

Chris: Sounds like it's going well. And, and Stefan, just for context, um, can we ask for confirm that you're not just some YouTube bro who's, you know, out running his mouth?

I mean, that, that's your vault, which actually-

Stefan: Yep, as we point out here, is larger than Fort Knox.

Chris: In the early 2000s and We got the whole video there. Um- Yep ... so I mean, w- y- you also, I believe you said you r- have been in contact with the Treasury explaining to them the issues, which they, I mean, they

Good thing you called. Otherwise the nation might have a problem. So I mean, you're someone who's actually one of the few people on the planet that might actually be qualified to comment on what would be the proper audit procedures, and you mentioned Jan's reports. Yeah. I mean, I remember- Yeah ... there were, like, all sorts of conflict of interest.

It's, like, exactly what I can say I, as a, a gold and silver customer and investor, would feel comfortable with. Am I capturing the essence of this properly?

Stefan: Yeah. I mean, there, there's, there's a, a sort of a standard for auditing, and frankly, just about every private ... Well, I don't, I can't speak for other private depositories except that I know it's not uncommon to have rigorous audit standards, and there's sort of a, a way to do things, and it involves dual controls.

It involves controlled environments. It involves testing. Uh, it involves seals. It involves independent parties and experts coming in and verifying. Uh, so all of these things are sort of, you know, SOP for a responsible depository. But the US government, you know, that they, they have their own standards.

They hold themselves to a lower standard, you know, pretty much across the board. Um, you know, that's ... As far as, um, Money Metals Depository goes, it, it, you know, our vault is twice the size of the vaults at Fort Knox. It's about 8,300 square feet of class [00:15:00] three vault space. Um, the Fort Knox vaults are only about 4,000 square feet.

But of course, we have a lot of silver. I'm not suggesting we have more gold in our, in our vaults, but we have a lot of silver, which is very bulky, as you, as you obviously know. It's, uh, you know, 100 times, over 100 times more bulky than gold for the same value, so and a lot of space is needed. Um, but, you know, we know a little bit about auditing, and, uh, you know, we're happy to provide that input.

Uh, we're working with, like I said, members of Congress on their bill, and we're willing to consult, uh, with the US government as they, as they tackle these issues. I mean, all these things are really coming up and becoming more pressing and important. Y- you see how gold is being, uh, hoarded by central banks at record rates.

Um, you know, the price is obviously a big part of it, but the de-dollarization trend, you know, these are becoming much more prominent assets again. And, uh, I think, you know, a lot more thinking needs to happen on our end of things, uh, here in the United States. But, uh, you know, unfortunately, that's not something we can normally count on from the US government.

Chris: Yeah, typically not. Although Stefan, let's put you right under the hot seat. If the US and Trump goes in and they do ... Let's say they actually did an appropriate audit of Fort Knox, what do you think they would find?

Stefan: Well, uh, you know, we ha- we cannot count on the audits they've done, of course. So I really don't know.

I, I, I would not be surprised if there has been metal that's been mobilized in the market. Whether it's physically moved is maybe another question. Um, and so that's really, I think the biggest part of what needs to happen is a full accounting of what, of what's been done, like what transactions have under- been undertaken.

So I was ... I, I had a conversation with Kevin Warsh a few years ago. He's now the Fed chairman. And I asked him in a, at a... We had a conversation in private, a private reception, and then I asked him a public question during the, the big dinner, the gold dinner in New York. And I asked him the question, "You know, Mr.

Warsh, [00:17:00] is the US government involved in the gold market? And if so, what are the purpose of the, of those transactions?" And he... It was funny because his answer was, "Well, you know, it's not as much as you would think, uh, but it's really important to defend the dollar, and we have to, you know, make sure that through the Exchange Stabilization Fund that the dollar is sacrosanct," blah, blah, blah.

And I was like, wait a minute. Did he just say it's not as much as we think? It's not that big of a deal? That's a yes. Yeah. So, so, you know, I took that as a yes, and I think that's the big question, you know. Because, I mean, every other central bank, or virtually every, has gotten involved in gold transactions, leasings, leases, swaps, and so forth.

You know, the US government s- seems to be willing to admit that it's involved in many markets. You know, it's, it's owns public companies, obviously the bond market, it intervenes. They're, you know, they, they, they're willing to intervene in every market, but not the gold market? But what's interesting, of course, is there's never been a public admission of that, at least not since, I think, some actions by the Exchange Stabilization Fund in the early '70s.

So I would be... I think that's the bigger question, is not so much is the gold there, is it all there? And there's certainly a question of that, but I think the q- the, the more interesting question is, is it encumbered, and who owns it?

Chris: Yeah. Well, Stefan, we gotta get you to the Fed press conference. Um, see, see what you can find out.

Stefan: Uh, somebody should ask him that question again, actually, um, the question of, you know, the gold, the gold transactions of the US government, because he is certainly somebody who would know, and he has tacitly admitted on more than one occasion, not just when I asked him, but he's written an article that seemed to acknowledge that the US government's involved in, in gold, you know, transactions, whether it be leases or swaps.

If you go to gata.org, I'm sure they've written about that.

Chris: And this is also at the same time where y- we've heard Bessent confirm that they've been taking action to direct the oil price lower, so-

Stefan: Mm-hmm ...

Chris: I agree with you. It'd be, uh, fascinating if we ever got [00:19:00] an understanding what was going on there.

Stefan, I know you have a call coming up, so we'll keep this short, but- Um, two quick questions. Obviously, you are one of the largest, uh, gold and silver dealers in the US, so anything you can talk about the order flow? I know it's died down a little bit over the past couple months. And secondly, I see you have a tab here with Michael Oliver, who I'll be talking with- Yeah next week, so hit that subscribe button and notification bell at home. See that's the podcast-

Stefan: Right, yeah, he was a great guest. He was a great

Chris: guest. He, he's out calling for $300 to $500 silver, which- Yeah ... I'm looking forward to hearing more about. My thought would be it might take a more severe shortage and a financial crisis to get there, although could make a good case we're on track for both.

So anything about retail- Yeah ... and, uh, Michael Oliver and supply chain or-

Stefan: Yeah, I find his, his... He's got some interesting thoughts, and he looks at things in a different way with the momentum and technicals that, you know, not, not everybody pays attention to the momentum indicator. So I mean, he, he did call, uh, since last summer the huge rally that we saw that took us to 120.

He thought it would continue maybe more quickly than it has. He talked about a squiggle in the middle, which maybe, you know, arguably is what's happening now. Um, so I'm, I'm very intrigued by it, what, what he has to say. I would not discount it. Um, but it, you know, I think, I think it probably takes the Fed throwing in the towel and, you know, go- getting, getting dovish again probably.

Maybe that or a, a reaction to a stock market problem that we d- never seem to have. Uh, but, you know, that's If you go into the topic of retail demand, it has slowed down, uh, quite a bit since the January/February period of time, which was really intense. Um, and I think that there's a little bit of complacency, uh, especially with the sideways move after that huge, you know, very exciting, you know, price rally.

Uh, but also just the stock market, you know, y- you can look at the lack of fear, the lack of concern, the complacency in the market, at least among US investors. Um, I think that that carries over into the demand for gold and silver. Um, so I think, you know, we had a lot of excitement around price a few months ago.

More recently, I think it's just wait and see and there's, you know, we've, we're seeing transaction volume come down a fair bit, but not, you know, not to the levels that it was, say, a year ago. It's still higher than that. Um, what's interesting, uh, w- we seem to have a lot of sort of traditional Americans selling silver and a lot of Asian Americans buying gold.

So that, that's interesting. We've been seeing more Asian Americans come in and buy gold and some- sometimes in large amounts. So I don't know if, you know, that you're starting to see a bleeding over of that sort of cultural affinity or maybe a greater recognition of the role that gold and silver, especially gold, plays as savings, as, a- and, and, you know, obviously in Asia, there's bigger problems happening right now.

The oil impact is having more, more of a, a problem, creating more of a, a ripple effect there in the economy. And so I don't know if that's stimulating, uh, you know, the, the, the demand among Asians who are maybe paying attention to that more closely, but I've noticed that. So, uh, that said, I think, you know, we're just in this wait and see period around what's gonna happen with prices and, you know, we've had some very, very big months as a company and as an indus- industry, but it's definitely a little softer right now, and there's a lot of people selling silver still.

Uh, uh, you know, we're still selling more silver than we're buying, but it's, it's a lot of selling back to us, uh, as compared to, say, a year or two ago.

Chris: Well, I'm not surprised by that, especially with the elevated silver price, where if somebody- Right ... did want to sell silver, I mean, you could make a good... Uh, uh, real quick, are the premiums, I know the sales prices for silver had been quite a bit under spot.

Has that recovered at all?

Stefan: Uh, the premiums are still, are coming down. I, I mean, we're selling certain types of silver well, you know, at spot or below spot, especially the 90%. Uh, 90% silver we're selling for, uh, at spot or a dollar below spot, depending on, on which type. Um, so, you know, the premiums on Silver Eagles are still high.

Those are, those are coming down. But it's a good time to buy, you know, 10-ounce silver bars, 100-ounce silver bars, one-ounce rounds, and junk silver. Those are a great deal right now. Um, that's still the case, and that's a reflective, that's reflective of a, of a lot of secondary market coming back, people selling.

Um, and so we've seen a lot of selling back over the last six months, and that's still the case. Um, so I think for people wanting to position in pr- in silver in particular, uh, premiums are, are nice and low. And the gold premiums are always, always relatively low, frankly. The, the gold doesn't have that, you know, flex up on premiums in the same way silver does when things get tight, um, 'cause gold is just a bigger market.

So yeah, we're, uh, we're excited to see all the new people coming in the last six months, huge amount of new people. It's just slowed down a little bit lately. Uh, but I think, you know, the next shoe to drop, you know, any... Who knows what it'll be? But it'll, it'll, it'll rise again. I mean, it's, this is definitely a growing market

Chris: Yeah, and I personally think things have been distorted by it's kinda confusing to really understand what's, uh, going on in the war, and I think Wall Street's been pricing a lot of things, yet I'm personally expecting somewhat of a snapback rally at some point.

But we will see how that goes. Yeah. And Stefan, prior- perhaps just in wrapping up, you can let people know about Money Metals, where I love right- pops up right away. And of all the bullion dealers, um, I think you guys really do provide a lot of helpful things. Here's the Precious Metals Buying Guide that people can get with their email address up here, like you mentioned.

Yeah. Some silver at spot. Um, if people buying or selling, I know you take good care of people either way. Anything you could just say about Money Metals?

Stefan: Yeah, so we're, we're trying to be the leader in not just the, you know, dealer aspect, the depository. We also are, uh, really the, you know, one of the only places to l- to borrow against your gold and silver.

We provide that service. But more than anything, we're trying to expand the market by educating people about n- you know, not just the products, but also the reasons why and the things that are happening in the market that impact gold and silver. So MoneyMetals.com is a fantastic news website as well, and we, we have several pieces of original content every day.

And so that's really part of our mission, is to educate people about gold and silver, expand the market. And we're also fighting on the public policy side to expand, you know, or I should say, uh, remove taxes on gold and silver, or to encourage states to hold gold as a reserve asset, and basically to promote the gold and s- the gold and silver policy that's, that's good for both the industry, but also the country.

And so we're trying to be a leader there, and I, I would say we've achieved that. We're very active on the public policy fr- front as well. And so I think we're very well-aligned with our customers and the interests of basically the, the US precious metals investor in general.

Chris: Yeah, I think you guys do a great job.

I've actually been talking to the great JP Cortez, uh- Yep ... who helps with the Sound Money Index, and we'll have him on in a couple of weeks. But, uh, again, I appreciate- Great ... all that, Stefan, and certainly- Thanks ... uh, I, I really like the way you guys also go about things, and happy to recommend Money Metals.

You get great pricing. You know, you're getting what you pay for. And, um, also, uh ... Ooh, we got gold and silver purchase plans, so- Yep. I love that plan ... anyway, Stefan, thank you so much for the update. Uh- Thanks, Chris ... great to see you as always, and, um- Sure ... we'll catch up and do this again soon, my friend.

Stefan: Thank you.

Some interesting things happening here behind the scenes in the precious metals markets and I hope you enjoyed that interview. We will certainly continue to bring you the latest market news and the important aspects of the gold and silver industry, so stay tuned.

Well, that will do it for this week. Be sure to check back next Friday for our next Weekly Market Wrap Podcast. And remember to tune in as well to the Money Metals Midweek Memo. And to check out any of our audio programs just visit https://www.moneymetals.com/podcasts";>MoneyMetals.com/podcasts or find them on Spotify, Apple Podcasts, Google Podcasts, or wherever you listen to your favorite podcasts. And as a big help to us we would ask you to please like, subscribe, download and rate our podcasts. Doing so helps us extend the reach of this material.

Until next time, this has been Mike Gleason with https://www.moneymetals.com/";>Money Metals Exchange, thanks for listening and have a wonderful Memorial Day weekend everybody.

Indiana Woman Nearly Loses Millions in Gold to Computer Pop-Up Scam

Fri, 22 May 2026 00:00:00 EST

Pop-ups are a pain, right?

They gum up the works and slow down your computer. And it seems like they always appear to distract you just when you’re doing something extremely important.

But for a 74-year-old Indiana woman, a computer pop-up was more than an annoyance. It set her on the path to nearly losing her life savings.

According to reporting by Indianapolis Fox 59, the scam started while the woman was surfing the web. A pop-up appeared warning that her identity had been stolen.

And that’s when the woman made her first mistake.

She called the phone number listed on the pop-up.

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

My advice to you – don’t do that.

Ever.

I’m certain that you will never be contacted via a computer pop-up by anyone who has your best interests at heart.

The people behind this pop-up certainly didn’t care about her identity. They were interested in her money.

And she had a lot of it.

When the victim called the number on the pop-up, she spoke with someone who claimed to be a Charles Schwab investigator. He said thieves had hijacked her identity and stole $5 million from her account.

Let me reemphasize something here: Charles Schwab is not using pop-ups to contact its clients.

Unfortunately, our victim believed this was all on the up-and-up.

Here’s another tip from me to you. If somebody says money was stolen from your account, you can check if the money is still there. Account balances are always available online. And if you aren’t computer savvy, make a phone call. Don’t just take the pop-up dude’s word for it!

In fact, it’s always a good idea to directly contact any company or government agency that sends you an unsolicited link to click or a phone number to call. If "Charles Schwab" sends you a pop-up, go to the company website, find their number, and call it to verify.

Apparently, this never occurred to our victim, and the scammer convinced her to transfer millions of dollars to a Bank of America account and then to a Wells Fargo account. After that, the scammers instructed her to purchase gold.

I’ll give the thieves some credit here. They understood that if they just had the woman transfer money to their accounts, authorities could trace it. They understood that millions in cash would be hard to transport and easy to trace.

But gold?

It is portable. Even better, its value is recognized around the world. Our intrepid thieves knew they would ultimately be able to convert their gold into any currency they desired.

The victim told police she moved $3 million into the new accounts to buy gold. The scammers told her they were working with government authorities, and they would send a courier to collect the gold for safekeeping.

Now, this may seem obvious, but it obviously isn’t.

Government people do some cringy things, but they don’t have people cash out their life savings, buy gold, and hand it over to them. When the government steals from you, it just demands dollars and https://www.moneymetals.com/news/2026/04/17/the-tax-man-is-handing-out-big-refunds-this-year-whats-your-plan-004844";>calls it a tax.

Thankfully, somebody was paying attention.

When the victim ordered $500,000 in American Gold Eagle coins from the Franklin Coin Store. The owner found the purchase suspicious and called local police, who contacted the FBI.

!!--Product-1883--!!

When authorities contacted the victim, they discovered she planned to drop off the coins that very day. Undercover officers went to the meet-up spot (a liquor store parking lot in Franklin, Indiana, because that’s where government officials like to conduct business) and busted the courier, who showed up claiming to be an undercover U.S. Marshall.

Police arrested Drashti Kamlesh Pandya, 23, an Indian woman living in Illinois on a green card. According to Fox 59, investigators charged the accused thief with one count of fraud, one count of theft, and one count of impersonation of a public official. She also caught a marijuana possession charge.

Pandya told investigators she worked as a courier for a large crime ring running the scam. She said a “family friend” from India orchestrated the crime along with others. She conceded that the job was “not good,” but said she needed the money. After all, weed is expensive. (She didn't say the weed part. But where’s the lie?)

Police searched the woman’s phone and found she had made at least 15 gold pickups from victims in Indiana, Illinois, and Wisconsin. Messages from the “family friend” saved on Pandya’s phone included photos of victims and maps to meet-ups. She told investigators she’d made about $10,000 working as a courier for the crime ring.

Franklin Coin Shop owner Sid Shock said this kind of scam is becoming more frequent.

“It sounds, on the outside, like something that just no one could possibly fall for, but unfortunately, in our industry, it’s become all too common. It’s plaguing shops around the country. This exact type of scam has been going on rather frequently, and it’s becoming more and more common.”

So, be careful out there. Don't click on unfamiliar or unsolicited links. Don't call strange numbers. And for the love of all that is good, be skeptical when people start talking to you about your money.

Oh, and don't hand gold coins to strangers in liquor store parking lots.

Two Things Mainstream Pundits Get Wrong in Their Current Gold Narrative

Fri, 22 May 2026 00:00:00 EST

Gold has dropped more than 11 percent from its all-time high of just over $5,102 an ounce in January, and selling pressure continues to dominate the market. A well-established mainstream narrative is driving the bearish sentiment. However, while seemingly plausible on the surface, this mainstream storyline is missing two extremely important dynamics.

According to the prevailing narrative, the Federal Reserve will have to keep interest rates higher for longer to control inflationary pressures introduced into the economy by skyrocketing oil prices due to the U.S.-Iran war. The central bank may even need to raise rates this year to combat inflation. As the mainstream analysts typically put it, “higher rates are negative for gold because it is a non-yielding asset.” In other words, since gold doesn't pay interest or dividends, investors will spurn the yellow metal to chase increasing yields in the bond market.

Sounds reasonable, right? However, the mainstream pundits aren't telling the full story, and two key dynamics are missing from this mainstream narrative.

It ignores real interest rates.
It is far from certain that the Fed will keep rates higher for longer because of thw https://www.moneymetals.com/podcasts/2025/11/12/the-debt-black-hole-004473";>the Debt Black Hole.

Real Interest Rates

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

When mainstream analysts talk about rising interest rates, they almost always mean nominal rates. However, the real interest rate is far more important when determining the income-generating potential of an asset.

So, what is the “real” interest rate?

In simplest terms, the real interest rate is the stated rate you see on the news adjusted for price inflation. To calculate the real interest rate, you take the quoted nominal rate and subtract CPI. This tells you how much your investment will yield in real purchasing power over time.

For example, the 10-year Treasury bond is currently yielding just over 4.6 percent. That seems like a pretty good return. However, the https://www.moneymetals.com/news/2026/05/12/no-matter-how-you-slice-the-data-it-come-up-inflation-004912";>CPI is running at 3.8 percent. That means the real interest rate on a 10-year Treasury is only 0.8 percent (4.6-3.8=0.8).

That’s hardly a reason to spurn gold (or silver).

Note that in a low-interest-rate environment or if price inflation is particularly high, real interest rates can go negative. So, if price inflation rises to 5 percent (certainly not an unreasonable target given the oil shock), the real interest rate would be -0.4 percent. In other words, you would lose money in real terms holding a 10-year Treasury.

Keep in mind, the actual inflation rate is higher than the CPI reveals. The https://www.moneymetals.com/news/2024/01/15/the-cpi-lie-price-inflation-is-even-worse-than-advertised-002930";>government revised the CPI formula in the 1990s so that it understated the actual rise in prices. Based on the formula used in the 1970s, CPI is closer to double the official numbers. So, if the BLS used the old formula, we’d be looking at CPI closer to 6 percent. And using an honest formula, it would probably be worse than that.

That means the real interest rate is generally lower than the calculation indicates.

It should be obvious that a 0.8 percent real return, with the potential for negative yields in the near future, is not a good reason to dump gold for Treasuries.

Can the Fed Really Hold Rates Higher?

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

Most people just assume that central bankers at the Fed will see hot CPI data and hold rates higher or maybe even raise them. However, it’s not that simple. The economy is dominated by a Debt Black Hole, and it does not play well in a higher interest rate environment.

In other words, keeping interest rates elevated risks crashing this debt-riddled, bubble economy.

As I have put it over and over again, the Fed is in https://www.moneymetals.com/news/2026/03/19/gold-the-federal-reserve-and-a-catch-22-004773";>a Catch-22. And when push comes to shove, I believe the central bankers will abandon the inflation fight to rescue the economy.

In fact, the central bank is already struggling to control the yield curve (especially the long end). U.S. government borrowing costs are shooting through the roof. The Fed has https://www.linkedin.com/posts/money-metals_the-fed-restarted-qe-without-saying-it-activity-7407400565279784960-M0OF/"; target="_blank" rel="noopener">restarted quantitative easing (although it will never use that term) to put its big fat thumb on the Treasury market.

So, what happens when the higher rate environment finally pops the bubble?

We know the Fed’s playbook because we’ve seen this movie three times already. (The dot-com bubble, the 2008 Financial Crisis/Great Recession, and the pandemic.)

What do the Fed people do in a crisis?

They cut rates.

They buy Treasuries and mortgage-backed securities.

They print money.

They create inflation.

The Fed ultimately has a choice. It can fight the inflation dragon, or it can surrender to inflation and try to keep the debt bubble inflated and the economy tottering onward. It can't do both.

History tells us the Fed will pick inflation. It’s the fork they know.

The bottom line is you need to take this mainstream narrative about gold and inflation with a grain of salt. It’s not as cut and dry as your CNBC and Fox Business pundits would like you to believe.

Sens. Risch and Cortez Masto Introduce Bipartisan SILVER Act to Derisk U.S. Precious Metals Market Infrastructure

Thu, 21 May 2026 00:00:00 EST

(WASHINGTON, D.C.) — U.S. Senators Jim Risch (R-ID) and Catherine Cortez Masto (D-NV) today introduced the bipartisan “System Integrity through Licensed Vault Expansion and Resilience Act” (https://www.moneymetals.com/uploads/content/SILVER-Act-Bill-Text-Risch-Cortez-Masto.pdf"; rel="noopener">SILVER Act), designed to derisk, modernize, and strengthen America’s precious metals market infrastructure by encouraging greater geographic diversification of approved precious metals depositories.

https://www.congress.gov/bill/119th-congress/senate-bill/4621?s=1&;amp;r=1">Senate Bill 4621 follows the recent successful introduction of companion legislation in the U.S. House (H.R. 8007) amid growing concerns among lawmakers, regulators, and industry leaders over the national security risks created by geographic concentration of exchange-approved precious metals depositories in the vicinity of New York.

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

A broad coalition of precious metals industry participants — including several large depositories, mints, and dealers as well as refiners, banks, mining companies, logistics providers, manufacturers, insurers, and investors — has formally endorsed the legislation in a letter to Congress.

The SILVER Act would direct the Commodity Futures Trading Commission (CFTC) to ensure broader depository location options and greater transparency in selection processes.

“We applaud your leadership on this issue, and we’d be happy to work with your office on it,” CFTC Chairman Selig said to House sponsor https://markharris.house.gov/"; target="_blank" rel="noopener">Rep. Mark Harris after the Congressman pointed out that a single terrorist attack, cyber incident, natural disaster, infrastructure failure, or other disruption affecting the narrow corridor surrounding New York City could impair metals settlement and delivery functions tied to federally regulated futures markets.

Chairman Selig further acknowledged the importance of ensuring adequate deliverable supply and operational resiliency within commodity derivatives markets.

Advocates of the legislation emphasize that current depository selection practices are monopolistic in nature, suppressing competition and increasing costs for investors and businesses. Existing exchange-approved depositories currently charge the maximum storage fees permitted by the exchange, while many qualified facilities elsewhere in the country could provide services at lower cost. Transportation costs are also elevated because market participants outside the Northeast must ship metals long distances to access public markets.

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

“The current system creates unnecessary vulnerabilities for the nation’s precious metals markets and supply chains – and it arbitrarily excludes major industry players,” said industry coalition member https://www.moneymetals.com/authors/stefan-gleason"; rel="noopener">Stefan Gleason, CEO of Money Metals, a large national online dealer, depository, and lender based in Idaho.

“The SILVER Act would promote resiliency, improve competition, lower costs for investors and commercial users, and strengthen America’s financial and critical minerals infrastructure,” Gleason continued.

Now pending in both congressional chambers, the bipartisan legislation does not require approval of any specific depository. Instead, it allows qualified facilities across the United States to receive fair and objective consideration while substantially reducing concentration risks.

“The SILVER Act is a commonsense modernization measure,” said Steven Reiner, EVP at Gold. com, Inc. (NYSE: GOLD), an authorized purchaser of the United States Mint and the owner of Sunshine Minting and SilverTowne Mint, as well as a global network of 15 direct-to-consumer companies, including JM Bullion.

“America’s precious metals infrastructure should reflect the realities of a national marketplace and a modern economy — not outdated geographic restrictions established generations ago,” Reiner continued.

Tarek Saab, CEO of Texas Precious Metals, a prominent dealer and depository located in the Lone Star State, added:

“We thank Senators Risch and Cortez Masto for assisting efforts by our vital industry to address a longstanding problem that hampers the resilience, safety, and competitiveness of the U.S. precious metals markets.”

Foreign Central Banks Dumping U.S. Treasuries

Thu, 21 May 2026 00:00:00 EST

There is a lot of talk about whether the Federal Reserve should raise interest rates, but in fact, the market is hiking rates with or without central bank cooperation.

Treasury yields have crept relentlessly higher over the last several months, signaling significant stress in the bond market.

The 10-year Treasury yield was over 4.6 percent Thursday morning (May 21), and the 30-year was north of 5 percent. Meanwhile, rates on the lower end of the curve are also spiking, with the 2-year Treasury note above 4 percent.

Earlier in the week, bond yields hit multi-decade highs.

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

https://www.moneymetals.com/news/2026/05/21/a-turning-point-sovereign-bond-yields-soaring-004929";>Analyst Brien Lundin noted that the Fed, along with other central banks around the world, finds itself in a “debt trap.”

“It’s essentially the same story I’ve been preaching for the last decade... but it all appears to be coming to a head right now. In short, the inflationary implications of higher oil prices are driving traders away from risk assets (stocks, metals, bonds, etc.) in fear of a hawkish Fed monetary policy in response.”

But there is an even more fundamental dynamic tipping the Treasury market – basic supply and demand. There is a lot of debt out there, and https://www.moneymetals.com/news/2026/05/14/tax-revenues-drive-april-budget-surplus-even-as-spending-keeps-going-up-004918";>the federal government is creating more every day. Meanwhile, the world is getting wary of holding all that debt.

Foreign Treasury holdings dropped from $9.49 trillion in February to $9.25 trillion, a 2.5 percent decline.

Some of the biggest foreign holders of U.S. debt are shedding Treasuries at an accelerating pace.

In March, China’s Treasury holdings dropped by 6 percent to $652.3 billion.

Japan ranks as the largest foreign creditor. Its Treasury holdings fell by $47 billion to $1.191 trillion.

Why This Bond Market Stress?

This is partly a function of the U.S.-Iran war oil shock. Many countries are selling dollar-denominated assets for cash to pay for oil and to support their own currencies.

HSBC chief Asia economist Frederic Neumann told CNBC the selloff doesn’t come as a shock.

“Given increased financial volatility since the start of the war in the Gulf, and resultant pressure on exchange rates, especially in Asia, it is not a surprise that U.S. Treasury holdings by central banks have fallen. Exchange market intervention to support local currencies will have led some central banks to sell a share of their U.S. Treasury holdings.”

Would you want to lend your drunk uncle, who has maxed out all his credit cards, more money?

If not, you understand how the rest of the world feels about Uncle Sam.

Ramifications of a Sagging Treasury Market

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

A sagging Treasury market is bad news for a U.S. government already struggling under the weight of ballooning interest payments.

April interest payments pushed total interest expense to $734.2 billion through the first seven months of fiscal 2026. That was up 7.3 percent compared to the same period in fiscal ’25.

Interest on the national debt cost $1.2 trillion in fiscal 2025. That was up 7.3 percent over 2024.

WolfStreet noted, “There are rising concerns in the bond market about the ballooning U.S. debt, and about the flood of new supply of Treasury securities that the government will have to sell in order to fund the out-of-whack deficits. Treasury buyers and holders are spread far and wide, but higher yields may be necessary to reel in the mass of new buyers needed.”

A year ago, analyst Artis Shepherd called the situation in the Treasury market “https://mises.org/power-market/stocks-are-noise-bonds-are-signal"; target="_blank" rel="noopener">red lights blinking.”

“The bond market is sending a message to the U.S. government that its spending is out of control and the reserve currency ‘privilege’ it has abused for the last 80 years is running out.”

There is some speculation that the Federal Reserve will have to raise rates to combat price inflation. However, the central bank is already struggling to control the yield curve (especially the long end). It has already https://www.linkedin.com/posts/money-metals_the-fed-restarted-qe-without-saying-it-activity-7407400565279784960-M0OF/";>restarted quantitative easing (although it will never use that term) to put its big fat thumb on the Treasury market.

While QE can ease the government’s borrowing problem, it will increase inflation. Remember, when the Fed runs QE operations, it buys bonds with money created out of thin air and injects it into the financial system. This is, https://www.moneymetals.com/news/2024/01/12/common-definition-of-inflation-you-hear-today-is-wrong-government-propaganda-002925";>by definition, inflation.

In a nutshell, the central bank is in https://www.moneymetals.com/news/2026/03/19/gold-the-federal-reserve-and-a-catch-22-004773";>a Catch-22.

As Lundin noted, "The Fed will need to raise rates to corral inflation... but it simply can’t https://www.moneymetals.com/news/2026/05/10/inflation-is-americans-biggest-financial-worry-and-its-not-even-close-004905";>because of the debt trap. Investors increasingly recognize this, and are demanding higher returns on Treasurys to compensate for the risk."

The Fed has a choice. It can fight the inflation dragon, or it can surrender to inflation and prop up the bond market. It can't do both. History tells us the Fed will pick inflation. You should prepare accordingly.

Silver Britannia vs American Silver Eagle - Premiums, Purity, Security Features, and Investment Value Compared - Money Metals

Thu, 21 May 2026 00:00:00 EST

Newcomers to the Silver Britannia vs American Silver Eagle debate may wonder why it matters. If both of the coins offer one troy ounce of silver, is there any real reason to prefer one over the other?

And yet, further investigation reveals differences. For example, their weights are slightly different, despite them both containing one troy ounce of silver. Does that mean one is worth more than the other?

Confusions like this show up often among new and even experienced buyers. On the surface, it seems like one coin might have more silver than the other. But that is not the way modern bullion coins work, nor is it how sovereign mints guarantee their value.

In this guide, we will clear that up first. Then we will go further than most comparison articles by delving into how mints handle weight, purity, and tolerances behind the scenes. We will compare premiums, liquidity, and investor appeal so you can decide which coin makes the most sense for your silver stack.

Silver Britannia vs American Silver Eagle: Quick Comparison Table

At a glance, both coins appear nearly identical in terms of silver content. The key differences come down to minting standards, total weight, and market behavior.

Feature	American Silver Eagle	Silver Britannia
Country	United States	United Kingdom
Silver Content (ASW)	1 troy oz	1 troy oz
Total Weight	31.103g	31.21g
Purity	0.999	.999 (2013+)
Face Value	$1 USD	£2 GBP

Silver Britannia vs American Silver Eagle: The Critical Difference

The root of the confusion between Silver Britannia vs American Silver Eagle coins comes down to one concept: one ounce fine silver does not refer to total coin weight. It refers to the actual silver content, also called ASW (Actual Silver Weight).

A troy ounce of silver equals 31.103 grams. When a coin is labeled “1 oz fine silver,” the mint is guaranteeing that the coin contains that amount of silver – not necessarily the coin’s total weight.

This is where the American Silver Eagle and Silver Britannia take slightly different approaches.

The American Silver Eagle is defined by the U.S. Mint as containing exactly one troy ounce of silver. Its listed weight of 31.103 grams effectively reflects that silver content. Trace alloys are barely present in these coins, and any that are present are handled within mint tolerances. As such, investors can treat it as a precise one ounce silver guarantee.

The Silver Britannia, on the other hand, is intentionally struck with a slightly higher total weight. These coins weigh about 31.21 grams. That extra fraction of a gram acts as a buffer. It ensures that even with tiny production tolerances, every coin still meets or exceeds that standard.

With that information, we can answer some common questions about these coins:

Do both coins contain one ounce of silver?

Yes. Both are guaranteed by their respective mints to contain one full troy ounce of pure silver.
Does the Silver Eagle contain less silver because it weighs less?

No. Its weight reflects its defined silver content. It is not “short” on silver.
Why does the Britannia coin weigh more?

The Royal Mint adds a little more weight to this coin to ensure its consistency and compliance across large production runs.

Here is another way to look at the difference:

The Silver Eagle aims for precision
The Britannia builds in a margin of safety

In practical terms, there is no real difference between those coins as an investment. They both contain one troy ounce of silver, granting equal exposure to https://www.moneymetals.com/silver-price";>the silver spot price.

Still, it is beneficial to know these differences. They give you a clearer picture of how mints actually produce legal tender bullion. More importantly, it shows that these small spec differences do not equate to real-world value gaps.

Purity, Alloys, and Minting Standards for Silver Eagle vs Britannia Coin

At first glance, Silver Britannias and Silver Eagles appear identical in purity today. Each coin has 99.9% silver content. However, that was not always the case.

Prior to 2013, Silver Britannias were minted in .958 fine silver, also known as Britannia silver. This higher-alloy standard made the coins more durable but less competitive in a global bullion market that had already standardized around .999 purity. Coins like the Canadian Maple Leaf and Austrian Philharmonic had set investor expectations.

The Royal Mint made a strategic shift in 2013. That year, the Mint moved the Britannia to .999 purity to align with global bullion standards. The shift was primarily motivated by market acceptance and liquidity. Investors prefer consistency, and .999 became the industry benchmark.

The American Silver Eagle has always been minted in .999 fine silver, with .10% of its content being copper for a boost in structural integrity. This small alloy content improves durability without materially affecting the coin’s silver value.

This information leads to two key takeaways for investors. First, there is essentially no purity difference between these two coins. Second, the real difference between them comes down to recognition, premiums, and resale demand.

Silver Britannia vs American Silver Eagle: Premiums and Pricing

Despite the shared silver purity, there is a core way these two coins diverge from one another. That divergence point is price. Specifically, the crucial divergence is premiums over spot.

The https://www.moneymetals.com/buy/silver/coins/american-silver-eagle";>American Silver Eagle consistently carries one of the highest premiums in the silver bullion market. There are a few reasons:

Strong domestic demand in the United States
Limited and often inconsistent production from the U.S. Mint
A long-standing reputation as the “default” silver coin for American investors

Several factors can affect these premiums and cause them to fluctuate. One of those factors is economic strain or market stress. It is not uncommon to see Silver Eagles trade several dollars above other sovereign coins when supply tightens.

In contrast, the Silver Britannia typically trades at a lower premium per ounce. The Royal Mint has maintained more consistent production levels than the U.S. Mint. Global competition helps the Royal Mint keep its pricing in line with other .999 coins.

This creates a clear value distinction:

Silver Eagles = higher cost, stronger brand demand
Britannias = lower cost, more ounces for your money

Real-world market behaviors can reinforce this gap. An example of this occurred during the 2020-2022 COVID market.

During these years, there was a surge in demand for retail silver. At the time, Silver Eagle premiums spiked due to blank shortages and production bottlenecks. Many investors shifted toward alternatives like Britannias, Maples, and rounds to avoid overpaying.

That dynamic still matters today. If your goal is to accumulate the most silver at the lowest cost, Britannias often come out ahead. However, if you prioritize familiarity and resale ease in the United States, investors will often accept the higher Eagle premium as a tradeoff.

Silver Britannia vs American Silver Eagle: Liquidity and Recognition

The American Silver Eagle has a clear edge when it comes to liquidity, and nowhere is that more true than in the United States. You can walk into almost any coin shop in America, and they will recognize the Silver Eagle coin. Dealers know it, trust it, and can price it quickly.

That familiarity leads to quick resale and tighter bid-ask spreads in domestic markets. Beyond that, though, there is a psychological factor that boosts Silver Eagle liquidity. American investors, and even many global investors, see the Silver Eagle as the “safest” silver coin. It’s backed by the U.S. government, widely marketed, and deeply embedded in the retail bullion ecosystem.

In short, it benefits from a perception of security, which keeps it in high demand.

The https://www.moneymetals.com/buy/silver/coins/silver-britannia";>Silver Britannia is also a highly liquid silver asset. However, it has more international strength than it does domestic strength. In Europe and global markets, it holds strong recognition. That recognition helps it trade easily. In the U.S., however, it may not command the same immediate premium or dealer preference as the Eagle.

That does not mean that it is hard to sell Britannias. The majority of reputable dealers will buy Britannias. The pricing may be slightly less favorable compared to Eagles, particularly in smaller local shops.

Here’s what that means in practical investment terms:

Silver Eagles make for easier resales for U.S. based investors and sellers
Britannias offer excellent liquidity with lower upfront costs for global and bulk investors

Ultimately, liquidity depends not just on the coin itself, but on where and how you plan to sell.

Security Features and Anti-Counterfeiting

Recently, both the Royal Mint and the U.S. Mint have made increased efforts to combat counterfeiting. The Silver Britannia has taken a more aggressive approach, however. You can see some of these security features in the table below:

Security Feature	Silver Britannia (2021+)	American Silver Eagle (Type 2, 2021+)
Latent Image	Yes – shifts between padlock and trident	No
Micro-Engraved Text	Yes – fine lettering along rim	No
Surface Animation (Radial Lines)	Yes – creates dynamic light reflection	Limited – subtle design elements only
Reeded Edge Variation	Standard reeded edge	Yes – enhanced anti-counterfeit edge design
Advanced Visual Security Layers	Multiple integrated features	Minimal, less visible features
Ease of Authentication	High – visible, interactive features	Moderate – requires closer inspection

These security features are not just for reassurance. Counterfeits are a real, and growing, issue in the bullion market. Coins with stronger security features are easier to authenticate, both for dealers and individual investors.

That can translate into greater confidence at resale and reduced risk when you buy precious metal products from secondary markets. It is also a meaningful edge for Britannia.

Design and Collectibility for Silver Britannia vs American Silver Eagle

Design plays a bigger role in coin preference than many investors admit. While both coins are bullion products, they do have some numismatic qualities. Their artistic designs and historical significance may not affect their value, but they do affect the purchase choices of particular investors.

The American Silver Eagle features Adolph A Weinman’s iconic Walking Liberty design. This design is one of the most recognized images in all of U.S. coinage. As such, many American investors feel this coin carried a sense of tradition and national identity. That emotional connection helps boost a strong sense of demand.

The Silver Britannia, by contrast, leans into variety. Britannia herself remains the central figure, but the Royal Mint periodically introduces design variations and updates. The variations provide collector appeal for silver stackers.

While this may not seem like a major distinction, it can create a subtle divide:

Silver Eagles appeal to those who value consistency and legacy
Britannias attract buyers who appreciate variety and innovation

For pure bullion stacking, design may not matter much. However, pure silver stacking is rarely the only motivator for investors. Recognition and visual appeal boost liquidity, which means design still plays a role in long-term value.

Which Is Better for Investors?

There is no one-size-fits-all answer for which of these coins is better. Ultimately, that decision depends on your goals, location, and buying strategy.

The American Silver Eagle can help American investors focused on resale ease and market familiarity. It’s a widely recognized, liquid investment that commands robust buyback prices from most local dealers. Many investors are willing to pay a higher premium for that convenience and trust.

If you prefer maximizing ounces for the lowest price, the Silver Britannia will often come out ahead. Lower premiums let you accumulate more silver over time. It is also a highly liquid coin on the global market.

Here is a simple way to think about the difference between the coins:

Choose Silver Eagles if you prioritize liquidity, brand recognition, and U.S. market strength
Choose Britannias if you prioritize lower cost, modern security, and efficient stacking

Both coins deliver the same core benefit: one ounce of physical silver backed by a sovereign mint. The difference comes down to how much you are willing to pay for familiarity versus value.

However, you do not necessarily have to choose just one coin. For many investors, owning a mix is the most pragmatic and beneficial approach.

Silver Britannia vs American Silver Eagle: FAQ

Yes. Both coins are guaranteed by their respective mints to contain one troy ounce (31.103 grams) of pure silver. The phrase “1 oz fine silver” refers specifically to the silver content, not the total weight of the coin.

The Silver Britannia has a slightly higher total weight (about 31.21 grams) because the Royal Mint adds a small buffer. This ensures every coin meets or exceeds the one ounce silver requirement, even with minor production tolerances. The Silver Eagle, by contrast, is struck to match the one ounce silver standard more precisely.

No. The American Silver Eagle still contains a full 1 troy ounce of silver. Its listed weight reflects that silver content, and any trace alloy is minimal and accounted for within mint standards.

No. The small difference in total weight does not impact intrinsic value. Both coins derive their value from containing one troy ounce of silver. Price differences come from premiums, demand, and market factors, not weight.

Should You Buy Silver Eagles or Silver Britannias?

When comparing the Silver Britannia vs American Silver Eagle, there is no clear winner. Instead, there is only the better choice for your specific goals.

If you value recognition, liquidity, and ease of resale in the United States, the American Silver Eagle stands out. Its strong brand and consistent demand make it one of the easiest silver coins to sell, even if you pay a higher premium upfront.

On the other hand, Silver Britannias are often ideal for maximizing silver for your money. They come with lower premiums, modern security features, and strong global recognition, making them a practical choice for efficient stacking.

In the end, both coins provide the same core benefit: one ounce of government-backed silver The difference comes down to how much you are willing to pay for familiarity versus cost efficiency.

In short, you do not necessarily have to choose between the two. It is often wise to pick a balance between the two.

Hong Kong Gold Clearing House Set to Begin Operation as Gold Trade Shifts West to East

Thu, 21 May 2026 00:00:00 EST

A new Hong Kong-based gold-clearing system will launch in July as part of the Chinese Special Administrative Region’s (HKSAR) push to become a global gold trading hub.

Western markets – London, New York, and Switzerland – have dominated the gold trade for nearly two centuries. However, with gold progressively flowing from West to East, China and other Asian hubs are developing the infrastructure to challenge Western dominance.

According to a Bloomberg report quoting anonymous officials close to the matter, the government-owned clearing system will “mirror” the financial infrastructure used by the LBMA in London. Participants will be able to settle trades through “unallocated” accounts, meaning that the customer can hold a claim against a clearer on a quantity of gold without the need to own specific numbered bars.

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

In practice, the system is similar to fractional reserve banking. The customer owns the rights to a specific quantity of metal held by a bullion bank. However, the bank does not segregate or earmark specific bars for that customer. Trading through this mechanism is faster and more liquid; however, it increases https://www.moneymetals.com/news/2024/02/29/buy-gold-and-silver-to-hedge-against-counterparty-risk-003015";>counterparty risk for the customer because she or he bears the credit risk of the bullion bank.

Most London precious metals trades are facilitated through unallocated accounts.

According to Bloomberg, Hong Kong has invited “a number” of banks friendly to China to participate in the new clearing system.

The HKSAR has also https://www.moneymetals.com/news/2026/02/05/agreement-between-shanghai-and-hong-kong-to-boost-chinas-gold-market-004666";>inked a cooperation pact with the Shanghai Gold Exchange to “promote long-term interconnectivity opportunities, with a more integrated renminbi-based Asian gold market in the making.”

Under the cooperative agreement, the Hong Kong Precious Metals Central Clearing Co. (wholly owned by the HKSAR government) will establish “a high-level, collaborative governance structure,” with the Shanghai Gold Exchange providing technical and regulatory input on system design, rulemaking, institutional access, risk management, and operational standards.

Cooperation between the Hong Kong clearing company and the Shanghai Gold Exchange will reportedly include facilitation of physical gold delivery, warehousing, and further enhancing financial connectivity between the two markets.

According to Bloomberg, the new clearing system has attracted “significant interest … particularly from trading houses and financial institutions seeking an alternative for trading gold within Asia, home to two of the world’s major bullion consumers in China and India.”

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

In another move to elevate its status as a gold hub, Hong Kong officials plan to expand the region’s gold storage capacity from 200 to more than 2,000 tonnes over the next three years.

Looking at the bigger picture, it reveals a slow but steady migration of the gold trade from the West to the East.

World Gold Council head of Asia-Pacific and global head of central banks, Shaokai Fan, noted this shift, saying the “center of gravity” of the gold market has shifted to the East, as gold consumption by emerging market economies is rapidly rising and the majority are concentrated in Asia.

Meanwhile, Chinese gold investment has primarily driven the recent bull market. Gold coin and bar demand hit a 12-year high of 1,374.1 tonnes in 2025 with a record-breaking value of $154 billion. More than half of that global coin and bar demand came from two countries – China and India.

A Turning Point: Sovereign Bond Yields Soaring

Thu, 21 May 2026 00:00:00 EST

The thesis remains the same — although the repercussions will vary.

If you’ve been perusing social media, particularly X, lately, you’ve seen a parade of pundits remarking on the debt trap that the Fed and other central banks find themselves in.

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

It’s essentially the same story I’ve been preaching for the last decade... but it all appears to be coming to a head right now.

In short, the inflationary implications of higher oil prices are driving traders away from risk assets (stocks, metals, bonds, etc.) in fear of a hawkish Fed monetary policy in response.

Simultaneously, longer-term investors as well as other central banks are cutting back or even selling U.S. Treasuries due to the inescapable math of debt and rising debt service costs...and in many cases because they simply need the money.

The end result is that Treasury yields have been soaring on both the short and long ends since the Iran war began. And this has helped https://www.moneymetals.com/news/2026/05/14/the-dollar-is-shrinking-and-gold-could-explode-higher-004915";>drive gold and other assets lower.

I posted https://x.com/Brien_Lundin/status/2056435910506356931?s=20"; target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://enews.jeffersoncompanies.com/q/sADLAi6-Tcb2a7os0XBFHKJ4DugmGCCDJ-MZcOJU1RFRkFOLkdMRUFTT05AaW5kZLXBlbmRlbnRsaXZpbmdidWxsaW9uLmNvbcOIioG9lr1zdpfbgkyZ7jf_EYmAvQ&;amp;source=gmail&ust=1779449751053000&usg=AOvVaw00pCdnliddf6To0BJUC_8B" rel="noopener">this chart on X yesterday showing the very strong inverse correlation lately between 10-year Treasury yields and gold:

https://x.com/Brien_Lundin/status/2056435910506356931?s=20"; target="_blank" rel="noopener">https://www.moneymetals.com/uploads/content/Brien-Lundin-X-Twitter-GOLD-Spot-CME-May-20-2026-Money-Metals-Exchange--1-.jpg"; width="800" height="776" class="mx-auto p-3" alt="" />

Even more importantly, real yields (yields minus the rate of inflation) have been rising precipitously. Our friend Peter Boockvar noted this development and posted a chart of the real 10-year yield to accompany his comments:

“There is a common belief that the only reason why bond yields are rising is because of growing inflation worries. While that is true in part for sure, the big jump in REAL yields over the past few weeks says that it is something more. The 10 yr REAL rate is up 25 bps just over the past week and a half, and I’ll argue again that global debts and deficits now matter in the eyes of lenders.”

REAL 10-Year Treasury Yield

https://www.moneymetals.com/uploads/content/Brien-Lundin-REAL-10-Year-Treasury-Yield.png"; width="800" height="416" class="mx-auto p-3" alt="REAL 10-Year Treasury Yield" />

REAL 10-Year Treasury Yield

So what does all this mean?

Simply put, a major turning point for the markets lies ahead.

The Fed will need to raise rates to corral inflation... but it simply can’t https://www.moneymetals.com/news/2026/05/10/inflation-is-americans-biggest-financial-worry-and-its-not-even-close-004905";>because of the debt trap. Investors increasingly recognize this, and are demanding higher returns on Treasurys to compensate for the risk.

To get Brien Lundin’s ongoing commentary on the markets at no charge, https://goldnewsletter.com/golden-opportunities-sign-up/?tblci=GiBdY-MYH1-nD-WW6UXCXAtHBPIEdPpDc50r48qPeOICrCDKuWUow8jry8SFw-EvMLzYPQ"; target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://goldnewsletter.com/go/signup.php&;amp;source=gmail&ust=1744317318819000&usg=AOvVaw2ANgx-AJB2jYMBK3Hg82yd" rel="noopener noreferrer">click here to subscribe to his free Golden Opportunities newsletter.

Money Metals CEO Deplores Superficiality of Treatment of Fort Knox Gold Issue

Thu, 21 May 2026 00:00:00 EST

In a recent interview with Chris Marcus of Arcadia Economics, https://share.google/xgOuAPon8IaVG7kSP"; target="_blank" rel="noopener">Money Metals Exchange CEO Stefan Gleason deplores the superficiality with which the issue of auditing the U.S. gold reserve at Fort Knox continues to be treated by the Trump administration and financial news organizations.

!!--Product-1873--!!

The audits claimed to have been done by the U.S. government, Gleason says, have https://www.moneymetals.com/news/2025/02/21/open-letter-to-president-donald-j-trump-dont-be-fooled-by-the-fort-knox-auditors-003856";>not really been audits at all but just a review of paperwork that itself has been improperly altered from time to time.

In any case, Gleason says, much of the https://www.moneymetals.com/news/2026/04/09/ft-knox-full-of-impure-gold-unfit-for-international-transactions-as-far-as-we-know-004824";>U.S. gold reserve is impure metal, not acceptable for trade under current "good delivery" standards, and thus could not be fully mobilized in a financial emergency. U.S. Treasury officials, Gleason says, don't seem to understand this basic issue.

Then, Gleason notes, there is the question of whether the U.S. gold reserve has been encumbered in any way by swaps, leases, or other transactions undertaken for surreptitious intervention in markets. That is, that there is gold in Fort Knox is only part of the issue; the other part is: Does anyone besides the U.S. government have a claim on it?

Gleason also recalls a conversation he had some years ago with former Federal Reserve Governor Kevin Warsh, who has just been reappointed to the Fed board as chairman, in which Warsh backhandedly acknowledged that the Fed had https://www.moneymetals.com/news/2026/02/03/kevin-warsh-knows-about-gold-price-suppression-will-he-share-it-004657";>intervened surreptitiously in the gold market.

The interview is 27 minutes long and can be viewed at the Arcadia Economics channel on YouTube here:

https://www.youtube.com/embed/tMTULv4BUN8?si=UX6sYYtVNbjo5fPI"; 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">

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

Trump’s Fort Knox Audit Push Rekindles Gold Reserve Questions

Questions About Past Fort Knox Audits

America’s Gold May Not Meet Modern Standards

Foreign Governments Have Already Adapted

Allegations of U.S. Gold Market Intervention

Retail Precious Metals Demand Slows After Strong Rally

Silver Premiums Collapse as Secondary Supply Floods Market

Money Metals Expands Beyond Bullion Sales

WARNING: National Security Danger in the U.S. Gold & Silver Market

Indiana Woman Nearly Loses Millions in Gold to Computer Pop-Up Scam

Two Things Mainstream Pundits Get Wrong in Their Current Gold Narrative

Real Interest Rates

Can the Fed Really Hold Rates Higher?

Sens. Risch and Cortez Masto Introduce Bipartisan SILVER Act to Derisk U.S. Precious Metals Market Infrastructure

Foreign Central Banks Dumping U.S. Treasuries

Why This Bond Market Stress?

Ramifications of a Sagging Treasury Market

Silver Britannia vs American Silver Eagle - Premiums, Purity, Security Features, and Investment Value Compared - Money Metals

Silver Britannia vs American Silver Eagle: Quick Comparison Table

Silver Britannia vs American Silver Eagle: The Critical Difference

Purity, Alloys, and Minting Standards for Silver Eagle vs Britannia Coin

Silver Britannia vs American Silver Eagle: Premiums and Pricing

Silver Britannia vs American Silver Eagle: Liquidity and Recognition

Security Features and Anti-Counterfeiting

Design and Collectibility for Silver Britannia vs American Silver Eagle

Which Is Better for Investors?

Silver Britannia vs American Silver Eagle: FAQ

Do Silver Britannias and American Silver Eagles both contain exactly one troy ounce of silver? 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' : ''">

Why does the Silver Britannia weigh more than the Silver Eagle? 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' : ''">

Does the Silver Eagle contain less silver because it weighs less? 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' : ''">

Is one coin more valuable than the other because of the weight difference? 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' : ''">

Should You Buy Silver Eagles or Silver Britannias?

Hong Kong Gold Clearing House Set to Begin Operation as Gold Trade Shifts West to East

A Turning Point: Sovereign Bond Yields Soaring

Money Metals CEO Deplores Superficiality of Treatment of Fort Knox Gold Issue